In Peter Bernstein’s 2 excellent book Against the Gods, the early development of thinking about risk is presented as arising from the study of games of pure chance – where the odds are precisely calculable. The classic response to the chance-like characteristics of life is insurance.
Before highlighting several financial system risks that confront us today, let me start with a few words about the birth of GRI. Celebrating 10 years of GRI Imagine the economy is beginning to recover from the worst global recession since the Great Depression. You’ve seen unprecedented financial market volatility, with large parts of the market freezing up.