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Most "really hard" decisions involved a "downside and an upside either way", he added.
Moreover, adding the personal benefit test to the misappropriation theory involves a significant downside: It leaves many socially undesirable trades beyond the reach of Rule 10b-5's prohibitions for no good reason.
The intercantonal conference of cantonal finance ministers explicitly admits that depreciations management is a tool for fiscal politics and involves the downside of creating hidden reserves in a way that lacks transparency (CFM 2008).
But there may be a downside, and it involves bloating.
Although his organisation has saved countless lives - in northern Mozambique, after 14 years, all known minefields have been cleared - Willoughby admits that there is a downside to being involved in humanitarian work.
And though it has involved serious downsides, the prospect of returning to a primeval state strikes most of us as insane.
But I also think that pro-war conservatives weren't sufficiently mindful of the opportunity costs involved, or the downside risks.
Any real investment strategy involves knowing the potential downside of an investment.
That's a downside.
This is a downside.
Is there a downside?
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com