The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing)

by Howard Marks

investment dialogue: risk aversion, volatility as the definition of risk, risk-adjusted returns, systematic and nonsystematic risk, alpha, beta, the random walk hypothesis and the efficient market hypothesis.

Is volatility a symptom of market risk or is it a symptom of currencies risk where all currency’s have snaps and snags because they are affected by the world currencies which have some floating standards and some hard pegged

Read the small print: mutual funds are rated relative to each other. The ratings don’t say anything about their having beaten an objective standard such as a market index.