Howard Marks：Risk Revisited Again, Excerpt 11

Thus their portfolios may lean too far toward controlling risk and avoiding embarrassment (and they may not take enough chances to generate returns). There are consequences for these investors, as well as for those who employ them.

Source： https://www.oaktreecapital.com/docs/default-source/memos/2015-06-08-risk-revisited-again.pdf
Locator：Memo, excerpt 11 · Verified：2026-10-19 · Verification：Short excerpt

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