Oct. 20, 2026

The Risk You Didn’t Choose

The Risk You Didn’t Choose
The Risk You Didn’t Choose
This Time Is Different
The Risk You Didn’t Choose

Some of the biggest risks are the ones that crash into you.

Ricky Mulvey and Malcolm Ethridge discuss:

  • Why avoiding taxes can be the bigger investment risk, using an Oracle case.
  • Malcolm’s two-step risk test: what can go wrong, and can you absorb it?
  • How a recent car accident changed the way Ricky weighs everyday costs against catastrophic risk.
  • Why Malcolm argues the money that matters belongs at large, battle-tested institutions.
  • The cost of AI performance falling roughly 13-fold over a few years.
  • McKinsey’s AI interviews: a way for smaller employers to punch above their weight, or another shift of power toward the employer?

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Hosts: Malcolm Ethridge, Ricky Mulvey
Engineer: Heather Horton

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