Links - 04/18/2024

“Investors must accept that success is likely to stem from making a large number of investments, all of which you make because you expect them to succeed, but some portion of which you know won’t. You have to put it all out there. You have to take a shot. Not every effort will be rewarded with high returns, but hopefully enough will do so to produce success over the long term. That success will ultimately be a function of the ratio of winners to losers, and of the magnitude of the losses relative to the gains. But refusal to take risk in this process is unlikely to get you where you want to go.” —Howard Marks

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Howard Marks Memo: The Indispensability of Risk (LINK)

From the archives.... October 2, 2008 Graham and Dodd Luncheon Symposium Transcript [H/T @ClarkSquareCap] (LINK)

Behind the Balance Sheet Podcast: #33 The Stoic (LINK)

Peter Cowley is a successful angel investor. But it was his tragic private life which prompted this interview. Two of his three children lost to suicide; their mother died unexpectedly; his sister lost to alcoholism; his brother died aged 21 from cancer; two decades in recovery from alcoholism; and he has now been diagnosed with terminal Stage 4c cancer and statistically has 9 months to live.