Animal Spirits

Animal Spirits

Last week, some hedge fund manager made fleeting headlines when he announced he was bullish because “Animal spirits matter.” Are you paying attention? I hope not. As a risk manager, don’t be co-opted by finance’s latest loaded phrase:...
Fooled By Black Swans

Fooled By Black Swans

Imagine you are presenting to the board about risk management. The presentation is going well, and you are about to finish up when a board member stirs. He hasn’t said a word the entire meeting, so this is his chance to look smart. He asks “What are you...
Nickels In Front of Bulldozers

Nickels In Front of Bulldozers

There is an old saying on trading floors: Watch the trader who makes consistent money. He is the one who is going to blow up. In his book When Genius Failed, on the 1998 failure of hedge fund Long-Term Capital Management (LTCM), Roger Lowenstein shares a compelling...
Conflict Over Risk Management: A Case Study

Conflict Over Risk Management: A Case Study

Conflict is a recurring problem for financial risk management. At your own firm, are risk managers dismissed as “risk police”? Are risk committee meetings contentious? Do traders hoard information? If you answered “yes” to some of these, you...

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