Minimize Your Maximum Loss

Always work on minimizing the impact of the worst possible outcome you can think of. In the face of uncertainty "minimax" is a decision rule used in decision- and game theory, statistics and philosophy to minimize the maximum possible loss. It can be applied to decisions where the consequences of decisions depend on unknown facts. For example, deciding to prospect for minerals entails a cost which will be wasted if the minerals are not present, but will bring major rewards if they are. Work to minimize your maximum risk.