A Quote by Walter Schloss
Ben was a great believer in buying a diversified group of securities, so that he limited his risk.
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My career in academic research has not been involved with active management of securities. I've tried to understand risk-and-return relationships; also the pricing of derivative securities.
Risk managers and investment bankers and actually, all kinds of investors took on more risk than they expected. So there was a failure of risk management. There was a failure to recognize how much risk there was in some of these securities that people bought.
No man is worth his salt who is not ready at all times to risk his well-being, to risk his body, to risk his life, in a great cause.
Risk is not inherent in an investment; it is always relative to the price paid. Uncertainty is not the same as risk. Indeed, when great uncertainty - such as in the fall of 2008 - drives securities prices to especially low levels, they often become less risky investments.
To reduce risk it is necessary to avoid a portfolio whose securities are all highly correlated with each other. One hundred securities whose returns rise and fall in near unison afford little protection than the uncertain return of a single security.
In some industries, we refer to risk taking as 'research and development.' At financial institutions, we often take risk by investing in securities.
Ben Hur, who said to his sister Ben Him, We'd better swap names before they start calling me Ben Gay! Never got a dinner!
Ben's emphasis was on protecting his expectation of profit with minimum risk.
At one point, I recognized that Warren Buffett, though he had every advantage in learning from Ben Graham, did not copy Ben Graham but, rather, set out on his own path and ran money his way, by his own rules... I also immediately internalized the idea that no school could teach someone how to be a great investor.
A community is made up of intimate relationships among diversified types of individuals--a kinship group, a local group, a neighborhood, a village, a large family.
I am a great believer that the risk should reflect the reward.
Individual versus group selection results in a mix of altruism and selfishness, of virtue and sin, among the members of a society. If one colony member devotes its life to service over marriage, the individual is of benefit to the society, even though it does not have personal offspring. A soldier going into battle will benefit his country, but he runs a higher risk of death than one who does not. An altruist benefits the group, but a layabout or coward who saves his own energy and reduces his bodily risk passes the resulting social cost to others.
I love Ben Affleck. I think he will be a great Batman. Ben can bring the humanity to all his parts. He can play the good guy, the bad guy, but behind that grin he's got, there is always that humanity.
If we're talking about buying exchanges abroad, we have to have global securities standards, as we have global banking regulations. I'm talking about margins. Now, the United States has certain margin requirements that are not the same in London. Investors and hedge funds that want to borrow more money against securities ? if they can't in the U.S., they go abroad. That could add additional risks to the global economy.
We don't understand the equity market well, and so we deploy funds in fixed-income securities, and like any other securities, investment in those securities also need to follow the mark-to-market accounting principle.
My great-grandfather was a man of great vision, drive, and native intelligence, with some human flaws amplified by limited education, limited social range, and questionable influence from some of his advisers.
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