Swart Donkey

The process of learning and engaging with the craziness of the world creates trials where it is okay to make errors. When you are in an envi...

Insurance works on the “law of large numbers”. Unlikely events with big consequences are spread out over large groups. A small, certain, pre...

Nassim Taleb has written about Risk in a very accessible way. His books include “Fooled by Randomness”, “The Black Swan”, and “Anti-Fragilit...

You can’t simplify risk into a simple number to fully capture the “cost” of returns. There are various measures for risk, that ask interesti...

The idea of a “Lender of Last Resort” (LOLR) brings harsh focus to the importance of liquidity. Price isn’t value. If you have stuff no one ...

Terry Smith (founder of Fundsmith) explicitly doesn’t try guess the future. “The reality is that we don’t seek to predict who will win, but ...

I have never seen a long-term track record showing sufficiently compelling evidence of any investor’s ability to time the market. Swapping...