The more broadly diversified our financial portfolios, the more people there are who share in the inevitable risks – and the less an individual is affected by any given risk. The theoretical ideal occurs when financial contracts spread the risks all over the world, so that billions of willing investors each own a tiny share, and no one is over-exposed.
发自纽黑文——金融风险管理的基本原则就是分散投资。你的投资组合越是多样化，就越多人跟你分担那些无法避免的风险——于是个人所要承担的风险也就越少。这条理论假设伴随着金融合同向全世界分散风险而推而广之，于是数十亿投资者每人都分担了一点风险，也没人会被暴露在过高风险之下。