Management Quotes - Page 29

• A theory's assumptions always are and ought to be unrealistic. Further, we should attempt to make them more unrealistic in order to increase a theory's fruitfulness.

  Satoshi Kanazawa

  Order, Risk, Assumption

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• Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank... need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path. They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.

  Alan Greenspan

  Keys, Incomplete Knowledge, Choices

  "Monetary Policy under Uncertainty". Alan Greenspan's Remarks At a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, www.federalreserve.gov. August 29, 2003.

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• It was obvious that their profits were simply cash borrowed from destiny with some random payback time.

  Nassim Nicholas Taleb

  Destiny, Risk, Payback

  Nassim Nicholas Taleb (2016). “Incerto 4-Book Bundle: Fooled by Randomness The Black Swan The Bed of Procrustes Antifragile”, p.831, Random House

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• If I had better foresight, maybe I could have improved things a little bit. But frankly, if I had perfect foresight, I would never have taken this job in the first place.

  Richard F. Syron

  Jobs, Taken, Perfect

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• It is interesting that the investment industry has invented new ways to lose money when the old ways seemed to work just fine.

  John G. Stumpf

  Interesting, Risk, Way

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• High leverage is unsafe, not just for a company but the entire economy... LBOs are reducing the safety. Management loses the power to do many things. It has no margin for error and less margin for additional risk.

  Franco Modigliani

  Errors, Safety, Risk

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• I'd decided to take the risk, and either I'd succeed or else.

  Yanni

  Risk, Succeed, Decided

  Yanni, David Rensin (2003). “Yanni in Words”, Miramax Books

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• What went wrong is we had tremendous concentration in the sense we put a lot of our money to work against U.S. real estate. We got here by lending money, and putting money to work in the U.S. real estate market, in a size that was probably larger than what we ought to have done on a diversification basis.

  Vikram Pandit

  Real, Risk, Done

  "Charlie Rose" with Charlie Rose, charlierose.com. November 25, 2008.

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• The key to risk management is never putting yourself in a position where you cannot live to fight another day.

  Richard S. Fuld, Jr.

  Fighting, Keys, Risk

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• A good rule of thumb is to assume that everything matters.

  Richard Thaler

  Risk, Thumbs, Matter

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• The technical explanation is that the market-sensitive risk models used by thousands of market participants work on the assumption that each user is the only person using them.

  Avinash Persaud

  Risk, Assumption, Sensitive

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• The kinds of errors that cause plane crashes are invariably errors of teamwork and communication.

  Malcolm Gladwell

  Teamwork, Communication, Errors

  Malcolm Gladwell (2008). “Outliers: The Story of Success”, p.127, Penguin UK

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• If you don't invest in risk management, it doesn't matter what business you're in, it's a risky business.

  Gary Cohn

  Risk, Matter, Ifs

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• I can assure you, as long as I'm here, as long as my colleagues are here, we do know about risks.

  Oswald Grubel

  Long, Risk, Colleagues

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• At Berkshire, I both initiate and monitor every derivatives contract on our books ... If Berkshire ever gets in trouble, it will be my fault. It will not be because of the misjudgments made by a risk committee or chief risk officer.

  Warren Buffett

  Book, Risk, Faults

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• My client loved risk. Risk, I had learned, was a commodity in itself. Risk could be canned and sold like tomatoes.

  Michael Lewis

  Risk, Tomatoes, Clients

  Michael Lewis (2010). “Liar's Poker”, p.232, W. W. Norton & Company

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• This awful catastrophe is not the end but the beginning. History does not end so. It is the way its chapters open.

  Saint Augustine

  Risk, Doe, Awful

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• We gauge risk literally hundreds of times per day, usually well and often subconsciously. We start assessing risk before the disaster even happens. We are doing is right now. We decide where to live and what kind of insurance to buy, just like we process all kinds of everyday risks: we wear bike helmets, or not. We buckle our seatbelts, smoke cigarettes, and let our kids stay out until midnight. Or not.

  Amanda Ripley

  Kids, Risk, Everyday

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• The public totally discounts low-probability high-consequence events. The individual says, it's not going to be this plane, this bus, this time.

  Amanda Ripley

  Risk, Events, Individual

  Amanda Ripley (2009). “The Unthinkable: Who survives when disaster strikes - and why”, p.63, Random House

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• If you spend more than 13 minutes analyzing economic and market forecasts, you've wasted 10 minutes

  Peter Lynch

  Risk, Analyzing, Economic

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• Indeed, better risk management may be the only truly necessary element of success in banking.

  Alan Greenspan

  Risk, Banking, Elements

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• One thing that makes it possible to be an optimist is if you have a contingency plan for when all hell breaks loose.

  Randy Pausch

  Worst Case Scenario, Risk, Hell

  Randy Pausch, Jeffrey Zaslow (2008). “The last lecture”, Hyperion Books

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• Thoughtfully assessing and addressing enterprise risk and placing a high value on corporate transparency can protect the one thing we cannot afford to lose: trust.

  Dale E. Jones

  Risk, Transparency, Protect

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• Risk is just an expensive substitute for information.

  Adrian Slywotzky

  Risk, Information, Substitutes

  "The Upside". "HBR IdeaCast" with Paul Michelman, hbr.org.

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• If you don't know the Jewelry, know the Jeweller

  Warren Buffett

  Risk, Jewelry, Knows

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