A Quote by Jeremy Grantham
You don't get rewarded for taking risk; you get rewarded for buying cheap assets. And if the assets you bought got pushed up in price simply because they were risky, then you are not going to be rewarded for taking a risk; you are going to be punished for it.
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In the sense that people who produce things and work get rewarded, statistically. You don't get rewarded precisely for your effort, but in Russia you got rewarded for being alive, but not very well rewarded.
Basically if you study entrepreneurs, there is a misnomer: People think that entrepreneurs take risk, and they get rewarded because they take risk. In reality entrepreneurs do everything they can to minimize risk. They are not interested in taking risk. They want free lunches and they go after free lunches.
We're in the business not so much of being contrarians deliberately, but rather we like to take perceived risk instead of actual risk. And what I mean by that is that you get paid for taking a risk that people think is risky, you particularly don't get paid for taking actual risk.
The best stuff happens when you take a chance. When you risk something and do the thing that the other people are taking a chance on, on a network kind of level, they will be rewarded. You know, risk-reward.
We've got to start also holding people accountable, and we've got to reward people who succeed. But somehow in Washington today - and I'm afraid on Wall Street - greed is rewarded, excess is rewarded, and corruption - or certainly failure to carry out our responsibility is rewarded.
Designful companies are those that weave design thinking into the fabric of the company. In a designful company, innovation is rewarded instead of punished. Risk taking is the norm instead of the exception. Some companies have already embraced this type of culture change with impressive results.
Imitation is being rewarded. They're learning that if you fit right in the mold, you get rewarded. Music is no longer a form of expression - it's a means to a lifestyle.
If you're not going to be rewarded for your virtues, and instead you're going to be punished for them, then what's your motivation to continue?
Most people have an aversion to risk, my college economics professor told me. Which means they have to be rewarded to take on that risk. The higher the risk, the higher the possible payout has to be for people to jump.
When private industry makes a mistake, it gets corrected and goes away. As governments make mistakes, it gets bigger, bigger and bigger and they make more, more and more because as they run out of money, they just ask for more and so they get rewarded for making mistakes. In the meantime that is exactly what we are doing by subsidizing companies which are failing, we have a reverse Darwinism, we've got survival of the unfittest, the companies and people that have made terrible mistakes are being rewarded and other people are being punished and being taxed.
The thing that still somehow surprises me, and I have come to this realization over and over again, is this nonsense that gets peddled regarding, 'Just work really hard, be really smart, do the right thing, and you'll get rewarded.' No, you don't. You don't get rewarded for those things in this society.
Justice demands that the good and hard-working be rewarded and the evil and the lazy be punished (if only by the withholding of the rewards of doing the right things). Modern Liberalism demands that the good and hardworking be punished as the recipients of an unfair advantage and the evil and the lazy be rewarded, their acts of evil and their failure all the proof the Modern Liberal needs that somehow they have been victimized by forces out of their control.
I have always believed that the risk takers are eventually rewarded.
Bad news: Complainers are rewarded for complaining. Indicative of the victim culture in which we live, people have not only come to expect something for nothing, but are then rewarded for how loudly they can ventilate their sense of having been victims of fraud.
Icelandic people are inbred. And they have a sense of themselves as genetically special, and a history of risk-taking because they make their living on the high seas fishing. Assets generally rose in value during this period, and so it looked like they actually knew what they were doing.
We should ban banks from risk-taking because society is going to pay the price.
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