The Indispensability of Risk

In his latest memo, Howard Marks considers what chess can teach investors about the paradox of risk-taking. Drawing on insights from a recent Wall Street Journal article (wsj.com/sports/chess-teaches-the-power-of-sacr…) (wsj.com/sports/chess-teaches-the-power-of-sacr…) by chess grandmaster Maurice Ashley, Howard explains why not taking enough risk may be one of the riskiest strategies of all.
You can read the memo here (oaktreecapital.com/insights/memo/the-indispens…) (oaktreecapital.com/insights/memo/the-indispens…).