By
Borsgade
In this interview, Howard Marks from Oaktree, is joined by Oaktree co-founder Bruce Karsh and chess Grandmaster, Maurice Ashley. Maurice is the author of Move by Move: Life Lessons on and off the Chessboard
In a wide-ranging conversation, they discuss Howard’s recent memo The Indispensability of Risk as well as the inspiration for that memo: Maurice’s Wall Street Journal article, Chess Teaches the Power of Sacrifice. They discuss the many parallels between chess and investing, including the lesson that not taking enough risk may be one of the riskiest strategies of all.
Here are some of the key topics discussed:
The discussion emphasizes that the process of taking risks and making sacrifices is as valuable as the outcomes.
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