他发表了一场演讲，他认为他们测量风险的方式是完全愚蠢的。他们通过波动来衡量风险：在过去几年中，股票或债券碰巧跳了多少。真正的风险不是波动。真正的风险是愚蠢的投资决策。
(He gave a talk in which he argued that the way they measured risk was completely idiotic. They measured risk by volatility: how much a stock or bond happened to have jumped around in the past few years. Real risk was not volatility; real risk was stupid investment decisions.)