All things must pass

Civilizations, like everything under the sun, have a life-cycle. They arise, they persist for a while, and then they inevitable decline and fall. Happened all the time in the past, and there is no reason to believe that it will cease to happen in the future — we are all Bayesians, after all. Continue reading “All things must pass”

The Zurich Axioms

Many years ago I had come across the Zurich Axioms on the usenet. Here it is for the record.

A set of simple (major and minor) rules devised by a set of Swiss investors, on how to succeed on the Stock Exchange – but which are generally applicable to any situation of selecting and managing risk.

The Zurich Axioms. Max Gunther, Unwin Paperbacks: ISBN 0-04-332126-7


1: ON RISK Worry is not a sickness, but a sign of health. If you are not worried, you are not risking enough.

1.1: Always play for meaningful stakes.
1.2: Resist the allure of diversification.

Continue reading “The Zurich Axioms”


Every institution exists only in the mind. Each is a manifestation of a very old, very basic idea — the idea of community. They can be no more or less than the sum of the beliefs of the people drawn to them; of their character, judgments, acts, and efforts.

Dee Hock, founder of VISA.

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