Quotes About Risk

People with too much smoke and complicated tricks and methods in their brains start missing elementary, very elementary things. Persons in the real world can't afford to miss these things; otherwise they crash the plane. Unlike

he understood optionality mathematically, but not really outside the equation.

much of the opinions and assessments that we have concerning risks may be the simple result of emotions.

notion of alternative accounting: $ 10 million earned through Russian roulette does not have the same value as $ 10 million earned through the diligent and artful practice of dentistry.

Este mult mai dificil s? pierzi într-un joc pe care l-ai pus la punct tu însuÈ›i.

By all means, demand certainty for the next picnic; but avoid government social-security forecasts for the year 2040.

For a theory is a very dangerous thing to have.

An option hides where we don't want it to hide. I will repeat that options benefit from variability, but also from situations in which errors carry small costs. So

It is hard to explain to naive data-driven people that risk is in the future, not in the past.

benefits from volatility and variability.

Black Swan logic makes what you don't know far more relevant than what you do know.

just avoiding being hurt by them would have been sufficient.

they would not buy my ideas on robust risk management because "everyone uses these textbooks.

Poison is drunk in golden cups

Nassim Nicholas Taleb

It hit me that the rich were natural targets;

that a casino was precisely the venue not to pick for such a discussion

One vicious attribute is that the longer these animals can go without encountering the rare event, the more vulnerable they will be to it.

Just as a little bit of fire here and there gets rid of the flammable material in a forest, a little bit of harm here and there in an economy weeds out the vulnerable firms early enough to allow them to "fail early" (so they can start again) and minimize the long-term damage to the system.

I said that taking a "scalable" profession is not a good idea, simply because there are far too few winners in these professions.

these "computable" risks are largely absent from real life!

size hurts you at times of stress; it is not a good idea to be large during difficult times.

What do they seem to have in common?

seem to ignore the bad economic aspect of the transaction.