3 Posts found for Author: Peter L. Bernstein

The great 19th-century philosopher Georg Wilhelm Friedrich Hegel taught us that quantitative changes ultimately become qualitative changes. The more risk we take because we believe the environment is low-risk in character, the less the environment continues to be low-risk in character.

Content: Quotation | Author: Peter L. Bernstein | Source: Harvard Business Review | Subject: Risk Management

The economist Hyman Minsky has reminded us, “Each state nurtures forces that lead to its own destruction.” All of history testifies to the truth of this observation. Greater liquidity leads firms to borrow more than before. But higher levels of debt mean increasing vulnerability to adversity and negative shocks in an ever-changing world. For these reasons, as Minsky put it, stability leads inevitably to instability. … [ Read more ]

Content: Quotation | Author: Peter L. Bernstein | Source: Harvard Business Review | Subjects: Economics, Finance

Content: Book | Author: Peter L. Bernstein | Subjects: Finance, Miscellaneous | Industry: Investing