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.