From 600+ conversations with the world’s leading thinkers.
We are all strategists or game theorists at heart – it took several decades of people writing-down models and articles before we recognised what we know from playing poker; we don't know our opponent's hand.
The overlap of these two is incredibly fertile territory and this is exactly where businesses in the U.S. and UK see each other – places where they both need to do business and want to do business.
The majority of US Equity HFT is employed in the strategy of liquidity provisioning, also known as electronic market making. Historically, such a service was provided by NYSE specialists and NASDAQ market makers but, with the advent of decimalization, human specialists and market makers were no longer able to keep up with the liquidity demands of investors and automated technology became necessary for this function.
Your corporate's social responsibility is to win. You cannot be generous from an empty wagon! This nonsense about giving when you're broke is ridiculous. Corporate responsibility, first and foremost, is to win. You can then take those resources from winning and allocate them as you see fit. That's not a popular statement, but it's the truth!
Research shows that empowering women to gain financial independence generates lasting impact, with women typically investing 90% of their income back into their families. In addition to this, McKinsey estimates that if women and men were to play an identical role in labour markets across the world, an extra $28 trillion would be added to the global economy by 2025.
The idea of selfish philanthropy is a push against the notion of philanthropy as simply 'giving back.' That phrase implies that wealth was accumulated by taking something from society. But if you've built a successful business, you've contributed to society—you don't owe anything back.
Out of the 1,800 companies we measured, 250 created more environmental damage a year than profit. 600 created environmental damage of 25% or more of their profits. Together, the 1,800 businesses we researched created over $3 trillion of environmental damage in a single year.
When individual countries hit a crisis, they've got 2 options, they can either look after themselves (at the cost of their neighbours) or they can create rules which they (and everyone else) will abide by, which requires institutions.
The government turned a profit on the financial market aspects of TARP- a profit! People still think these measures cost American taxpayers a huge amount of money and did no good. The facts are exactly the reverse.
I think Apple is preposterously undervalued. Apple has this mind-boggling margin structure, phenomenal consumer brand, and is accumulating mountains of cash. I joked on television that they should lever up and buy Greece! They have something like 7x cash-flow.
Once you're able to reduce the human element, and automate the reporting of these statistics- you will be greatly reducing the potential for misbehaviour. This is where regulators can leverage technology, reduce their burden, and create a much more reliable system for all.
We don't accept basis risk we don't accept counterparty risk- we don't want any fuzziness around what our payout is going to be conditional on the realising of this systematic left tail 'black swan' event.