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The Three Sides of Risk
The more extreme the outcome, the less likely you can apply its lessons to your own life, because the more likely the outcome was influenced by extreme ends of luck or risk.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
The more extreme the outcome, the less likely you can apply its lessons to your own life, because the more likely the outcome was influenced by extreme ends of luck or risk.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
Nassim Taleb put it this way: “Having an ‘edge’ and surviving are two different things: the first requires the second. You need to avoid ruin. At all costs.”