The Probability Distribution of the Future
The best colloquial definition of risk may be the following: “Risk means more things can happen than will happen.” We found it through the inimitable Howard Marks, but it’s a quote …
Black Swan
What is a Black Swan?
Black swans are the unexpected outliers, the rare and unpredictable events that defy our usual expectations and profoundly impact our world. They are the surprises that no one sees coming, the …
Seth Klarman: The Forgotten Lessons of 2008
In this excerpt from his annual letter, investing great Seth Klarman describes 20 lessons from the financial crisis which, he says, “were either never learned or else were immediately forgotten by …