Who would you choose, a PM with a high or a low risk appetite?

The appropriate level will depend on the nature of the work undertaken and the objectives pursued. For example, where public safety is critical (e.g. operating a nuclear power station) appetite will tend to be low, while for an innovative project (e.g. early development on an innovative computer program) it may be very high, with the acceptance of short term failure that could pave the way to longer term success

I agree with Mr. Abdel Fattah. It all depends on the nature of the project and the end result expected. High risk with high gains is preferable than low risk and low gains.