Howard Marks of Oaktree on Risk and Volatility 28. February 2011 Rahul value investing (0) Volatiliy does not equal risk is my stated view and I've written numerous posts/articles about it. A friend pointed me in the direction of another fantastic article on risk and volatility by Howard Marks of Oaktree (http://www.oaktreecapital.com/MemoTree/Risk%2001_19_06.pdf). I agree with Mr.Marks on almost all counts.