Letters by Topic
Letters on Asymmetric Risk
The search for investments where the upside significantly exceeds the downside, converting uncertain propositions into favorable ones.
1994·First articulation of asymmetric return profiles
Asymmetric risk is the key to building wealth. We want investments where the upside is large and the downside is small.
2008·The most famous expression of asymmetric positioning
Be fearful when others are greedy, and greedy when others are fearful. This is asymmetric.
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Asymmetric Risk is one of the ideas behind the ValueOS tools. See it applied to real companies.