Well guess what, ’rona? You just fucked with the wrong country. Because these colors? They don’t run. Not even on a mask. If it’s war you want, then by God it’s war you’re gonna get. And all of us are ready to take you on. We aren’t afraid to get our hands dirty this time around. No sir. We’re gonna get our hands dirty and smelly and sweaty, and then we’re gonna wrap those hands around your sorry little neck!
A lot of countries are scared of you, ’rona. They flee to their houses, and they hide, and they hope you’ll go away. That’s just what you expect, isn’t it? You don’t expect a country to take you on MAN TO VIRUS. But this country will.
… there are three distinct sides of risk:
- The odds you will get hit.
- The average consequences of getting hit.
- The tail-end consequences of getting hit.
The first two are easy to grasp. It’s the third that’s hardest to learn, and can often only be learned through experience.
In investing, the average consequences of risk make up most of the daily news headlines. But the tail-end consequences of risk — like pandemics, and depressions — are what make the pages of history books. They’re all that matter. They’re all you should focus on. We spent the last decade debating whether economic risk meant the Federal Reserve set interest rates at 0.25% or 0.5%. Then 36 million people lost their jobs in two months because of a virus. It’s absurd.
Tail-end events are all that matter. Once you experience it, you’ll never think otherwise.