Safety, from Duncan Coker

July 11, 2020 |

So much in the world of late about safety, feeling safe, makes things more safe. Safety is not a binary state and is one of degree. No one is ever completely safe or conversely completely unsafe either. And should safety even be a desired goal? Life is not a safe activity. In fact, in the end it is quite deadly. No one got very far being safe in trading. In fact, safety in a high turnover activity like trading probably leads to bankruptcy with repeated trading costs and de-risking at the wrong times for the sake of safety. The whole industry of asset management is built around the concept of Safety - protecting asset, managing risk, having a third party advise on what is safe and most importantly making investors feel safe. Whether they actually are or are not safe in another matter.


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