At Third View, how we think about risk goes well beyond short-term market volatility. That idea is at the center of a recent Barron’s article from our Co-Founder & Managing Partner, Frank McKiernan, “When It Comes to Investing, Risk Is Loud. Opportunity Is Quiet.”
Frank J. McKiernan
Co-Founder & Managing Partner
“Volatility is not the same as risk. The risk that matters most to investors is the probability and the magnitude of permanent loss.”
That distinction matters because the risks that feel most immediate are not always the ones that matter most over time. Market volatility, uncertainty, or the discomfort of making a difficult decision can be easy to focus on, while the cost of waiting, holding too much cash, missing the benefits of compounding, or delaying important planning decisions can be much harder to see.
That same tension appears well beyond investing. In the article, Frank explores how people often overestimate visible short-term risks while underestimating the opportunities that can come from thoughtful, calculated action.
Sometimes the decision that feels safest today carries risks of its own over the long term.
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