In short, investment risk is one of the objective external conditions (or environments) of investment, while adventure is an independent decision and behavior of investors, and there is a great difference between them. However, it cannot be denied that there is a close relationship between investment risk and adventure.

① both investment risk and risk-taking are negative. As one of the objective conditions of investment, investment risk may bring unfavorable results to investors, and the risk-taking behavior of adventurers may also lead to unfavorable results. From this point of view, there are similarities between the two.

② the inevitable rate of both adverse results. Investment risk and risk-taking behavior have potential damage to investors, and the occurrence of this damage (or adverse result) is only a possibility, which is another similarity.

③ Risk-taking behavior is the subjective involvement of adventurers in larger risks. As we all know, investment risk is an objective condition, a prerequisite for the existence of risk-taking behavior, and an objective reason for the potential adverse results caused by risk-taking. If the investment risk does not exist, the risk-taking behavior will cease to exist, and the potentially disastrous results caused by the risk-taking behavior will not happen. Imagine that an investor will not be regarded as an adventurer if he makes a big investment in the national debt of a certain period in a certain year. Because this investor will get the interest and principal at maturity steadily, he will at most miss better investment opportunities and gain more income, and will never suffer catastrophic losses. However, an investor who invests in futures, regardless of market conditions and operating opportunities, blindly increases investment in a certain futures variety, which may lead to disastrous consequences. Nick Leeson of the Bank of Bahrain, England, was aware of the seriousness of the unfavorable results when he invested heavily in the "speculation" of index futures, but he was too confident in his market prediction and made vicious speculation driven by greed, which led to the bankruptcy of the Bank of Bahrain. Therefore, risk-taking behavior is a combination of greater investment risk and subjective excesses.

Smart investors know that risks cannot be eliminated. However, they will try their best to find out whether an investment is risky. They are not afraid of risks, but they will not take risks on purpose.