Here are three takeaways on risk from Bernstein’s Against the Gods: The Remarkable Story of Risk amazon.com/dp/0471295639/
1. Playing risk is how civilization advances. It converts the future from an enemy into an opportunity. 
2. Time and Risk are inseparable. The length of the time horizon shapes the risk profile.
3. Not acting has value. Once you act, you forfeit the opportunity to gain new information. The greater the uncertainty, the more valuable the delay in action.
