“A ship is safe in harbor, but that’s not what ships are for.” This observation by 19th-century American theologian William G.T. Shedd “encapsulates life’s innumerable inherent risks,” says risk-management expert Karen Firestone. However, if you’re astute, she advises, you’ll do everything possible to manage your personal and professional risk. As CEO of a wealth management advisory firm, her job is to maximize her clients’ financial returns while minimizing their risks. Her clients trust her to handle more than $1 billion of their assets, so her knowledge of dealing with risk is hard earned in the real world. Her advice will help anyone minimize risk, even when it’s time to take your ship out for a sail. While never giving investment advice, getAbstract recommends Firestone’s guidance to investors, stock analysts, MBAs, business professors and fund managers.
In this summary, you will learn
- Why risk is so prevalent,
- How to decide whether to take a risk, and
- How to apply the four principles of risk-taking.
About the Author
Karen Firestone is president, CEO and co-founder of Aureus Asset Management.