In this episode, Carl explores one of the most dangerous lessons we can learn about risk: nothing bad happened last time. Whether in investing, backcountry skiing, or everyday life, repeated exposure to risk without consequences can slowly convince us that we were safe all along. Carl reflects on how the absence of consequences can masquerade as evidence of safety, and why one of the most important practices in risk management is simply to remember what happened to those who weren’t so lucky.
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