{"id":7806,"date":"2019-04-06T05:43:34","date_gmt":"2019-04-06T05:43:34","guid":{"rendered":"http:\/\/onthe8spot.com\/?p=7806"},"modified":"2019-04-06T05:43:34","modified_gmt":"2019-04-06T05:43:34","slug":"luck-risk-and-avoiding-losers-oaktree-capital-co-founder-howard-marks-the-knowledge-project-ep-53","status":"publish","type":"post","link":"http:\/\/onthe8spot.com\/index.php\/2019\/04\/06\/luck-risk-and-avoiding-losers-oaktree-capital-co-founder-howard-marks-the-knowledge-project-ep-53\/","title":{"rendered":"Luck, Risk and Avoiding Losers: Oaktree Capital Co-founder Howard Marks [The Knowledge Project Ep. #53]"},"content":{"rendered":"<blockquote><p><strong>I started Wharton 55 years ago last month.<\/strong>\u00a0And the first thing I remember learning there is that you can\u2019t tell the quality of a decision from the outcome. And that pervades my thinking. And I think it\u2019s very important. And then I played backgammon with my good friend Bruce Newburg, out in Los Angeles, and you need some crazy number to win, and you get it. That doesn\u2019t mean you\u2019re a good player. It means you were lucky.<br \/>\n<strong>I think I\u2019ve been the luckiest person on the planet.<\/strong>\u00a0And I think it was to that that people were responding. But I get into arguments with people and a lot of people say, \u201cOh\u2014!\u201d Well, what started the article is, I read a piece that quoted some Silicon Valley guy who says, \u201cSuccess is never accidental. You make your own luck.\u201d And I don\u2019t agree. I think luck is a real thing and it\u2019s important and it\u2019s inherently unfair, but that\u2019s life.<br \/>\n<strong>For most investors, loss is the bad outcome they\u2019re concerned with<\/strong>. But, the truth is, if it\u2019s the probability of bad outcomes, there are really at least two risks that we should think about. One is the probability of loss and the other is the probability of gains that you miss out on.<\/p><\/blockquote>\n<p>Source: <em><a href=\"https:\/\/fs.blog\/howard-marks\/\">Luck, Risk and Avoiding Losers: Oaktree Capital Co-founder Howard Marks [The Knowledge Project Ep. #53]<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I started Wharton 55 years ago last month.\u00a0And the first thing I remember learning there is that you can\u2019t tell the quality of a decision from the outcome. And that pervades my thinking. And I think it\u2019s very important. And then I played backgammon with my good friend Bruce Newburg, out in Los Angeles, and &hellip; <\/p>\n<p class=\"link-more\"><a href=\"http:\/\/onthe8spot.com\/index.php\/2019\/04\/06\/luck-risk-and-avoiding-losers-oaktree-capital-co-founder-howard-marks-the-knowledge-project-ep-53\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Luck, Risk and Avoiding Losers: Oaktree Capital Co-founder Howard Marks [The Knowledge Project Ep. #53]&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62],"tags":[],"class_list":["post-7806","post","type-post","status-publish","format-standard","hentry","category-personal-angol"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts\/7806","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/comments?post=7806"}],"version-history":[{"count":0,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts\/7806\/revisions"}],"wp:attachment":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/media?parent=7806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/categories?post=7806"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/tags?post=7806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}