Thought of The Day

21st July 2021

What’s the 𝗿𝗶𝘀𝗸 in investing?

There actually are 𝘁𝘄𝗼 𝗿𝗶𝘀𝗸𝘀 in investing:
One is to 𝗹𝗼𝘀𝗲 𝗺𝗼𝗻𝗲𝘆, and the other is to 𝗺𝗶𝘀𝘀 𝗮𝗻 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆. You can eliminate either one, but you can’t eliminate both at the same time.

— Howard Marks