All this makes sense. I’d also point out though that there’s a societal aspect of this too- rich people have a lot of ways that they use to make sure that when

All this makes sense. I’d also point out though that there’s a societal aspect of this too- rich people have a lot of ways that they use to make sure that when things go badly, it’s poor people who pay the cost. So they have good reasons to worry less about tail risks. For instance: does your local city council respond to rising rents with the same urgency as they respond to falling real estate values? What did America put more money into during the coronavirus crisis, keeping people from being evicted or propping up the stock market? Rich people don’t worry about tail risks because they don’t have to.