Managing Risk
Howard emphasizes the importance of managing risk and having a clear understanding of the probability distribution of future events. He notes that even with the right probability distribution, the outcome is uncertain.In this clip
From this podcast

The Knowledge Project
Howard Marks | The Knowledge Project #53
Related Questions
What is Howard Marks' definition of risk?
What role does probability play in decision-making in the episode Howard Marks | The Knowledge Project #53 and the clip Managing Risk?
What role does probability play in decision-making in the episode Howard Marks | The Knowledge Project #53 and the clip Risk Control Mindset?