Q: What investing and personal advice do you offer your great-grandchildren?
A: As they are four and two (and about three months in the womb), they are not likely to take much of my advice, nor should I be giving them the kind of advice you have in mind. But I would teach them Pascal's Law: the consequences of decisions and choices should dominate the probabilities of outcomes. And I would also teach them about Leibniz's warning that models work, but only for the most part. I would remind them of what the man who trained me in investing taught me: Risk-taking is an inevitable ingredient in investing, and in life, but never take a risk you do not have to take.
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