Tuesday, April 19, 2011

Some favourite quotes on risk management

  • Success is 99 percent failure”  Soichiro Honda
  • Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you're generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you don't make.” Donald Trump 
  • "We have no future because our present is too volatile. We have only risk management."  William Gibson (Pattern Recognition)
  • "Plans based on average assumptions are wrong on average."  Sam L. Savage
  • Playing it safe is the riskiest choice we can ever make.” Sarah Ban Breathnach
  • "Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof."  John Kenneth Galbraith
  • "It’s impossible that the improbable will never happen." Emil Gumbel (Il est impossible que l’improbable n’arrive jamais, in Statistics of Extremes, 1958.)
  • "The most important questions of life are indeed, for the most part, really only problems of probability." Pierre-Simon Laplace (Théorie Analytique des Probabilités: 1812)
  • "To be alive at all involves some risk." Harold Macmillan
  • "The first principle is that you must not fool yourself, and you are the easiest person to fool." Richard P. Feynman, Nobel Prize–winning physicist
  • Every model is wrong, but some are useful.” George Box
  • "Do as little as needed, not as much as possible." Henk Kraaijenhof
  • "Named must your fear be before banish it you can." YODA, from Star Wars: The Empire Strikes Back
  • Anticipate the difficult by managing the easy”  Lao Tzu
  • If you do not change direction, you may end up where you are heading.”  Lao Tzu
  • "All courses of action are risky, so prudence is not in avoiding danger (it’s impossible), but calculating risk and acting decisively. Make mistakes of ambition and not mistakes of sloth. Develop the strength to do bold things, not the strength to suffer."Niccolo Machiavelli, The Prince
  • "If you don’t make mistakes, you’re not working on hard enough problems. And that’s a big mistake." —Frank WIlczer 2004 Nobel Prize winner in physics 

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