Understanding Risk Differently

摘要

The fund manager cleared his throat and told the shipping man, "I have made money for my clients in almost every lousy industry in the world ... coal, steel, hi-tech, telecom, mining ... you name it, but I have never seen as many risk factors in an IPO as you have in your supertanker prospectus. Tanker shipping makes my other investments look as risky as investing in a little kid's lemonade stand after his mommy bought all the lemons. I've never seen an industry where rates can rise 400% one month and drop to almost zero the next." He went on, "I know you shipping men are used to sweet talking commercial bankers into giving you cheap debt, but you need to stop apologizing for the fact that you operate in a risky business. Risk isn't something to be ashamed of. It is something to be celebrated."