No risk is very risky
The riskiest thing in the investment world is the belief that there’s no risk. On the other hand, a high level of risk consciousness tends to mitigate risk. I call this the perversity of risk. It’s the reason for Warren Buffett’s dictum that “The less prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs.” When other people love investments, we should be cautious. But when others hate them, we should turn aggressive.
Howard Marks
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