GettyThe Covid-19 pandemic is causing people to re-learn an important financial lesson. The lesson is that about every 10 to 15 years we experience an event that has a low probability of occurring but has a high cost when it does occur. While sometimes they can be forecast, most of the time there’s little warning that the probability is tilting from low to very high. We can look back only 20 years and recount hurricanes and other natural disasters, the 9/11 attacks and the financial crisis. Each of these events has a low probability of occurring.

Source: Forbes June 29, 2020 10:52 UTC