My Main Concern Is With The World

The Worse A Situation Becomes The Less It Takes To Turn It Around, The Bigger The Upside.

The Securitisation Of Mortgages Added A New Dimension Of Systemic Risk. Financial Engineers Claimed They Were Reducing Risks Through Geographic Diversification: In Fact They Were Increasing Them By Creating An Agency Problem. The Agents Were More Interested In Maximising Fee Income Than In Protecting The Interests Of Bondholders. That Is The Verity That Was Ignored By Regulators And Market Participants Alike.

Well, You Know, I Was A Human Being Before I Became A Businessman.

Find The Trend Whose Premise Is False, And Bet Against It.

As An Anonymous Participant In Financial Markets, I Never Had To Weigh The Social Consequences Of My Actions ... I Felt Justified In Ignoring Them On The Grounds That I Was Playing By The Rules.