When God lets loose a great thinker on this planet, then all things are at risk. There is not a piece of science but its flank may be turned to-morrow; nor any literary reputation or the so-called eternal names of fame that many not be refused and condemned.
Have I not walked without an upward look Of caution under stars that very well Might not have missed me when they shot and fell? It was a risk I had to take-and took.
At Berkshire, I both initiate and monitor every derivatives contract on our books ... If Berkshire ever gets in trouble, it will be my fault. It will not be because of the misjudgments made by a risk committee or chief risk officer.
I do have confidence that we're gonna be able to get it right. But it's not gonna be overnight. And there's no silver bullets to this. The fact of the matter is, is that we are suffering from a massive hangover from a binge of risk taking.
The use of a growing array of derivatives and the related application of more-sophisticated approaches to measuring and managing risk are key factors underpinning the greater resilience of our largest financial institutions... Derivatives have permitted the unbundling of financial risks.