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William Davidow on COVID-19

William Davidow: COVID-19, Radical Uncertainty, and Survival https://www.linkedin.com/pulse/covid-19-radical-uncertainty-survival-william-davidow/: ‘We live in a radically uncertain world (See recently published Radical Uncertainty by John Kay and Mervyn King). About every ten years something completely unpredictable happens that has a major impact on our lives. The unpredictability makes it extremely difficult to make plans to deal with the crisis.... Half the events were a result of financial instability, two war related, and the most recent caused by a pandemic. All the events had major financial consequences. They occurred about once in a decade leading me to conclude that most of us will face six of these events during our adult lives and should plan on these happenings.... Most of us do pretty well at dealing with predicable risk and are poorly prepared for the radically uncertain events. Those events have catastrophic effects on a great number of our lives. Think of the increased suicide rate after the Black Thursday market crash in 1929 or the people who lost their homes in 2008 when the Real Estate Bubble Burst. For this reason, all of us should consider reducing our exposure to radical uncertainty. We should plan on it happening to us—not once but six times... #noted #2020-06-04

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