In this episode, Robert explains why successful investing is not about prediction but about probabilities, positioning, and risk management. He breaks down how probabilistic thinking shapes portfolio decisions, why being wrong is inevitable, and how asymmetric risk reward setups allow investors to win over time without needing certainty. Robert then discusses where he currently sees favorable odds across different asset classes, how he thinks about adding exposure at the margin, and why process matters more than short term narratives. The episode wraps with a listener question on market volatility, global headlines, and how to avoid overcomplicating market moves during periods of uncertainty.