What @dampedspring doesn’t realize is that the way he was taught to manage money has brought on secular stagnation where CEOs choose to financially engineer stocks rather than take risk in actually creating new industries for their children. A society grows old when men plant trees whose shade they will never sit beneath. It’s ok to take risk and lose, it’s how humans have progressed for thousands of years. Peter Thiel joked about @elonmusk that he and @DavidSacks used to call him “The man who knew nothing about risk,” because he was building both SpaceX and Tesla and everyone thought he was crazy. Both ended up wildly successful. Thiel eventually admitted that maybe the real truth is that everyone else is too risk averse and that Musk knew something that no one else did. He knew that COURAGE is in much shorter supply than genius. That is why your average crypto bro has crushed the risk-averse hedge fund in performance for a decade. The irony is there is less supply of innovation and the govt is FORCED to push fiat paper tickets into the courageous ones. So, maybe it’s ironic to diversify and risk-adjust your returns in this new world. It’s a classic version of generals fighting the previous war. Who really understands risk these days?! The word risk has been perverted.