The best way to know the real risk: look at what the Insurance industry uses for their risk calculation. It's hardly fool-proof, but it is the best heuristic I've found.
Great interview. Logic and critical thinking exercises are always interesting. I took mostly science based math courses in college and actually used to scoff at business related math courses like Statistics. Lately I've become fascinated with Stats and probabilities after seeing people's Covid beliefs, and also because RPGs are fun!
You asked what should you spend on an unlikely but catastrophic event. We have had one of those - covid19 - and what we saw was that people who planned for it were sidelined and those who worked on it didn't take it seriously enough. We as humans, aren't good at handling the longer terms - wether it is risk or whatever. And of course, the one that is actually inevitable but longer term is climate change.
I would argue that Covid was not unlikely because of bird flu/sars. certainly western countries like USA and Great Britain dropped the ball despite getting weeks warning
Living a life of luxury is like a dream for some people and for others it’s constant reality, the key is having financial stability and strength but the question is how to
I also trade with Mr Laurence Wilson, and must say he makes money making seem a whole lot easier right now I’m a single parent and I pay the bills comfortably since I met Laurence Wilson he’s absolutely amazing and I’d recommend him for any novice in crypto.
Enjoyed that, thanks David. Although you focussed on the risk of disease or accident - a focus on risk in business might be interesting, livelihood, or pursuing wealth and wellbeing etc Eg Elon Musk’s perspective on risk vs someone that has less a extraordinary financial foundation
and yet - our very real existence is threatened by climate change and people to blithlely about as if there is no risk that their homes may be flooded, or torched in wild fires, or zapped in massive tornadoes, or that everything dies because of drought, so they don't adjust their wasteful habits. Insurance companies understnad risk and I'm sure the insurance rates are adjusted acordingly.
Wow, never thought I’d see my professor on here!
14:02 David jebaited us. That was his standard change in cadence, tone, and wording for transitioning to an ad.
The best way to know the real risk: look at what the Insurance industry uses for their risk calculation. It's hardly fool-proof, but it is the best heuristic I've found.
Great interview. Logic and critical thinking exercises are always interesting. I took mostly science based math courses in college and actually used to scoff at business related math courses like Statistics. Lately I've become fascinated with Stats and probabilities after seeing people's Covid beliefs, and also because RPGs are fun!
well said
Thank you, I enjoyed the conversation.
Interesting topic. Really great interview!
This is great content, thanks David!
Most enjoyable interview!
Great Interview!!!
This was great!
You asked what should you spend on an unlikely but catastrophic event. We have had one of those - covid19 - and what we saw was that people who planned for it were sidelined and those who worked on it didn't take it seriously enough. We as humans, aren't good at handling the longer terms - wether it is risk or whatever. And of course, the one that is actually inevitable but longer term is climate change.
I would argue that Covid was not unlikely because of bird flu/sars. certainly western countries like USA and Great Britain dropped the ball despite getting weeks warning
Fascinating.
This one is awesome. Get Kahneman on too!
Living a life of luxury is like a dream for some people and for others it’s constant reality, the key is having financial stability and strength but the question is how to
I’ve always wanted to trade crypto but got confused with the fluctuations in price
I also trade with Mr Laurence Wilson, and must say he makes money making seem a whole lot easier right now I’m a single parent and I pay the bills comfortably since I met Laurence Wilson he’s absolutely amazing and I’d recommend him for any novice in crypto.
How do I reach him?
@@suealbertweibler8009 Reach him on
美国 十🄂🄅🄁🄆🄃🄊🄇🄄🄂🄇🄇 美国
In order to manage risk, we must first understand risk...
What I gather is assessing Risk is really hard since the right data is not being provided.
What would a trillion dollars mean compared to my annual budget? ...I could buy what I want and not have to count what I spent vs what I have left
Enjoyed that, thanks David. Although you focussed on the risk of disease or accident - a focus on risk in business might be interesting, livelihood, or pursuing wealth and wellbeing etc
Eg Elon Musk’s perspective on risk vs someone that has less a extraordinary financial foundation
and yet - our very real existence is threatened by climate change and people to blithlely about as if there is no risk that their homes may be flooded, or torched in wild fires, or zapped in massive tornadoes, or that everything dies because of drought, so they don't adjust their wasteful habits. Insurance companies understnad risk and I'm sure the insurance rates are adjusted acordingly.
Risk assessment is extremely difficult when money manipulates statistics.
Learn to check your sources.
my car has 70k miles on it which is low for 15yr old car
This doesn't help me calculate the risk of me laughing too hard at Donald Trump's next gaffe.
Is Musk taking over Trump's followers? If so, where do you take the implications for Musk's ambitions?
It would be helpful if Elon took Trump’s followers to Mars.
I like these DP videos as the other stuff is just covering yet another Trump insane rally
And many other topics.