Risk means different things to different people. Behaviorally, what lessons can practitioners draw when thinking about risk? This Take 15 episode touches upon the basics of risk in light of two investing extremes: active versus index investing.

The Take 15 Series is a collection of illuminating, short conversations with noted economists, best-selling authors, leading researchers, and successful practitioners on topics ranging from geopolitics and whistleblowing to irrationality and outlooks.