Peter Thiel said that in a rapidly changing world, the biggest risk you can take is to take no risk at all. So the question is: what kind of risks should you take?
- Take asymmetric risks: the kind with limited downside and unlimited upside.
- Take reversible risks: the kind where, if you lose, you can get back up and try again.
- Keep taking small risks continuously: not going all in at once.
The truly dangerous extremes are actually two: doing absolutely nothing (passive decline), or betting all your chips on one irreversible decision (sky-high fragility).