Even just 20 years ago we used to ask the question, 'why do we sleep?' It was one of the last great scientific mysteries; and the crass answer (at that point) was that we slept, to cure sleepiness. Much like saying we eat to cure hunger, however, this tells us nothing of the physiological functions that food and nutrition provide.

GDP only catches a slice of the value that we value. It captures what goes on in the market, the financial value of goods and services sold in an economy over a year. We need to get away from the narrow, monetary, measure of GDP which asserts that economic value is the only thing we care about.

My big contention is that we've misread Adam Smith. People don't realise that Adam Smith was a moral philosopher before an economics expert. His first book, before he wrote 'The Wealth of Nations' was, 'The Theory on Moral Sentiments'. In that book, you find the answer for what the invisible hand really is! He never accelerated the narrative that there should be completely unfettered free markets. He believed markets took place in the context of a moral framework and foundation.

Humanity has the arrogance to believe that our intelligence is the only form of intelligence. Of course, we're arrogant enough to believe that we are the most intelligent being on the planet. We don't really know what intelligence is.

We define the credit risk of a bond portfolio as the volatility of the CDS basket which would perfectly hedge the sovereign risk of the portfolio.