Dec

6

 From Against the Gods, Peter Bernstein, 1996 printing, chapter 15, paragraph 1:

"..quantification of risk is alive, well, and regularly practiced by professionals in today's world of globalized investing. Charles Tschampion, a managing director of the $50 billion General Motors pension fund, recently remarked, "Investment management is not art, not science, it's engineering… We are in the business of managing and engineering financial investment risk." The challenge for GM, according to Tschampion, "is to first not take more risk than we need to generate the return offered." A high degree of philosophical and mathematical sophistication lies behind Tschampion's words."


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