Hello!
Welcome back to the second edition of this monthly newsletter. First of all, I want to thank a lot of you for the kind and encouraging words you sent me for continuing the newsletter in a new format. I appreciated it a lot! Secondly, I spent last weekend in Malaga walking next to palm trees (should have brought a bike with the mountains nearby!). This time of the year it was a pleasant escape from the cold here. While walking, I thought we often say no risk no gain, and reading Nassim Taleb's new book Skin in the Game (I drove my girlfriend nuts talking about it) made me think about risk. In investing, we often say that hedge fund and private equity managers have skin in the game, they stand to lose and win together with their investors (unless their management fees make them sit on warm beaches ;). There is symmetry. If we feel some pain, we make more conscious decisions, right? But for externalities like air pollution, we can risk wasting it because we can outsource the pain to next generations but we get the gains now. As a consequence, we need to fix the assymmetry and have a precautionary approach. Enjoy, see you next month!
ps say hello if you are at the Impact Summit next week in the Hague!
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