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The risks we talk about are seldom the most important in hindsight. The real risk is what no-one sees coming. For example, September 11th, Pearl Harbor, The Great Depression. These events surprised nearly everyone and instantly shoved the world in a new direction.
When we are caught off guard, two things happen: One is that we are vulnerable. The other is that surprise shakes our beliefs in a way that leaves us paranoid and pessimistic.
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Optimism and pessimism go hand in hand. In finance, we are told to save like a pessimist and invest like an optimist. The short term is full of setbacks, problems, breakages, depressions, pandemics, errors, but if you can stick around long enough, you can experience long-term growth....
An important lesson from history is that big events are more complicated. It makes forecasting difficult, politics nasty, and lessons to learn from it harder.
We may demand simple answers to explain outlier events. However, it's almost impossible for something big to...
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History is a treasure-house of learning, and as many books teaching us lessons from history point out, what was true in the medieval ages is often true even now, though the circumstances, technology and society have gone through a sea of changes.
The things that are worth knowing a...
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