Man Of Risk

Much has been written about the ups and downs of financial markets, from the lure of prosperity to the despair of crises. Yet a more fundamental and pernicious source of uncertainty exists in today's world: the traditional “insurance” risks of earthquakes, storms, terrorist attacks, and other disasters. Insightfully exploring these "acts of God and man," Michael R. Powers guides readers through the methods available for identifying and measuring such risks, financing their consequences, and forecasting their future behavior within the limits of science. A distinctive characteristic of earthquakes, hurricanes, bombings, and other insurance risks is that they impact the values of stocks, bonds, commodities, and other market-based financial products, while remaining largely unaffected by or “aloof” from the behavior of markets. Quantifying such risks given limited data is difficult yet crucial for achieving the financing objectives of insurance. Powers begins with a discussion of how risk impacts our lives, health, and possessions and proceeds to introduce the statistical techniques necessary for analyzing these uncertainties. He then considers the experience of risk from the perspectives of both policyholders and insurance companies, and compares their respective responses. The risks inherent in the private insurance industry lead naturally to a discussion of the government's role as both market regulator and potential "insurer of last resort." Following a thoughtful and balanced analysis of these issues, Powers concludes with an interdisciplinary investigation into the nature of uncertainty, incorporating ideas from physics, philosophy, and game theory to assess science's limitations in predicting the ramifications of risk.

STRATEGIC RISK MANAGEMENT Having just experienced a global pandemic that sent equity markets into a tailspin in March 2020, risk management is a more relevant topic than ever. It remains, however, an often poorly understood afterthought. Many portfolios are designed without any thought given to risk management before they are handed off to a dedicated—but separate—risk management team. In Strategic Risk Management: Designing Portfolios and Managing Risk, Campbell R. Harvey, Sandy Rattray, and Otto Van Hemert deliver a reimagining of the risk management process. The book envisions a marriage between the investment and risk processes, an approach that has proven successful at the world’s largest publicly listed hedge fund, Man Group. The authors provide readers with a new framework for portfolio design that includes defensive strategies, drawdown risk controls, volatility targeting, and actively timing rebalancing trades. You will learn about how the book’s new approach to risk management fared during the recent market drawdown at the height of the COVID-19 pandemic. You will also discover why the traditional risk weighting approach only works on certain classes of assets. The book shows you how to accurately evaluate the costs of defensive strategies and which ones offer the best and most cost-effective protection against market downturns. Finally, you will learn how to obtain a more balanced return stream by targeting volatility rather than a constant notional exposure and gain a deeper understanding of concepts like portfolio rebalancing. Perfect for people working in the asset management industry and financial policy makers, Strategic Risk Management: Designing Portfolios and Managing Risk will also earn a place in the libraries of economics and finance scholars, as well as casual readers who take an active approach to investing in their savings or pension assets. PRAISE FOR STRATEGIC RISK MANAGEMENT “Strategic Risk Management shows how to fully embed risk management into the portfolio management process as an equal partner to alpha. This should clearly be best practice for all asset managers.” —Jase Auby, Chief Investment Officer, the Teacher Retirement System of Texas “This book shows the power of integrating risk and investment management, rather than applying risk management as an afterthought to satisfy set limits. I was pleased to shepherd some of the key ideas in this book through the publication process at The Journal of Portfolio Management.” —Frank J. Fabozzi, Editor, The Journal of Portfolio Management “Financial markets today are quite different from those of the last century. Understanding leverage, correlations, tails, and other risk parameters of a portfolio is at least as important as work on signals and alpha. In that sense, bringing risk management from ‘control’ to ‘front office’ should be a priority for asset managers. This book explains how to do it.” —Marko Kolanovic, Chief Global Market Strategist, J.P. Morgan A powerful new approach to risk management in volatile and uncertain markets While the COVID-19 pandemic threw the importance of effective risk management into sharp relief, many investment firms hang on to a traditional and outdated model of risk management. Using siloed and independent portfolio management and risk monitoring teams, these firms miss out on the opportunities presented by integrated risk management. Strategic Risk Management: Designing Portfolios and Managing Risk delivers a fresh approach to risk management in difficult market conditions. The accomplished author team advocates for the amalgamation of portfolio design and risk monitoring teams, incorporating risk management into every aspect of portfolio design. The book provides a roadmap for the crucial aspects of portfolio design, including defensive strategies, drawdown risk controls, volatility targeting, and actively timing rebalancing trades. You will discover how these techniques helped the authors achieve remarkable results during the market drawdown in the midst of the COVID-19 pandemic and how they can help you protect your assets against unpredictable—but inevitable—future bear markets. Ideal for professionals in the asset management industry, Strategic Risk Management: Designing Portfolios and Managing Risk is a valuable resource for financial policy makers, economics and finance scholars, and anyone with even a passing interest in taking an active role in investing for their future.

