Musings on Business Optimization, Economics, and Vocations

With all of the uncertainty surrounding the Brexit hoopla I thought it would be wise to take a second and be sure we are properly distinguishing between risk and uncertainty: "Risk is a known set of possible future outcomes with known probabilities, while uncertainty is an unknown set of possible future outcomes with unknown probabilities. Both can be present in any opportunity.  Risk can be overcome by only undertaking projects with risk adjusted returns or transferred to another party by purchasing insurance or options.  Uncertainty, however, is an entrepreneurs domain and can create unexpected losses or  real opportunity, profit, and community enhancement."

As a pilot I just can't resist reporting on a good aviation adventure story. Science Magazine and numerous other news sources are reporting about the emergency rescue of an ill researcher at the South Pole.  A Twin Otter has left Canada and is on its way to the rescue now.  The trip will take multiple days and the final leg will be a 10 hour flight while only 12 to 13 hours of fuel are on board. Because of the harsh weather and darkness, a rescue like this during the Antarctic winter is usually not possible and has only been attempted twice before. You can watch the progress here . I'll be watching anxiously and praying for the health of the researcher and the success of the brave flight crew.