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|In: Business Ethics|Last Updated:

We need to add a response.

The risk management profession lists four ways to deal with risk. There’s:

  • Prevention (which can mean reducing the odds of an occurrence as well as eliminating them) …
  • Mitigation, limiting the damage that occurs should the risk turn into reality …

  • Insurance, spreading the cost of any damage that occurs …
  • … and, depending on your Sarcasm Quotient (SQ), either hope or acceptance. Whichever you prefer, it means you prepare no response to the risk of an asteroid smashing into the earth in case Bruce Willis fails to stop it.

The fifth response … which isn’t new at all … is deny,

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|In: Career Management|Last Updated:

I’ve always wanted to be too smart for my own good. Regrettably, I usually have the opposite problem.

Especially when the subject is investing.

Correspondent Scott Winger suggests that as problems go, this isn’t much of one (the failing to be too smart for one’s own good part, that is, not the investing part). He and I have both seen very smart people fall into the trap of what I’ll call here intellect-induced ignorance (III, pronounced, Cockney-fashion, “Oy, oy, oy”). It’s what happens when genuinely smart people conclude the ideas of anyone who isn’t as smart as they are (often this means everyone else on earth) aren’t worth their attention.

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