From 600+ conversations with the world’s leading thinkers.
One of the most precious aspects of Glastonbury is specifically that we can't put our finger on it. It's evolved slowly over 50 years to become what it is today – we've tried things that have worked, some have not, and allowed it to evolve.
It certainly plays a much bigger role than was ever intended to. A number of financial institutions and contracts rely on LIBOR as the benchmark by which other rates are set. I don't think it was ever intended that LIBOR would play such a central role between so many institutions and contracts.
When it comes to acquisitions, many people jump straight to analyzing the financial returns. I approach it differently. I start by asking: How will our customers benefit from this acquisition?
We see ourselves as the long term creative and strategic partners to our clients and that word – partner – is really important to us. We will put intellectual, human, financial capital around the ideas of our clients and make them happen. A manager is about somebody that has an opinion, who has the ability to take your dream from inside your head to a reality.
You can't just market your way out of a bad product.
India's 'un-bankable' millions are not only better re-payers than their 'banked' counterparts in the west, but their demand for credit is outstripping supply by a great degree.
I'm very old-fashioned in the sense that I still feel you need a strong manufacturing sector in your economy. I was saying that in the late 1970's and early 80's and people just laughed at me. I think my day is about to turn.
If people tell me, 'you're the mean shark', I say 'no I'm not, I'm the nicest shark – I tell the truth. And if you can't get past me on shark tank, wait until you get in the real world – you'll get shredded.
When your business becomes a unicorn and heads for the stratosphere, there's a temptation to slide into the primary activity of the business being turning capital, and so customer focus can get lost. Once you stop putting customer first, the competition will destroy you.
Following the crisis, nobody actually pinpointed its cause and hence where the deficiencies were. There were knee-jerk reactions to say hedge-funds caused it with leverage, they're bad and must be regulated…. but nobody looked at the fact that the market created a load of products that nobody understood, and then failed to manage them properly.
Establishing a culture of truth and trust is absolutely critical to being a great leader, and that takes effort and energy every day. You have to ceaselessly reach for truth and trust every day, and you have to be relentless in your pursuit of trust, and show your people that you have their back.
At Axiom we've raised $64 million—we're a small startup—and we recently won the Putnam competition. We scored 90 out of 120, which would have placed us above all ~4,000 human contestants last year and at the level of a Putnam Fellow, meaning top five in the world. If you tried to achieve that purely through informal methods—where hallucination is a persistent risk—getting to the same level of consistent correctness would likely require a lot more resources.