Financial Risk Management 101

An investor can never get too much of an education on risk management and this week's WealthTrack program on PBS tackles this critical subject with a primer presented by Rick Bookstaber, one of Wall Street's top risk officers, having been the Top Gun for the University of California's huge network of pension and endowment funds as well as behemoths like Morgan Stanley and Salomon Brothers. It should be a terrific 24 minute review.  Enjoy the weekend.  

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Sponsored by: September 23, 2021 Dear WEALTHTRACK Subscriber, How well do you understand financial risk? How confident are you that you or your advisor can manage it? Those are some of the questions we are going to put to this week’s guest in part two of our interview with him. He is Rick Bookstaber,  the Founder and Chief Risk Officer of Fabric, a platform he created in 2018 for providing risk management advice to wealth managers and asset owners.  Bookstaber knows the field. He has been Chief Risk Officer for several major financial institutions both public and private including the huge University of California pension and endowment portfolios.  He had chief risk officer roles at hedge funds Bridgewater and Moore Capital and investment banks Morgan Stanley and Salomon Brothers. During the global financial crisis he worked at the SEC and U.S. Treasury. Among his projects was helping build out the risk management structure for the Financial Stability Oversight Council. Bookstaber has written two highly regarded books on the subject: his most recent is The End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction.     His first, A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation, published in 2007 presciently warned of the perils of the explosion of financial derivatives, some of which he helped create. His mission now is to bring his expertise to those who need it most, individual investors.  Also, in our EXTRA feature Bookstaber discusses why he became a black belt in Brazilian jiu jitsu. If you miss the show on public television, you can watch it on our website over the weekend. You can also find the WEALTHTRACK podcast on Stitcher and SoundCloud as well as iTunes and Spotify. Have a lovely weekend and make the week ahead a healthy, profitable and productive one!   Best regards, Consuelo