Thursday, March 17, 2005

To live is to risk, to risk is to live.

We can accept that any and every action has an attendant risk, or we can run and hide. What is important is understanding the degree of risk and the appropriate actions required.

If you are concerned about an outcome, worry, that is a good thing. You are still alive. Worry from this view point is a sign of health. Risk is part and parcel of life. If you are not worried, you are not risking enough. Or you are dead.

The key is not to avoid risk but to manage risk.

"Ya gotta pay attention."

Limit the dangers of risk by creating and following rules. Embrace risk, the worry that comes with risk, and the rewards for managing risk. You should not take big risks in every venture, but you should always play for meaningful stakes. Invest within your knowledge, skill, and talents.

If you are just starting, very small bets are meaningful. You can expect to lose. You are buying experience, get it on sale. Buy and read good books, knowledge multiplies experience, greatly increasing the value of your small bets.

Remember, you don't have to play. Professionals play constantly, that's their job. You can choose to play only when the odds are heavily in your favor, and pass when they aren't. When your rules and observations show it to be a propitious time, commit enough to make a difference. Leave the game when your rules and observations dictate.

Life is risk, don't avoid it, manage it.

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