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An unassuming shorthand (from 20 years ago) A 2004 report published by the United Nations is often given credit for popularizing “ESG” as a shorthand for the myriad issues in environmental, social, and governance categories. One could call these ESG issues, or fundamental opportunities, or existential risks.
And the third, the one that nobody talks about is riskmanagement. Riskmanagement. And so that’s not just, we talk about riskmanagement in terms of buying at a big discount to intrinsic value and then that gives you that capital sort of buffer. That’s a long time. It’s a long time.
Probably somewhere around 2004 or ‘05, we started doing things by ourselves. We find great management teams. So we operate from a board level and really focus on key strategic and riskmanagement variables. It changed the way we communicated with each other. We started doing deals on our own. RITHOLTZ: Right.
I mean you mentioned it earlier on, I mean, Cliff’s hilarious and 00:14:09 [Speaker Changed] He’s a funny guy and it’s rare to find someone who is a quants who can communicate as eloquently as he can and at the same time has such a devilish sense of humor. Like that’s an unusual trifecta right there.
I take him through the presentation and he’s not a very sort of friendly or communicative guy and he just stares blankly to me as I’m going through this presentation and the halfway through the presentation, he just gets up and leaves. BROWDER: I just gone the riskmanagement committee. I go over to Salomon.
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