In this episode, we breakdown a recent memo by Howard Marx titled, “Fewer Losers, or More Winners?”.
We discuss three important ideas from this memo:
1. Risk Control vs. Risk Avoidance – the importance of understanding the difference between the two.
2. The Risk of Taking Too Little or Too Much Risk – the balance between taking risks and avoiding them.
3. Warren Buffett and Charlie Munger’s Investment Approach – the similarity between their approach and our process which involves controlling risks, holding onto quality assets, and avoiding big losses to create wealth.
Here’s to wise investing,
Brett Pattison & Brian Hunsaker