Eugene Francois Vidocq was only sixteen when he left his native town of Arras in search of fortune and glory. A trouble maker, a thief, and a gifted natural swordsman, he wishes to reach America, become rich and marry a beautiful girl who captures his heart. But France is in a grip of bloody revolution. The monarchy has fallen and chaos, crime, and anarchy reign supreme. Struggling for survival, Vidocq makes his way across the country fighting for his life and dream with wit, fists, stick and sharp blade. Forced to become a criminal in order to survive, he earns a reputation as one of the most dangerous men in France. When a young and ambitious general Napoleon Bonaparte seizes power from the corrupt revolutionary regime, Vidocq sees a chance of redeeming himself from his past sins. Offering his services to Napoleonic police, he becomes an outlaw who hunts his own kind and in the process becomes one of the finest detectives in France.

Are risk-takers born or made? Why are some more willing to go out on a limb (so to speak) than others? How do we weigh the value of opportunities large or small that may have the potential to change the course of our lives? These are just a few of the questions that author Kayt Sukel tackles, applying the latest research in neuroscience and psychology to compelling real-world situations. Building on a portfolio of work that has appeared in such publications as Scientific American, Atlantic Monthly, The Washington Post, and more, Sukel offers an in-depth look at risk-taking and its role in the many facets of life that resonates on a personal level. Smart, progressive, and truly enlightening, The Art of Risk blends riveting case studies and hard-hitting science to explore risk-taking and how it impacts decision-making in work, play, love, and life, providing insight in understanding individual behavior and furthering personal success.

Contains chapter on Gender Changes in Caribbean Societies, pp. 65-99.

In today’s market, playing it safe is not an option Lead your company to sustainable success by taking the RIGHT RISKS The business world is in flux, and you have to think and act quickly in order to stay competitive. But the last thing you want to do is make reckless business decisions. You have to find the middle ground. You have to take SMART RISKS. In this groundbreaking book, leadership expert Doug Sundheim explains how to find that precise point between comfort and danger for generating the sustained ability to work at the highest level of performance. Taking Smart Risks reveals the secrets to discovering, planning for, and acting upon the kind of risks that will move your company forward and ahead of the competition. Learn how to: Find Something Worth Fighting For—What do you care enough about to risk time, energy, and money to try to make happen? Determining this is half the battle. See the Future Now—Clarify your big idea in terms of real objectives, plans, and intended results. Act Fast, Learn Fast—Make your move quickly, but be sure you don’t squander valuable resources in the process. Communicate Powerfully—Assume communication will break down at points, plan accordingly—and don’t shy away from the tough conversations. Create a Smart Risk Culture— Build teams that share the same mindsets and values about expected smart risk behavior. Applying Sundheim’s advice will help you let go of old assumptions, explore new possibilities, move your organization out of its comfort zone, and experience long-term success. When you take smart risks, you will create. You will innovate. You will grow. And you will WIN. “From Sherwin Williams to Moo.com, Doug Sundheim is onto something here: your work is worth fighting for. A worthy read for everyone in your organization.” —Seth Godin, Author, The Icarus Deception “The risk-taking concepts in this book lie at the heart of effective leadership. Using case studies and stories from executives who have ‘been there, done that,’ Doug Sundheim teaches us that sometimes the most dangerous thing to do—in business and life—is to play it safe.” —Marshall Goldsmith, million-selling author of the New York Times bestsellers MOJO and What Got You Here Won’t Get You There “Sundheim delivers a message that every business needs to hear right now: excessive risk will kill you, but so will complacency. . . . If you’re charged with driving growth in your organization, buy this book—but more importantly, use it.” —Jed Hartman, Group Publisher, Fortune & CNNMoney.com “A spectacular book! The stories were powerful, the advice was crystal clear, and every few pages called me to action. I have bookmarked more pages in Taking Smart Risks than I have in any book since reading Peter Drucker’s classics.” —Michael Hejtmanek, President & CEO, Hasselblad Bron Inc. “Doug Sundheim does an excellent job of demonstrating not only how to take smart risks, but also how to lead the process of risk-taking—a critical skill set for leaders today.” —Cindy Zollinger, President & CEO, Cornerstone Research “A compelling case for why smart risk taking is so important in today’s fast-paced, uncertain world.” —Willie Pietersen, Professor, Columbia Business School; former CEO, Tropicana and Seagram USA

