The question of how to prepare for low-probability, high-consequence events is one of the most difficult in government and business.

FORBES: The Blurring Line Between Natural and Manmade Disasters

From an investor's perspective, the idea of planning for low-probability, high-consequence events is well treated in Nassim Nicholas Taleb's book The Black Swan: The Impact of the Highly Improbable.

FORBES: Magazine Article