Howard Marks：Risk Revisited Again, Excerpt 9

As the graphic at the bottom of page 8 illustrates, however, investing further out on the risk curve exposes one to a broader range of investment outcomes. In an efficient market, returns are tethered to the market average; in an inefficient market, they’re not. Inefficient markets offer the possibility that an investor will escape from the “gravitational pull” of the market’s average return, but that can be either for the better or for the worse. Superior investors – those with “alpha,” or the personal skill needed to achieve outsized returns for a given level of risk – have scope to perform well above the mean return, while inferior investors can come out far below. So hiring an investment manager introduces manager risk: the risk of picking the wrong one.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2015-06-08-risk-revisited-again.pdf
Locator：Memo, excerpt 9 · Verified：2026-10-19 · Verification：Short excerpt

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