Quote

The essence of risk management lies in maximizing the areas where we have some control over the outcome while minimizing the areas where we have absolutely no control over the outcome.

Peter L. Bernstein

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Peter L. Bernstein
Age: 90 †
Born: 1919
Born: January 22
Died: 2009
Died: June 5
Economist
Pedagogue
Peter Lewyn Bernstein
Control
Outcome
Lying
Outcomes
Management
Areas
Absolutely
Essence
Lies
Minimizing
Risk
Maximizing

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Gambling has held human beings in thrall for millennia. It has been engaged in everywhere, from the dregs of society to the most respectable circles.
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The prospect of getting rich is highly motivating, and few people get rich without taking a gamble.
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The revolutionary idea that defines the boundary between modern times and the past is the mastery of risk: the notion that the future is more than a whim of the gods and that men and women are not passive before nature.
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What if I am wrong? Any rational investment plan has to start with that question.
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