A Quote by Bruce Kovner
Risk management is the most important thing to be well understood. Undertrade, undertrade, undertrade is my second piece of advice. Whatever you think your position ought to be, cut it at least in half.
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When someone speaks we ought to get three things out of the message. First and least important (but still very important), we ought to get what is said. Second, and more important, we ought to have a spiritual experience. Third, and most important, we should keep the commitments we make to ourselves.
I believe in clear-cut positions. I think that the most arrogant position is this apparent, multidisciplinary modesty of "what I am saying now is not unconditional, it is just a hypothesis," and so on. It really is a most arrogant position. I think that the only way to be honest and expose yourself to criticism is to state clearly and dogmatically where you are. You must take the risk and have a position.
If you want to be a writer, I have two pieces of advice. One is to be a reader. I think that's one of the most important parts of learning to write. The other piece of advice is 'Just do it!' Don't think about it, don't agonize, sit down and write.
Most of the time, your risk management works. With a systemic event such as the recent shocks following the collapse of Lehman Brothers, obviously the risk-management system of any one bank appears, after the fact, to be incomplete. We ended up where banks couldn't liquidate their risk, and the system tended to freeze up.
As population susceptibilities are better understood, we will be in a better position than we are in today to make informed decisions about risk management.
Even if you need, and want, a second opinion, it can be dangerous to have people telling you what they think you ought to add, or cut, before you've even finished telling your story. One loses heart; one loses energy and interest. Or at least I do.
Well, the most important thing in investing is to know what you're investing in, and if you're confident in the outcome, it's important to stay true to your position.
The most important thing is that Spain have a good team no matter who plays. It is always nice to see your name spoken but the important thing is that the national team does well. But having good players for every position is important because there are always injuries, drops of form.
I think the most important thing to understand about credit derivatives and their use at JPMorgan is they served a number of different purposes. First and foremost, they were a tool which initially was seen as being useful in managing the bank's own risk management challenges.
It's hard to make it one piece of advice. For me, what's most important is you kind of choose your point of view.
Risks I think are the thing that make life important and everything that you and I do is risk vs. benefit. Is there a risk to sending your kid out? Absolutely. Is there a benefit? It exceeds the risk.
If for you the most important thing is to make a lot of money, then you don't want to take a certain type of risk. If, on another hand, the most important thing to you is to make people around you have a more fulfilled life, then there is a different set of things that are important to you. Unless you really know that about yourself, you will never be able to appropriately assess risk.
The most important lesson I think I could impart is don't let anyone determine what your horizons are going to be. You get to determine those yourself. The only limitations are whatever particular talents you happen to have and how hard you're willing to work. And if you let others define who you ought to be, or what you ought to be because they put you in a category, they see your race, they see your gender and they put you in a category. You shouldn't let that happen.
The risk of working with people you don't respect; the risk of working for a company whose values are incosistent with your own; the risk of compromising what's important; the risk of doing something that fails to express-or even contradicts--who you are. And then there is the most dangerous risk of all--the risk of spending your life not doing what you want on the bet that you can buy yourself the freedom to do it later.
Probably the most important piece of advice that I've ever gotten is to develop your mind. I left school very young and I always regretted it.
my advice to every student who is trying to make a decision for the years immediately after graduation: take the opportunity that in your mind is the most rewarding, that you are most passionate about and that you find most interesting and save the rest of your life for being risk averse. Whatever you want to do, this is the time to pursue it. Twenty years from now, your freedom to take risks will be limited.
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