This book discusses the risks of information concealment in the context of major natural or industrial disasters – offering detailed descriptions and analyses of some 25 historical cases (Three Mile Island nuclear accident, Bhopal disaster, Challenger Space Shuttle explosion, Chernobyl nuclear disaster, Deepwater Horizon oil spill, Fukushima-Daiichi nuclear disaster, Enron’s bankruptcy, Subprime mortgage crisis, Worldwide Spanish flu and SARS outbreaks, etc.) and applying these insights to selected on-going cases where such information concealment is suspected. Some successful examples of preventive anti-concealment practice are also presented. In the book, the term ‘concealment’ is used to represent the two distinct behaviors uncovered in the investigations: (i) facts and information about an organization and its functioning being hidden from those that need them – here the concealment can be due to various factors, such as complexity and miscommunication, to name but two – and (ii) the conscious and deliberate action of keeping important information secret or misrepresenting it. This second meaning makes up a surprisingly important part of the evidence presented. Accordingly, emphasis has been put on this second aspect and the approach is more pragmatic than academic, remaining focused on evidence-based practical and useful factors. It raises awareness and provides valuable lessons for decision- makers, risk specialists and responsible citizens alike. This work is also intended as a fact-based reference work for future academic and scholarly investigations on the roots of the problem, in particular regarding any psychological or sociological modeling of human fallibility.

A persuasive and eye-opening look at the importance of embracing risk in our working lives—and how to use it to achieve lifelong career success Some of us relish the chance to fly without a net, others . . . not so much. But no matter how adventurous we might be in our personal lives, most of us are wary of allowing risk into our careers. With an economy in constant flux and a job market in which uncertainty is the only constant, stepping outside one’s comfort zone can feel dangerous. But as the findings of this eye-opening and urgent book attest, the avoidance of risk might pose the greatest danger of all to our career prospects. In Risk/Reward, trend-spotter and career guru Anne Kreamer makes the compelling case that embracing risk is essential to managing a twenty-first-century career. Risk-taking isn’t just for entrepreneurs, nor does it require working on a figurative tightrope. Rather, Kreamer says, conscious, consistent, and modest risk-taking can help us become more able to recognize opportunity when it appears, and more likely to seize the chance to make the right change at the right moment. Risk/Reward presents a framework for making the most of today’s ever-evolving workplace and turning risk-taking into a daily practice. Using proprietary data from three national studies about the American worker, Kreamer explores the importance of career risk-taking through profiles of four Risk/Reward personality types: Pioneers, Thinkers, Defenders, and Drifters. She presents a Risk/Reward Matrix that anyone can use to identify his or her own innate risk threshold, and she identifies constructive ways to implement risk in everyday situations—from initiating an uncomfortable conversation with a boss to sharing out-of-the-box ideas with colleagues or constructively challenging long-held practices in an organization. Peppered throughout Risk/Reward are insights and hard-won wisdom from notable achievers such as bestselling author Anna Quindlen, journalist Jane Pauley, CNBC financial maven Jim Cramer, thought leader Po Bronson, and Facebook COO Sheryl Sandberg. Timely and insightful, Risk/Reward is a unique blend of practical and inspirational wisdom that even the most risk-averse person can harness on the path toward success and fulfillment. Praise for Anne Kreamer’s It’s Always Personal: Navigating Emotion in the New Workplace “A stimulating read bolstered by . . . some of the best recent work on emotional intelligence and the science of happiness.”—The Wall Street Journal “So what should be the rules and boundaries for showing how you feel while you work? That’s a question asked and answered in Anne Kreamer’s fascinating . . . look at an issue that rarely gets discussed.”—The Washington Post “Finally, someone is willing to unpack the morass of anger, anxiety, sadness, and joy that drives the workday. . . . [Kreamer] has hit the ‘It’s about time!’ button.”—Elle “[A] lively, well-researched exploration of emotions on the job.”—Oprah.com “Explores how to be true to your ‘emotional flashpoints—anger, fear, anxiety, empathy, happiness and crying’—without sabotaging your career.”—The New York Times Book Review