Howard Marks just dropped his newest newsletter.
It was all about why avoiding risk is risky and it’s critical to investment success.
Hopefully you click the link above and read it or check out the audio version if you’re feeling a bit lazy.
Anyways, Howard knows I have a fetish for Warren & Charlie and broke down their success in three parts:
(a) a lot of investments in which they did decently.
(b) a relatively small number of big winners that they invested in heavily and held for decades.
(c) relatively few big losers.
No one should expect to have all big winners and no losers.
Picking a few losers doesn’t make us losers, just the investment we made.
We just have to make sure they’re kept to a minimum.
Thanks for reading, and be sure to stay tuned for the Sunday portfolio update edition.
~Russ Knopf
