Moving Mountains (Introduction)

In the spring, skiers from around the world come to Mount Washington for its celebrated backcountry snow. Tuckerman’s Ravine is legendary—its 50-degree pitches and rugged beauty combine to give mountaineers some of the best spring skiing anywhere. And the only cost is the challenge of carrying your own equipment into the bowl and up its pitches.

I’ve been going up to Tuck’s for over 15 years, but I’ve only skied there about 2/3rds of the time. The reason is risk. Mount Washington is a beautiful place, but it’s also a dangerous place. The same conditions that make it so attractive also make it risky. It’s home to some of the worst weather in the world.

Managing risk is critical to enjoying the mountain. And managing risk is also crucial when you’re investing. Over the next several posts I will examine four aspects of risk management: respect, limits, preparation, and uncertainty. These four factors can help anyone get into the markets—and the mountains—safely.

Douglas R. Tengdin, CFA

Chief Investment Officer

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