The analogy he made in his book “Trading Risk” between Julius Caesar and Augustus always stuck with me.
Here are his “10 Commandments”
genriskadvisors.com/risk-philosoph…
Volatility is a legitimate way to think about risk because LPs don’t always control when they have to withdraw capital.
In all fairness, Augustus had Agrippa and suspect Caesar never would have been assassinated if he had Agrippa instead of Antony. But still a lesson of sorts.