Howard Marks Says You Can Invest In The Worst Companies In America And Have A Good Experience

As a value investor it’s important that you always assess the downside risk of your investments, prior to purchase. Famed investors Buffett and Klarman are always speaking about the ‘margin of safety’ espoused by the grandfather of value investing, Benjamin Graham. One of the best articles on assessing the risk of an investment in the stock market comes from Howard Marks in his 2013 memo.

Paul Singer Says FAMGA Will Go The Way Of The Nifty Fifty

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Here’s an excerpt from that memo:

Much (perhaps most) of the risk in investing...