“If the satisfaction to be derived from each successive increase in wealth is smaller than the satisfaction derived from the previous increase in wealth, then the disutility caused by a loss will always exceed the positive utility provided by a… — Peter L. Bernstein Copy Share Image
Gambling has held human beings in thrall for millennia. It has been engaged in everywhere, from the dregs of society to the most respectable… — Peter L. Bernstein Copy Share Image
“Time matters most when decisions are irreversible. And yet many irreversible decisions must be made on the basis of incomplete information.” — Peter L. Bernstein Copy Share Image
“[The] utility resulting from any small increase in wealth will be inversely proportionate to the quantity of goods previously possessed.” — Peter L. Bernstein Copy Share Image
The word 'risk' derives from the early Italian risicare, which means 'to dare'. In this sense, risk is a choice rather than a fate.… — Peter L. Bernstein Copy Share Image
The essence of risk management lies in maximizing the areas where we have some control over the outcome while minimizing the areas where we… — Peter L. Bernstein Copy Share Image
“But therein lies the logician's trap: past data from real life constitute a sequence of events rather than a set of independent observations, which… — Peter L. Bernstein Copy Share Image
“So we pour in data from the past to fuel the decision-making mechanisms created by our models, be they linear or nonlinear. But therein… — Peter L. Bernstein Copy Share Image
“Our lives teem with numbers, but we sometimes forget that numberss are only tools. They have no soul; they may indeed become fetishes.” — Peter L. Bernstein Copy Share Image
The revolutionary idea that defines the boundary between modern times and the past is the mastery of risk: the notion that the future is… — Peter L. Bernstein Copy Share Image
“His local campaigns around Macedonia also augmented that absolutely essential economic resource: slaves-slaves to work the mines, slaves to work the fields, slaves to… — Peter L. Bernstein Copy Share Image
“The information you have is not the information you want. The information you want is not the information you need. The information you need… — Peter L. Bernstein Copy Share Image
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