Risk arises as investor behaviour alters the market. Invest… - Howard Marks

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Risk arises as investor behaviour alters the market. Investors bid up assets, accelerating into the present appreciation that otherwise would have occurred in the future, and thus lowering prospective returns. The ultimate irony lies in the fact that the reward for taking incremental risk shrinks as more people move to take it.

Howard Marks

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About Howard Marks

Howard Stanley Marks (born April 23, 1946) is an American investor and writer. He is the co-founder and co-chairman of Oaktree Capital Management, the largest investor in distressed securities worldwide.

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Alternative Names: Howard Stanley Marks • Howard S. Marks

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Warren Buffett Morgan Housel Benjamin Graham John Kenneth Galbraith Nassim Nicholas Taleb

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Risk arises as investor behaviour alters the market. Investors bid up assets, accelerating into the present appreciation that otherwise would have oc… - Howard Marks

About Howard Marks

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