"Return has to be evaluated relative to the amount of risk taken to achieve it. And yet, risk cannot be measured. Certainly it cannot be gauged on the basis of what "everybody" says at a moment of time. Risk can be judged only by sophisticated, experienced second-level thinkers." Howard Marks, "The Most Important Thing - Uncommon Sense for the Thoughful Investor" #readingholiday #lunarnewyear #winter