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"Taking a Least Risk approach does not mean that we avoid risk, only that we manage it. Think of risk as a (limited) resource. Budget it and spend it wisely. Use it only to buy things that you value (like a secure retirement, your children’s education or a mountainside villa). Spend it on activities that give you the most “bang for your buck” – like diversification, asset allocation, and value investing. Don’t squander it on activities that have no, or a negative, expected payoff – like active management, concentrated portfolios, and non-fiduciary 'advisors'".
"Least Risk Investing is about smart investing. It's about avoiding those risks that have no (or a negative) expected payoff, and exposing yourself only to those risks that have positive expected outcomes (and then, only to the extent that taking such risks buys you something of value)."
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