From 600+ conversations with the world’s leading thinkers.
However much we would like to pursue a 'be kind' policy, we have to recognize that there are others in the world who are going to eat our lunch if we don't do our best.
Before we came to market, everything in retail was about how cheaply you could pay your employees- and unfortunately, particularly women. There was an attitude in retail that said, '... well, your female employees are just going to get married, have children at 23 and leave, so why invest in them?' The reality of the world was that 60% of university graduates were women- and most women were having children later, entering professional careers.
Much jitteriness in this recent crisis has come down to 'flying blind' – where investors and risk managers have been caught somewhat unaware, and do not have the visibility to make decisions with support.
The reality is, not every business model is designed for scalability. Some businesses don't necessarily need to scale to be successful. The key lies in intellectual property. Once you've developed a piece of IP, the cost of distributing it to one person versus a million is remarkably similar.
If all the money that's ever been invested in hedge funds had been put in treasury bills instead, the results would have been twice as good.
The problem is you cannot achieve all three E's simultaneously. Early work in the subfield of market design shows it's very hard and very unlikely you'll get a hidden market that can successfully allocate things efficiently and equitably in a way that's also easy.
We go to war not because we ignore the costs, but because we know there are costs, but we are willing to pay those costs because we get something from the war which we wouldn't get otherwise.
Happiness is a measure that reflects the success with which people achieve their personal objectives of living levels, happy and healthy families and satisfying work.
Diamonds are rare, there haven't been any major finds for over 20years, and there are no major mines on the horizon. Demand- particularly in China and India- is growing rapidly, and in the very near future we will see demand outpace plateauing supply.
The notion of 'alternative' as an asset class sits badly with me because for me, saying hedge-funds – as an example – are an asset class is akin to comparing mutual-funds to being an asset class. The sheer diversity within these groups makes it difficult to define them as a class in their own right, given the complete lack of commonalities across the board.
The first trillionaires are going to be created through space exploration. Imagine the mineral wealth on planet Earth, and then realise that Earth is just a tiny blue dot in our whole galaxy… which is just one galaxy in a universe, which could be part of many universes. Everything we think is rare on Earth, is abundant in space.
We have a much more connected marketplace. We have had, what I reckon to be an extremely overvalued stock market since 2000. When you have that situation, you are prone to very sudden negative revaluations.