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Howard Marks: “Buffett said, ‘I would rather have a lumpy 15% [return] than a smooth 12%.” “Risk is the probability of a negative outcome, of an undesirable outcome. It is not the volatility of the stream.”

Investment Wisdom

126,524 subscribers

24,203 görüntüleme • 7 gün önce •via X (Twitter)

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Investment Wisdom profil fotoğrafı

Investment Wisdom7 gün önce

For more on one of the most misunderstood concepts in investing:

SnoopyTrades profil fotoğrafı

SnoopyTrades7 gün önce

3% difference on a decade long timeframe makes a hell of a difference

Jim Osman profil fotoğrafı

Jim Osman7 gün önce

Volatility and risk are not synonymous.

mokla profil fotoğrafı

mokla6 gün önce

A jagged line can lead upward. A smooth one can lead off a cliff.

0963836678 profil fotoğrafı

09638366787 gün önce

I am getting more context from writing the test rules before selecting historical examples. @ArineitweJoe

Sean Patrick Griffin profil fotoğrafı

Sean Patrick Griffin7 gün önce

Redefining risk as probability of loss rather than volatility cuts straight through decades of misapplied finance theory. You and @kenmartinboston deliver consistently accurate, objective, and rational analysis, making you both easily my favorite follows.

Louis A Stevens profil fotoğrafı

Louis A Stevens6 gün önce

But mathematically the volatility of cash flows is risk More volatile cash flows = earnings yield required is higher = return = risk I see his point but cash flow volatility, which could be understood by proxy as share price volatility, does equate to risk in its truest sense

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