A clear understanding of the “no risk, no reward”…
A clear understanding of the “no risk, no reward” principle is another defining trait of a good investor. Rather than shying away from volatility altogether, good investors take time to understand the risks involved in an investment and accept a certain degree of volatility as “growing pains”
— from The Flight Plan (Purpose/Wisdom/Risk)
In the book
This is also why risk is not the enemy of a good flight plan but a built-in part of its price. The truth is plain, and worth staking a life on: human existence matters most precisely when you set a goal and strive toward an outcome you cannot guarantee; there is no reward without risk, and that is simply the exchange rate of anything worth having. Listen to the people near the end of their flights and you will hear it confirmed: their sharpest regrets are almost never the risks they took and lost, but the bold ones they never took at all — the whole architecture of regret is built on the words "if only I had". — The Flight Plan (Purpose/Wisdom/Risk)