What I’ll be spending a good chunk of my day reading and thinking about:
Risk, Time and Reversibility by Peter Bernstein.
“More months ago than I can remember, I gave Orio Giarini a title for this presentation: “The Stock Market as Risk Manager”. As what I have finally produced is, I hope, relevant to the analysis of risks beyond the risks of equity ownership, I now propose that the title should be “Risk, Time and Reversibility”. Indeed, I have attempted to use this opportunity to take a fresh look at the nature of risk, with the stock market as only a guide to accompany us on this exploration.”
Read it here. Feel free to throw in some comments of your own if you’d like.
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.