Interesting post, but I don't think risk is the fudndamental driver of markets, scarcity is. And that's what drives the value of risk up. Risk isn't rewarded pe

Interesting post, but I don't think risk is the fudndamental driver of markets, scarcity is. And that's what drives the value of risk up. Risk isn't rewarded per se by the market, otherwise people who were willing to jump off cliffs in the hope they might live might find themselves rewarded. But people who jump off cliffs to find the last gold ingot may be rewared for their risk if they find it. Hence same with startups, don't just take completely stupid unjustified risk, but if it's in the hunt for something valuable and scarce the risk can be justified and if successful the reward disproportionally large. And to quote you "that's how you can make a lot of money!"