A Quote by Richard Thaler
My thesis topic was 'The value of a human life.' I asked people a question: 'Suppose you had some risk, a one in a thousand risk of dying - how much would you pay to eliminate it?'
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Risk managers and investment bankers and actually, all kinds of investors took on more risk than they expected. So there was a failure of risk management. There was a failure to recognize how much risk there was in some of these securities that people bought.
The opposite of Taking A Risk is of course Playing It Safe The latter would probably be a reasonable way of life for seventy or eighty years if you had a contract to live for a thousand years. However, since you know that is out of the question, you must admit, Playing It Safe is a pretty dull way to live. Those who play it safe are generally not too exciting, in fact they would probably border on being very boring personalities. On a score of one to ten as a Risk Taker where do you stand? Add a little spice to your life today and take a risk.
Unlike most of life, what you do really matters. Your actions have real consequences. You have to pay attention and focus, and that's very satisfying. It forces you to pay great attention and you lose yourself in the task at hand. Without the risk, that wouldn't happen, so the risk is an essential part of climbing, and that's hard for some people to grasp. You can't justify the risk when things go wrong and people die. The greater the risk, the greater the reward in most aspects of life, and in climbing that's certainly true, too. It's very physical, you use your mind and your body.
To laugh is to risk appearing a fool. To weep is to risk appearing sentimental. To reach out to another is to risk involvement. To expose feelings is to risk exposing your true self. To place your ideas and dreams before a crowd is to risk their loss. To love is to risk not being loved in return. To hope is to risk pain. To try is to risk failure. But risks must be taken, because the greatest hazard in life is to risk nothing.
to love is to risk, not being loved in return. to hope is to risk pain. to try is to risk failure. but risk must be taken because the greatest hazard in my life is to risk nothing.
What caused 2008, in my opinion, is that people just didn't see the risk. These people that took on all this risk didn't think they had it - they thought they hedged it all away. As long as there's a perception of risk, and a culture of looking for risk, it's going to be hard to deflate us.
Managing risk is a key variable, frankly, all aspects of life, business is just one of them, and one of the things that most people do in terms of managing risk, that's actually bad thinking, is they think they can manage risk to zero. Everything has some risk to it. You know, you drive your car down the street, a drunk driver may hit you. So what you're doing is you're actually trying to get to an acceptable level of risk.
The risk of working with people you don't respect; the risk of working for a company whose values are incosistent with your own; the risk of compromising what's important; the risk of doing something that fails to express-or even contradicts--who you are. And then there is the most dangerous risk of all--the risk of spending your life not doing what you want on the bet that you can buy yourself the freedom to do it later.
The first time I had sex, I was scared I got the girl pregnant. And that was despite the fact we were safe. Luckily, we were fine. I would never risk not wearing a condom, it’s too much of a risk. If you’re not ready for a child, then don’t risk it.
I would risk violence a thousand times rather than risk the emasculation of the whole race.
Some of the most interesting research that I did was about risk assessment and how ordinary citizens like me handle risk assessment and how irregular our risk assessments are.
If we leave the European Union it's a risk to our economy - it's a risk to pensioners, it's a risk to homeowners, it's a risk to people in work.
No matter how careful you are, the one risk no investor can ever eliminate is the risk of being wrong. Only by insisting on what Graham called the "margin of safety" - never overpaying, no matter how exciting an investment seems to be - can you minimize your odds of error.
I suppose I'd always been attracted to commitment-phobes because some part of me felt unlovable. It was a lot easier to fall for a guy who I knew, on some level, wouldn't fall in love with me. There was nothing to risk. The real risk would be to finally be vulnerable to love.
There was a lot of risk taken in the Mercury and Apollo eras, and we don't take those risks anymore. We've designed the systems to eliminate risk, which makes it take forever and cost too much money.
Some of the most vulnerable people to getting the SARS virus are health care providers. The general public, walking in the street, there is really not that much risk at all. It's a very, very low risk - a very, very low risk.
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