Risk is structured and manageable—we measure it, bear it, diversify it, or hedge it. Fear is a mess. It's psychological, contagious, and arational. Risk doesn't keep you up at night. Fear does. The good news: words and scenarios aren't dangerous, they're rehearsal. We can pre-think contingencies, set simple rules for stress, and keep fear from scheduling our actions. My conversation with Rob Arnott and Ed McQuarrie explores why fear—not risk—explains asset pricing, and how to put fear where it belongs.

April 2, 2025 belongs to the list of days we'll remember—Berlin Wall, 9/11, Lehman, Brexit. Tariffs imposed, markets cratered, then the single best day since October 2008 (which tells you something). We're on watch for whether a tsunami follows the earthquake. Here's what helps: a regret pyramid—exhaust low-regret actions before high-regret ones. Don't be surprised if stocks swing up or down 10-15% over the next month. That's context so you don't overreact to every 3-5% day. Life must go on, even now. The main event is now U.S. versus China. Let's hope we can stick the landing.

Your kids are ready to talk about money ten years before you are. They have eyes and ears—they're reading the room and forming their own mental models. If you're not talking to them, the silence feels like gaslighting. Fast path to losing their trust. The fix: lean into the fact that wealth is multidimensional—financial, intellectual, social, and human capital (F.I.S.H.). Ask your kids if Mr. Burns is a happy man. My conversation with Joline Godfrey on raising financially fit kids in abundance tackles the most loaded topic most families avoid.