From 600+ conversations with the world’s leading thinkers.
Any time you're in a situation where the price is 'too low'—and I put that in quotes because it might not feel low to you, sometimes things are very expensive, but there are more people who'd like to buy the thing than they have the ability to serve—that's when a hidden market will crop up.
We are living longer and measuring GDP growth is not the way to decide whether a society or an economy are flourishing.
Without the existence of Europe, smaller countries like mine [Estonia] would have a difficult time to survive economically or even from a defence perspective. The internal European market is absolutely vital for the functioning of the very different economies of the continent.
$1.8 trillion a year is spent subsidizing industries that harm us, predominantly fossil fuels. Redirecting a significant portion of these funds could dramatically accelerate our transition.
How would one expect society to develop 'actualisation' and 'esteem' driving characteristics (economic growth and spending) when the basic 'physiological' and 'safety' needs (food security, employment, health, property) are not met.
we are moving towards a global theatre where even though each actor (country) may be at different levels of economic growth, the technologies which exist to enable the globalisation stimulate high levels of transparency, meaning that each agent (companies, customers, suppliers, politicians, etc) will be accountable for their practices, and so must act with greater consideration (and less arrogance!)
Not all financial contracts are created equal. We should not assume that there is one single benchmark for all types of financial transactions. There are certain transactions that should be based on market rates, and others which call for the kind of benchmark that LIBOR provides.
The absolute focus must be on reducing inequality. This means creating strategies which provide economic opportunity - investing in industries that provide employment rather than profit, investing in education, and providing a fairer deal for those who form the labour force.
Hedge funds don't have that asymmetric risk profile problem because, in general, the interests of the hedge fund managers are aligned with their investors. I think only people who are pandering to perceived public passions are blaming hedge funds for the financial crisis.
She corrected me, saying, 'Dad, it's not just about avoiding the negative; I want my investments to contribute positively.' The rise of impact investing is undeniable. This generation seeks a hands-on approach to their wealth deployment. They're astute enough to demand both positive societal impact and good returns.
If somebody told me the US stock market returned 12% per annum over the last 50 years, I would simply ask them what the returns were over the last 150 years, 250 years, 10 years and so on. I could make up any return I want just by picking the appropriate time period.
The only source of value in our business is the consumer's desire for the product. That desire is built on emotions ascribed to diamonds.