A Quote by Seth Klarman
Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.
Related Quotes
The government can always rescue the markets or interfere with contract law whenever it deems convenient with little or no apparent cost. (Investors believe this now and, worse still, the government believes it as well. We are probably doomed to a lasting legacy of government tampering with financial markets and the economy, which is likely to create the mother of all moral hazards. The government is blissfully unaware of the wisdom of Friedrich Hayek: "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.")
Every single television product has the ambition to chase ratings, every one of them. Many have other ambitions, for many, ratings are not #1. But my experience on TV, and on the entertainment side, has been entirely ratings-based. When I look at TV I look at ratings. And I never second guess ratings. Never.
It shouldn't come as any surprise that those who choose acting as a profession are phonies who live in a fantasy world. What is surprising is how many of them are blissfully unaware of it.
Most of the time, we live our lives within these invisible systems, blissfully unaware of the artificial life, the intensely designed infrastructures that support them.
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.
Investors should start with a view of skepticism. They should become intellectual investors rather than emotional investors. They should be careful, and they should be skeptical.
There must be a happy medium somewhere between being totally informed and blissfully unaware.
Toxic people defy logic. Some are blissfully unaware of the negative impact that they have on those around them, and others seem to derive satisfaction from creating chaos and pushing other people's buttons.
I stopped Googling myself a long time ago. I'm sure there's plenty of misinformation out there, but I am blissfully unaware of it.
Hazard has conditioned us to live in hazard. All our pleasures are dependent on it. Even though I arrange for a pleasure, and look forward to it, my eventual enjoyment of it is still a matter of hazard. Wherever time passes, there is hazard.
When the trust is high, you get the trust dividend. Investors invest in brands people trust. Consumers buy more from companies they trust, they spend more with companies they trust, they recommend companies they trust, and they give companies they trust the benefit of the doubt when things go wrong.
Dumb people are just blissfully unaware of how dumb they are.
There is not necessarily a good reason why a regulator should have to be involved in product design and marketing for rich and sophisticated investors. We recommend that such investors should be able to sign a piece of paper, which allows them to go ahead and buy unregulated products at their own risk.
My kids are blissfully unaware of anything I do. I asked my four-year-old, Harrison, what I did, and he said, 'You're an electrician.' He must have seen me changing a lightbulb.
Today, the danger of some sort of a nuclear catastrophe is greater than it was during the Cold War, and most people are blissfully unaware of this danger.
Many of my colleagues are blissfully unaware of the global percentage of people who cannot EVER go to a movie theater, let alone with an entire family. I do not want to make movies for the rich.
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