2min chapter

We Study Billionaires - The Investor’s Podcast Network cover image

RWH007: Investing Legend Bill Miller On Amazon, Bitcoin, & Buffett

We Study Billionaires - The Investor’s Podcast Network

CHAPTER

The Difference Between Uncertainty and Risk

i wonder if you could talk a little about the distinction you make between uncertainty and risk. It seems like one of the really distinctive things about your approach to investing ovrale years that i've been interviewing you is that you're very comfortable with uncertainty. Yes, it's a distinction that was, i guess, first pointed out by frank knight, the economist. And so risk is basically what insurance companies are managing wy wiches. But when people talk about risk management in stocks, they're talking about irreducible uncertaintybutas you just don't know.

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