[研究生入學(xué)考試]pitfallsofcapitalallocation-資料下載頁
2024-10-16 21:37本頁面
【正文】 road that leads to all the trouble 11/10/2021 29 Can Capital Be Meaningfully Atomized? ? Quantum Physics pulled down the whole “atomic” framework ? Yet 100 years later the full impact of this revolution / evolution in thinking has not soaked in ? The Physicists are in line with the Taoists ? Gary Zukav, “The Dancing Wu Li Masters” ? Fritjof Capra, “The Tao of Physics” 11/10/2021 30 Can Capital Be Meaningfully Atomized? ? Capital is a FLOW PHENOMENON that only exists at the Portfolio level ? We must resist the urge to depose ?We don’t reserve at the policy level ? Butsic, 2021 Reinsurance Call Paper, atomizes capital and default … ? ? ? ??? ? o m i s e T o P a yyo m i s e s T o P a PrPr11/10/2021 31 11/10/2021 32 Call Ourselves “Insurings” ? Use gerunds to describe flows ?Nouns in motion ? Many of the problems we have considered here are results of assessing a flow situation using imperfect, mismatched, static measures and practices 11/10/2021 33 Call Ourselves “Insurings” ? Capital is a living buffer that is fed by current activities and depleted by prior activities ?Amounts move in and out of it all the time ? It only exists and has meaning in total ?“A jar of water is not a river” 11/10/2021 34 Allocating Flows? ? Do we allocate Life to the various bodily ans? ?Firstin, Lastin, order dependency… INSANITY ? Can we allocate Health to food, drink, rest, warmth, vitamins, exercise, prayer, …? ? Dissection ? a cutup frog on a table is not a living frog 11/10/2021 35 Yes, I Had an Agenda ? I came to BURY capital allocation, not praise it ? Nor rehabilitate it ? Instigate, yea, even rouse the rabble ? “Catalyze discussion” “What I tell you three times is true.” Nasrudin
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