Besides, she said, recent events have not altered the relationship between risk and reward.

Boiled down, what Asness really does is try to understand the relationship between risk and reward.

In the new world of "block grants," that link between state effort and Federal reward would be broken.

"You have to make a calculation between risk and reward," Phillips said.

Finally, they avoid positions where the time between performance and reward is too long.

"If it's someone else's money, the spread between risk and reward is sufficient."

She said, "We believe there should be some correlation between intellectual performance and reward.

Yet they appear to have forgotten the elementary relationship between risk and reward.

What he learned to love was the giddy, unpredictable relationship between risk and reward.

The new rules will reinforce the need for a link between result and reward.