In 1989, about a year after we went public, we had a horrible problem related to inventory management.
989年,也就是我们上市的第二年,我们在库存管理方面,遇见了极大的困难。
we are developing a code for key risks or things that might happen and disagreements, and
我们就在制定一套管理主要风险的准则,预防类似事情以及矛盾的发生,
So let me turn now to just some of the administrative, organizational details of the course, the secondary readings that we'll be using.
好现在让我来另外讲一些关于这门课程的管理及,组成成分方面的细节,一些我们将要使用的阅读辅助材料。
We can't just smash things and start all over, we have to design a system of risk management.
而不是简单地打破一切再重新来过,我们应当设计一个好的风险管理体系。
I think the questions that you need to ask yourselves in the management of education for the adult learner is do we face a period of disruptive technology.
我认为,在管理教育成年学者时,你们应该问自己,我们面临着技术颠覆吗。
We treat the dashboard, we treat the analytics, we treat the data as a product.
我们要管理控制台,管理分析,要像管理产品一样管理数据。
So the Hund's Rule is telling us to put the two electrons in separate orbitals unpaired as opposed to we should not put them in like this, like some librarian might want to fill nicely from left to right, up and down.
所以洪特定律告诉我们,要把这两个电子放在独立的轨道中,而不是像我们常做的那样,像一些图书管理员想要,把书从左到右,从上到下放得很好。
Not asking the right questions as well, whether it's in managing organizations, whether it's managing our lives.
没有问正确的问题,不论是在管理组织,还是在管理我们的生活。
Slavery is natural because we cannot rule ourselves without the restraint of the passions.
奴役是自然的演变,因为我们无法管理我们自己,若无克制激情。
Looking at the continuation of the verse, of the passage, We have some idea because humans, we see, are going to be charged with specific duties towards, and rights over, the created world.
让我们来看这一节还讲了什么,这一章还有什么,我们便会有一些想法,因为我们知道人类将会,被赋予一些职责和权利来管理被创造的世界。
But, because of the logic of risk management we have to make a deal with them; so, it becomes more formal and impersonal.
但是,基于风险管理的逻辑,我们必须和他们达成协议;,使分摊正规化而不受主观情绪的影响。
But they have to try to let people manage their own risks for themselves, to some extent.
某种程度上来说,我们不得不,让人们自己管理自己的风险。
What Harsanyi and Rawls both gave us was a system of justice that, in my mind, conveys a sense of financial risk management.
在我看来,海萨尼和罗尔斯向我们阐述的,是一种公正机制,融合了金融风险管理意识。
They would announce in December that we issued back in August these options to our executives.
他们会在十二月的时候通告说,我们已经在八月的时候,向公司经营管理者发行股票期权了
So, when we say portfolio management, we mean managing everything that gives you economic benefit.
所以,当谈到管理投资组合的时候,我们管理的是,能够带来经济利益的一切大小事物。
Because the financial risk management system that we have is imperfect, we aren't there yet.
因为我们的金融风险管理体系,存在缺陷,还并不完善。
We're not going to do that in a Robin Hood way, but in finance we're going to do that in a systematic way through risk management.
我们不能像罗宾汉那样来达到那样的目的,但在金融领域,我们将通过,系统的风险管理来实现
Anyway, I want then to move on to the topic of today's lecture, Insurance is the other side of the risk management institutions that we have.
下面开始今天这节课的主题,保险是我们现有的另一种,风险管理制度
Mr. Carl Icahn: Alright, we have bad corporate governance it's evolved into this. I don't think that Washington understands how bad it is; nobody's really focused on it.
卡尔·伊坎先生:,嗯,我们的企业管理是很糟糕,这种情况也是逐渐发展而成的,我觉得华盛顿的人,并不知道企业管理的有多糟糕,并没有人太注意这个。
.. I think of both of these as incorporating-- I would, especially with Harsanyi, but also with Rawls-- as incorporating some idea of risk management into our basic philosophy.
这两者都-,我想。。。特别是海萨尼,当然罗尔斯也是-,这两人将风险管理的理念,引入到我们的基本哲学思维中。
That's a decision of the management of the company and we have to understand how they make that decision and what that means to people who are valuing stocks.
这是公司管理层的决定,我们必须了解他们,是如何做这个决定,以及这个决定对股评家的意义
That doesn't mean that we don't manage the portfolio actively.
这并不意味着我们不是主动型管理
The FHA is still with us and we just had an FHA Modernization Act; Congress is starting to propel that forward I wanted to say a little bit about the math of mortgages.
联邦住宅管理局还在,我们有联邦住宅管理局现代化法,国会正在进一步实施这个法案,我想讲一点抵押贷款的数学知识
we're seeing an evolution of risk management.
我们见证着风险管理的演进。
What they argued in this paper was that, if we had perfect risk management, then there would be perfect correlation of consumption across countries because if we get rid of the idiosyncratic risks, then all that's left is planet-wide risks.
他们在论文中的观点是,如果我们有完善的风险管理,那在不同国家之间的消费呈完全相关,因为如果我们消除了特有风险,那只剩下全球范围内的市场风险。
And the whole publishing industry was very careful to keep those or some, were very careful to keep those separate and how they will be managed. That was called separation of churching state. But when we began publishing on the internet, we discovered a new kind of content which are called community content.
整个出版产业十分小心,地保持着它们或者其中一些,非常仔细地保持,它们是分开以及如何管理它们,那被,称为政教分离,但是当我们,开始在互联网上出版,我们发现一种,新内容,交错社区内容。
So, it really is -it really ought to be on the bank's balance sheet and it ought to be regulated by the bank regulators, but there was a failure to do that and that is the problem that we are in currently.
所以说,它确实该...,它应该反映在银行的资产负债表上,同时接受银行监管体系的管理,但这却没能实现,这就是我们目前面临的问题
We couldn't--Petters and Whitebox actually did not disagree, but the--Whitebox got completely disillusioned with management and wasn't--so we sold our stake to Petters.
我们不能够-皮斯特公司和whitebox公司,实际上同意,但是Whitebox公司对管理完全不再抱幻想,所以我们把股份卖给了皮斯特公司。
Their first answer was well you have to remember we were set up in Abe Lincoln's day to manage the national banks--that's our mission.
他立刻回答道,你应该记得,我们机构是在林肯那个时代建立的,我们的任务仅仅是管理本土的银行。
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