A Quote by Robert F. Engle
The advantage of knowing about risks is that we can change our behavior to avoid them. Of course, it is easily observed that to avoid all risks would be impossible; it might entail no flying, no driving, no walking, eating and drinking only healthy foods, and never being touched by sunshine. Even a bath could be dangerous.
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But risks must be taken because the greatest hazard in life is to risk nothing. The person who risks nothing, does nothing, has nothing, is nothing. He may avoid suffering and sorrow, but he cannot learn, feel, change, grow or live. Chained by his servitude he is a slave who has forfeited all freedom. Only a person who risks is free. The pessimist complains about the wind; the optimist expects it to change; and the realist adjusts the sails
Even though the risks of death are higher driving than flying, many people would rather drive simply because they feel they have more control driving. The facts are that only a few hundred people die a year flying, and 44,000 are killed a year driving.
Did I think about the risks? Of course I did. Anyone who says otherwise is not being completely honest. The amount of energy it takes to bring a spacecraft to orbital speed, and the forces it endures on re-entry, makes risk impossible to avoid.
There are some risks we choose to take because the benefits from taking them exceed the possible costs. Optimal behavior takes risks that are worthwhile. This is the central paradigm of finance: we must take risks to achieve rewards, but not all risks are equally rewarded.
"Just try and remember," I said slowly," that if God had intended men to fly He'd have given us wings. So all flying is flying in the face of nature. It's unnatural, wicked and stuffed with risks all the time. The secret to flying is learning to minimize the risks." "Or perhaps - the secret of life is to choose your risks?"
The person who risks nothing, does nothing, has nothing, is nothing, and becomes nothing. He may avoid suffering and sorrow, but he simply cannot learn, feel, change, grow or love. Chained by his certitude, he is a slave; he has forfeited his freedom. Only the person who risks is truly free.
Our research indicates that, for example, the physical risks of climate change - both the direct risks to facilities, but also the indirect risks to economic growth and otherwise, are more pronounced and happening more quickly than a traditional perspective would suggest.
Success in creating AI would be the biggest event in human history. Unfortunately, it might also be the last, unless we learn how to avoid the risks.
When I worry about risks, I worry about the biggest ones, particularly those that are difficult to predict - the ones I call small but deep holes. While odds are you will avoid them, if you do fall in one, it's a long way down and nearly impossible to claw your way out.
We are 25 years too late. If the object is to avoid dangerous change, we've already had it. The object now is to avoid really dangerous change.
Every goalkeeper has a different way of playing. Some will take risks to help the team - coming for high balls, being prepared to be attacked in the box knowing there is not much protection from the referees - but that might mean they make more mistakes. Some try to be safer to avoid those situations, but it does not help the team.
The best advice is to avoid foods with health claims on the label, or better yet avoid foods with labels in the first place.
In the next century, we will be inventing radical new technologies - machine intelligence, perhaps nanotech, great advances in synthetic biology and other things we haven't even thought of yet. And those new powers will unlock wonderful opportunities, but they might also bring with them certain risks. And we have no track record of surviving those risks. So if there are big existential risks, I think they are going to come from our own activities and mostly from our own inventiveness and creativity.
If investors avoid the Treasury market, we could be unable to pay off maturing securities, which would mean an immediate default. Market participants generally agree that even a brief default would create potentially catastrophic risks to the financial system, like the meltdown of 2008.
The trouble is that the risks that are being hedged very well by new financial securities are financial risks. And it appears to me that the real things you want to hedge are real risks, for example, risks in innovation. The fact is that you'd like companies to be able to take bigger chances. Presumably one obstacle to successful R&D, particularly when the costs are large, are the risks involved.
I try to very hard to avoid a situation where I would be eating cat or dog; I've managed to gracefully avoid that. It's hypocritical of me and an arbitrary line, but one that I have managed to avoid crossing.
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