TOTD 2020-3-16: Minimizing Risks

Life always has risks. You can’t get up in the morning without facing some type of danger. All one can do is minimize the risks one faces. Some things are safer than others. There are two main ways to handle the risks. First is to not get close to the danger. No one dies from an airplane crash unless they board the aircraft. (I am leaving out the plane falling on you because the chances are so low.) Second, one limits the risk by being prepared for them. Once the problem happens you have the “medicine”, “helmet”, and the “parachute”. One not only has a backup system one runs “fire drills” to be able to use them. I was impressed on how prepared civil westman is by making a ventilator. John Walker is prepared for systems to go down.

How do you mitigate the risks in your life?
What “backup systems” do you have?
Are you more of a keep away from risk or a I can handle the risk person?

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7 thoughts on “TOTD 2020-3-16: Minimizing Risks”

  1. Both a keep away from risk AND I can (and must) handle the risk (because nobody has my interest at heart more than me). Beyond the preparations I have made, I am also staying home. My anesthesia job is temporarily gone, since the hospital has cancelled elective (=non-emergency) surgery, which is the vast majority of it. My Saturday job on a detox unit of a drug & alcohol rehab is still on, as far as I know. When I go there, I have been wearing a face mask, glasses and gloves and frequently dousing everything with sanitizer. Not zero risk, but the actions reduce the risk. I am not about to abandon my duty to be available to take care of these patients, despite the fact that I am at increased risk for death from Covid-19 by virtue of age (75.5) asthma, coronary artery disease, and MGUS. From what I read, in Italy, people over 80 (for the moment that is the cutoff) will no longer be eligible for intensive care. Fear of precisely that risk(my wife is 70) was exactly what led me to make the preparations I did.

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  2. civil westman:
    Both a keep away from risk AND I can (and must) handle the risk (because nobody has my interest at heart more than me). Beyond the preparations I have made, I am also staying home. My anesthesia job is temporarily gone, since the hospital has cancelled elective (=non-emergency) surgery, which is the vast majority of it. My Saturday job on a detox unit of a drug & alcohol rehab is still on, as far as I know. When I go there, I have been wearing a face mask, glasses and gloves and frequently dousing everything with sanitizer. Not zero risk, but the actions reduce the risk. I am not about to abandon my duty to be available to take care of these patients, despite the fact that I am at increased risk for death from Covid-19 by virtue of age (75.5) asthma, coronary artery disease, and MGUS. From what I read, in Italy, people over 80 (for the moment that is the cutoff) will no longer be eligible for intensive care. Fear of precisely that risk(my wife is 70) was exactly what led me to make the preparations I did.

    It is great to learn from you, civil westman.

    I try to balance the two ways. I try to not put myself in danger but also make sure to minimize the risk. One has various options when the situation changes. There is no need to force more risk. In planning make sure there is an out or buffer to deal with unexpected happenings. Have an “umbrella” or a “plan B”.

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  3. I’ve used the same strategy all my life. I usually know what to do but the key is to know when.

    1. You need to read, talk to people. The best stock tip I ever received was from my 8 yr old nephew who had just dropped MySpace and picked up Facebook and was so proud of his 800 new “friends.”

    The next day I owned 5,000 shares at $60 (after reviewing financials of course.)

    2.  Secondly and I suggest this more than ever right now, keep your eye on the ball 24-7. A stock I was interested in this morning was low-balled so I bought a 1,000 shares. By 11 EST it had risen 15 points. I sold it on a stop/loss at a point lower and was perfectly happy to take my earnings. Just checked in and it had dropped another 6 points. I’ll keep my eye on it and may buy it back again; who knows? It’s a good stock and makes sense in dealing with this virus.

    I’m afraid folks we are facing a long, erratic ride that must be monitored consistently. And again, read everything you can get your hands on. This stock was under the radar with sound financials, making it a sound investment.

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  4. EThompson:
    I’ve used the same strategy all my life. I usually know what to do but the key is to know when.

    1. You need to read, talk to people. The best stock tip I ever received was from my 8 yr old nephew who had just dropped MySpace and picked up Facebook and was so proud of his 800 new “friends.”

    The next day I owned 5,000 shares at $60 (after reviewing financials of course.)

    2.  Secondly and I suggest this more than ever right now, keep your eye on the ball 24-7. A stock I was interested in this morning was low-balled so I bought a 1,000 shares. By 11 EST it had risen 15 points. I sold it on a stop/loss at a point lower and was perfectly happy to take my earnings. Just checked in and it had dropped another 6 points. I’ll keep my eye on it and may buy it back again; who knows? It’s a good stock and makes sense in dealing with this virus.

    I’m afraid folks we are facing a long, erratic ride that must be monitored consistently. And again, read everything you can get your hands on. This stock was under the radar with sound financials, making it a sound investment.

    I read about your successes but not your failures in the market. Do you never lose money? It seems that way.

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  5. I think of poor Howard Hughes who reportedly went crazy worrying about germs. It was not a good way to live.

    From what I have read that by following good personal hygiene one can decrease the risks by a significant amount of getting this virus. Like anything in life one has to put up with a certain amount of risk to function.

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  6. 10 Cents:
    I think of poor Howard Hughes who reportedly went crazy worrying about germs.

    You’ve got it backwards. 🙂 Howard Hughes was crazy already which is why he was such a germaphobe.

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