The best colloquial definition of risk may be the following: “Risk means more things can happen than will happen.” We found it through the inimitable Howard Marks, but it’s a quote …
A black swan is a rare unexpected event. Black swans can be positive or negative. There are ways to account for this problem including an understanding of The Lucretius Problem, factoring in a Margin …
In this excerpt from his annual letter, investing great Seth Klarman describes 20 lessons from the financial crisis which, he says, “were either never learned or else were immediately forgotten by …