Risk is the permanent loss of capital. It is not volatility, nor is it uncertainty. It is the realization of a loss. Therefore, risk is only clear with hindsight. Understanding how risk works avoids the mistakes that cause the permanent loss of capital.
Recent Writing
- What? So What? Now What?: Uncertainty, Transformation, and Upheaval
- The US, China, and Asia
- AI is Not Magic
- A New Perspective
- Navigating Uncertainty
- The US, China, and 3-D Chess
- China, the US, and the “Trap”
- China’s Emerging AI
- The AI Wars
- Rationality and Exuberance
- AGI Is Not Coming Soon
- Burning Billions