Saturday, April 30, 2011

Sunday, April 24, 2011

Safety...

"The dangers of life are infinite, and among them is safety."
Goethe
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Theory or Practice...

"In theory there is no difference between theory and practice. In practice there is."
Yogi Berra
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Predictions...

"You should never make predictions, especially about the future."
Samuel Goldwyn
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Counted...

"Everything that can be counted does not necessarily count; everything that counts cannot necessarily be counted."
Albert Einstein
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Saturday, April 23, 2011

Too Cautious...

"The policy of being too cautious is the greatest risk of all."
Jawaharlal Nehru
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Learning...

"Not learning by doing, but learning by risking."
Toba Beta (Master of Stupidity)
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Stupidity...

"Intelligence minus purpose equals stupidity."
Toba Beta (Master of Stupidity)
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Risk Management...

"Risk Management: the art of foreseeing hindsight."
Jos Berkemeijer
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Harbor...

“A ship is safe in harbor, but that's not what ships are for.”
William Shedd
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Security...

"Security is mostly a superstition."
Helen Keller
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Understand Everything...

“If you understand everything, you must be misinformed”
Japanese Proverb
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Happy...

"Take risks: if you win, you will be happy; if you lose, you will be wise."
Anonymous
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Risk Nothing...

"If you risk nothing, then you risk everything."
Geena Davis
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Wait for Perfection...

"A man would do nothing, if he waited until he could do it so well that no one would find fault with what he has done."
Cardinal Newman
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What Scares You...

"Do one thing every day that scares you."
Eleanor Roosevelt
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In Control

"If you feel 'in control', you probably aren't."
Jos Berkemeijer
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Under Control...

"If everything seems under control, you're just not going fast enough."
Mario Andretti
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Going Too Far...

"Only those who will risk going too far can possibly find out how far it is possible to go."
T.S. Eliot
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Round Numbers...

"Round numbers are always false."
Samuel Johnson
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Judgement...

"Statistics are no substitute for judgement."
Henry Clay
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Prove it...

"Don’t prove anything unless you know it is true."
Steve Piantadosi, Johns Hopkins
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Risk Invisibility...

"Risk is not always apparent, but its invisibility is no longer an excuse for ignoring it"
Bankers Trust on risk management (1995)
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Statistical thinking...

"Statistical thinking will one day be as necessary for efficient citizenship as the ability to read and write."
H.G. Wells
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Statistical thinking...

"Statistical thinking will one day be as necessary for efficient citizenship as the ability to read and write."
H.G. Wells
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Prediction...

"Prediction is difficult, especially the future."
Niels Bohr
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Bad Decisions...

"An important source of bad decisions is illusions of certainty"
Kenneth Boulding
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Change...

"There is nothing so stable as change."
Bob Dylan (1963)
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Low Standards...

"If your standards are low enough you can never be wrong"
Frank Wilczek
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Collapse...

"Any observed statistical regularity will tend to collapse once pressure is placed upon it for control purposes"
Charles Goodhart (1975)
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Heading...

"If you don’t know where you are going, you’ll end up someplace else"
Lawrence J. Peter
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Credit Markets....

"Credit markets do not function. Why not, because the word credit comes from credibility" 
AIG Vice Chairman Jacob Frenkel
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Balance sheet...

The left side of the balance sheet has nothing right and the right side of the balance sheet has nothing left. But they are equal to each other. So accounting-wise we are fine."
AIG Vice Chairman Jacob Frenkel
source