Today on Behavior Gap Radio, Carl talks about the nuanced relationship between risk and reward in investing, inspired by a thought-provoking quote from Howard Marks. He challenges the common misconception that taking on more risk automatically leads to higher returns, emphasizing that risk only offers the potential for reward, not a guarantee. Carl discusses the importance of skillfully and intelligently sacrificing certainty while keeping emotions in check and highlights the dangers of uncompensated risks, such as gambling on single stocks. This episode is a deep dive into understanding the true nature of risk and how to approach it with clarity and caution.