>>Hello YouTube. I’m going to answer a question
about whether we’re going to get growth. And let me tell you the real problem. The problem
is that the growth we were having was not real. It was like an uninsured risk-taking
that gave the illusion of growth with huge amount of downside risks that we’re paying
for now. Let me give you an example: take two companies, one company makes two dollars
a share, doesn’t have insurance, eventually it’s going to go bust. It looks good on paper.
Another company makes a dollar a share, but it’s very robust. It does not have downside
risk, it’s insured against what I call a black swan. The first company looks better
according to economic trick metrics, according to economic measurements, but the second one
in the long run is the one that will survive. So let’s not shoot for growth. Let’s shoot
for robustness. Let’s work on a society that is robust to model error, robust to the black
swan. A society different from the one the banks gave us. Let’s snatch it back away from
them. Thank you.