In this episode, we breakdown a recent memo by Howard Marx titled, "Fewer Losers, or More Winners?".

We discuss three important ideas from this memo: 

1. Risk Control vs. Risk Avoidance - the importance of understanding the difference between the two.

2. The Risk of Taking Too Little or Too Much Risk - the balance between taking risks and avoiding them.

3. Warren Buffett and Charlie Munger's Investment Approach - the similarity between their approach and our process which involves controlling risks, holding onto quality assets, and avoiding big losses to create wealth.

Here's to wise investing,

Brett Pattison & Brian Hunsaker