Behind the Memo: The Indispensability of Risk with Howard Marks, Bruce Karsh, and Maurice Ashley

In this episode of Behind the Memo, Howard Marks is joined by two
special guests: Oaktree cofounder Bruce Karsh and the chess
Grandmaster Maurice Ashley. In a wide-ranging conversation,
they discuss Howard’s recent memo "The Indispensability of Risk"
as well as the inspiration for that memo: Maurice’s Wall Street
Journal article, "Chess Teaches the Power of
Sacrifice." They consider the many parallels between chess
and investing, including the lesson that not taking enough risk
may be one of the riskiest strategies of all.


You can read the memo here
(https://www.oaktreecapital.com/docs/default-source/memos/the-indispensability-of-risk.pdf?sfvrsn=52b45666_3).