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
- ChatGPT Is Not Intelligence
- Globalization and Optimism
- Discovery, Innovation, and Crisis
- Industrial Policy – Stupidity by Another Name
- Proud Certainty
- The Broken Road of Innovation
- Uncertain Markets and Future Returns
- Looking Forward
- The Ten Year Horizon: Volatile, Intense, and Mostly Harmless
- Digital Assets, Central Banks, and Regulators
- A New Vision for Artificial Intelligence
- The Next Ten Years