Monthly archives of “July 2018

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Risk and Uncertainty

The practical difference between risk and uncertainty is that in the former the distribution of the outcome in a group of instances is known, while in the case of uncertainty, this is not true because the situation dealt with is in high degree unique.

– Frank Knight

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Excellence Is A Habit

Excellence is an art won by training and habituation. We do not act rightly because we have virtue or excellence, but we rather have those because we have acted rightly. We are what we repeatedly do. Excellence, then, is not an act but a habit.

– Aristotle