The Most Important Thing by Howard Marks
Risk control is invisible in good times. Risk is not observable but loss is. The absence of loss does not mean the portfolio was safely constructed.
Fundamental risk reduction can provide the foundation for an extremely successful investing experience.
There is an important distinction between risk control and risk avoidance.
Risk control is the best route to loss avoidance. Risk avoidance is likely to lead to return avoidance as well.
Strive for risk intelligence.