A Quote by Richard Thaler
The money has to be deferred with what they call "clawback," which means they can get it back if I lose it all. So that guy making ten million a year selling credit default swaps, if we're going to keep five million of it in escrow for ten years, and with the right to go back and get it, if he starts losing money, then we're going to give people the right incentives not too take so much risk.
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If I have positions going against me, I get right out; if they are going for me, I keep them Risk control is the most important thing in trading. If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in.
The first ten million years were the worst," said Marvin, "and the second ten million years, they were the worst too. The third ten million years I didn't enjoy at all. After that I went into a bit of a decline.
I've seen too many people who struggle financially who save thousands of dollars and go on a one year trip. And then they come back out of money, thirty years old, and back to living with their parents and saying 'I'm back to getting any job possible to get more money for travel.'
I think the credit default swaps can take the place of the rating agencies who really have missed the ball in this procedure and are quite conflicted by the way the ratings are paid for. So, I would like to see credit default swaps become an evermore important way of understanding credit risk in the economy.
I was able to use credit default swaps to protect not only my investments but the hundreds of jobs that exist because of my investment. I understand the dangers of credit default swaps and the benefits of credit default swaps.
There are some keys to success in the fad business. One is never give up. You need total motivation and the right kind of creativity. You also have to back the right activity. It is a disaster if you back the wrong idea with your energy. You not only lose money, but you take a big social risk.
One simple step firms can take is make sure that people that are getting paid a lot of money, say more than a million or two, that a big chunk of that money is deferred. That's going to change the whole ballgame.
Credit default swap gives you something to do. You can buy some credit default swaps from them to protect yourself against the bankruptcy of people who owe you money.
On top of that, illegal immigration costs our country more than $113 billion a year. And this is what we get. For the money we are going to spend on illegal immigration over the next 10 years, we could provide 1 million at-risk students with a school voucher, which so many people are wanting.
I'm a guy who likes to keep fighting five, six times a year, so if I ask for too much money, they might say, 'Well, we pay you too much. We can't let you keep jumping backwards and forwards and promote it.' The money I'm making is good to keep grabbing short-notice fights. I love them; they're my favorite ones.
The great enemy of creativity is fear. When we're fearful, we freeze up - like a nine-year-old who won't draw pictures, for fear everybody will laugh. Creativity has a lot to do with a willingness to take risks. Think about how children play. They run around the playground, they trip, they fall, they get up and run some more. They believe everything will be all right. They feel capable; they let go. Good businesspeople behave in a similar way: they lose $15 million, gain $20 million, lose $30 million and earn it back. If that isn't playing, I don't know what is!
People accuse me of going overboard preparing for my first ten million years in eternity; in my opinion, people go overboard in worrying about their last ten on earth.
As soon as Mr. Roosevelt took office, the Federal Reserve began to buy government securities at the rate of ten million dollars a week for 10 weeks, and created one hundred million dollars in new [checkbook] currency, which alleviated the critical famine of money and credit, and the factories started hiring people again.
If it could save a person's life, could you find a way to save ten seconds off the boot time? If there were five million people using the Mac, and it took ten seconds extra to turn it on every day, that added up to three hundred million or so hours per year people would save, which was the equivalent of at least one hundred lifetimes saved per year.
Perhaps you are thinking: 'But a tank costs several million dollars, not including floor mats. I don't have that kind of money.' Don't be silly. You're a consumer, right? You have credit cards, right? Perhaps you are thinking: 'Yes, but how am I going to pay the credit-card company?' Don't be silly. You have a tank, right?
Money is another pressure. I'm not complaining, I'm just saying that there's a certain luxury in having no money. I spent ten years in New York not having it, not worrying about it. Suddenly you have it, then you worry, where is it going? Am I doing the right thing with it?
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