Back in March I climbed up the Highlands Bowl in Aspen for the first time. 4 or 5 turns in my skis popped off and I tumbled down the entire mountain. About 100 yards later, there I was hanging off the side of the cliff waiting for ski patrol to come help me. Miraculously, it took them less than 20 minutes to find us and bring my skis down to where I was. Even though I was perfectly fine, my body overreacted to the existential risks and the primitive parts of my brain took over the duties of what other parts usually handle. I’ve had similar feelings before after experiencing a bad loss in the market. Phil does an amazing job in this one in explaining the differences and similarities between these two types of risk and why my body reacted the way it did.