Riziko

Risk isn't about losing everything. It's about how much things can move, and whether you have time to wait for them to move back.

Diversification sounds like a platitude. In practice, it's one of the few ways to reduce risk without giving up much expected return.

Markets move; your target allocation doesn't. Rebalancing pulls your portfolio back to its original risk profile by selling what's up and buying what's down.

Loss aversion: a 1,000 euro loss tends to hurt roughly twice as much as an equal gain feels good. It helps explain panic-selling and holding on to losers.

The urge to follow the crowd kept our ancestors alive. In markets, herd behaviour and FOMO build bubbles on the way up and crashes on the way down.

Narrative economics: every bubble runs on a plausible story, rising prices that seem to prove it, and four dangerous words. This time is different.

Where to keep cash, not just how much: the three jobs cash does, the kinds of account that fit each, and what rising or falling rates do to each one.

Old pensions, forgotten savings accounts, unused cards: how to consolidate accounts, move an old pension without a tax bill, and what closing a card does to a credit score.