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The shock of the old

The appetite for risk often increases with age

Now that the world agrees with me about children, birth rates are low. This means too few workers for too many pensioners. To keep the state solvent, old people will have to remain productive a bit longer. Expect, therefore, ever more eulogies from politicians and bosses about the advantages of age in the workplace. Prudence, caution, restraint. The moderating hand. All will be cited.

And all will miss the point. The most dramatic mental change that comes with age is a loss of interest in what others think. And that allows for more, not less, risk-taking.

This weekend, Carlo Ancelotti, 64, grandfather, stands to win his fifth Champions League title as a coach. Even if Real Madrid lose, his late-career success stands out in an ever-younger profession. (The coach of the German national team is 36.) What explains the resurgence of a man who was sputtering out at Everton in 2021?

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