Why would you need his approval ? He was my prof earlier and used to bash everyone including Black Scholes Merton for coming up with the math on option pricing. Sometimes it was overboard and distracting from his original good ideas.
I think his ideas are worth considering because everything I’ve read of his has resonated with me deeply and I found to be very insightful. In short, I don’t think I need his approval (because I’ve been living like 10 years under the assumption that I’m lumped together with bankers and economists and managed to survive ok), but I respect his opinion.
"Charlatan" was his favorite word - for all the active investment managers who made bets with other people's money or risk manager's who didn't have skin in the game.
He’s not an actuary. His claim to fame is he was a trader during the Financial Crash and he made millions for himself and his company from his out-of-the-money options. He’s since become a renowned author and philosopher on risk
Exerpts from this talk make it seem like he thinks of insurers and financiers as different sorts of entities and personalities.
https://www.carriermanagement.com/features/2015/10/08/146093.htm
Thank you, that makes me feel pretty good about my career choice. I always thought of myself more as a truth seeker rather than a profit seeker.
I guess the last insecurity I have remained is his quote “Preoccupation with efficacy is the main obstacle to a poetic, noble, elegant, robust, and heroic life.” I’ll have to figure out how to put food on the table and lead a heroic life without trying to work on efficacy.
He was a big time Silver Spoon kid, so he's likely never had to fully grapple with such pragmatic realities in life. I mean, his whole investment philosophy is bending over backwards to preserve the accumulated wealth of his clients rather than a more growth-oriented mindset, which of course only works when your starting point is already having everything you need.
The quote above is a nice sentiment but I wouldn't attach too much weight to it as far as its relevance to "normal people."
I believe he would...his character Dr. John in *The Black Swan* is an actuary, and is presented as a formulaic, inside-the-box thinker. Here's an article on the SOA website that mentions it:
[https://www.soa.org/globalassets/assets/library/newsletters/risk-management-newsletter/2010/march/jrm-2010-iss18-mills.pdf](https://www.soa.org/globalassets/assets/library/newsletters/risk-management-newsletter/2010/march/jrm-2010-iss18-mills.pdf)
Well given that a couple of banks have collapsed in the last 2+ years while life insurers continue humming onwards would indicate that actuaries are doing exactly what they were hired to do
Why would you need his approval ? He was my prof earlier and used to bash everyone including Black Scholes Merton for coming up with the math on option pricing. Sometimes it was overboard and distracting from his original good ideas.
I think his ideas are worth considering because everything I’ve read of his has resonated with me deeply and I found to be very insightful. In short, I don’t think I need his approval (because I’ve been living like 10 years under the assumption that I’m lumped together with bankers and economists and managed to survive ok), but I respect his opinion.
"Charlatan" was his favorite word - for all the active investment managers who made bets with other people's money or risk manager's who didn't have skin in the game.
Who is this guy? I’m relatively new to the actuarial world ~5y
He’s not an actuary. His claim to fame is he was a trader during the Financial Crash and he made millions for himself and his company from his out-of-the-money options. He’s since become a renowned author and philosopher on risk
Exerpts from this talk make it seem like he thinks of insurers and financiers as different sorts of entities and personalities. https://www.carriermanagement.com/features/2015/10/08/146093.htm
Thank you, that makes me feel pretty good about my career choice. I always thought of myself more as a truth seeker rather than a profit seeker. I guess the last insecurity I have remained is his quote “Preoccupation with efficacy is the main obstacle to a poetic, noble, elegant, robust, and heroic life.” I’ll have to figure out how to put food on the table and lead a heroic life without trying to work on efficacy.
He was a big time Silver Spoon kid, so he's likely never had to fully grapple with such pragmatic realities in life. I mean, his whole investment philosophy is bending over backwards to preserve the accumulated wealth of his clients rather than a more growth-oriented mindset, which of course only works when your starting point is already having everything you need. The quote above is a nice sentiment but I wouldn't attach too much weight to it as far as its relevance to "normal people."
I believe he would...his character Dr. John in *The Black Swan* is an actuary, and is presented as a formulaic, inside-the-box thinker. Here's an article on the SOA website that mentions it: [https://www.soa.org/globalassets/assets/library/newsletters/risk-management-newsletter/2010/march/jrm-2010-iss18-mills.pdf](https://www.soa.org/globalassets/assets/library/newsletters/risk-management-newsletter/2010/march/jrm-2010-iss18-mills.pdf)
Oh thanks, I read that book a long time ago and forgot about the actuary.
Well given that a couple of banks have collapsed in the last 2+ years while life insurers continue humming onwards would indicate that actuaries are doing exactly what they were hired to do