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I think a curse should rest on me - because I love this war. I know it's smashing and shattering the lives of thousands every moment - and yet - I can't help it - I enjoy every second of it.

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Robert F. Engle

You know, some of the portfolios we might consider buying are portfolios which would do especially well if we have an economy-wide, or I mean, a global climate change that impacts us very negatively there are some companies that will do well, and so it might make sense to hold some of those in your portfolio.

Climate, Companies, Impact, Mean, Portfolio, Portfolios
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Risk managers and investment bankers and actually, all kinds of investors took on more risk than they expected. So there was a failure of risk management. There was a failure to recognize how much risk there was in some of these securities that people bought.

Actually, Bankers, People, Recognize, Risk

There are a lot of ways that investment banking models work, but these risks are not internalized by the people that are taking them.

Banking, Internalized, People, Risk, Risks

I don't see what the alternative to risk management is. If it's just getting rid of the models and instead using the smart people who can figure it out? How do you train them? What do you teach them? Do you just put them in a cockpit and let them stumble for 10 years of their life and then after that they're good at it?

Figure, Good, People, Smart, Years

That is, many times we're not risking our own money, we're risking somebody else's money, or maybe that someone is going to back stop or downside, but we still get the upside.

Downside, Maybe, Money, Risking, Stills, Stop

I agree with a lot of the points in Taleb's book, but I don't agree with many of his conclusions. It seems to me that he rightly points out that risk managers miss a lot of the risks, but the conclusion is that he draws, is that we should abandon risk management, whereas my conclusion is we should improve it.

Book, Draws, Missing, Points, Rightly, Risk
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