Lloyd Blankfein

Look, you know, we were at Goldman, and anybody who's doing this business, and yourselves, anybody who's investing, you know, you're doing two things.

You're trying to make money for yourselves and for your investors and your clients, and so you're trying to get out there and take risk.

And you're also trying to be a risk manager, which is, you know, you look, you know, it's almost like you bifurcate yourself and say, are we too, I know we want to take risks, but let's go into risk management mode and let's consider, are we diversified enough?

Are we overly committed to this?

Are we managing it well?

And that's kind of a different head that you have to bring.

Yeah.

So, and you have to do both.

You know, and by the way, we get challenged on both sides.

Sometimes things go badly and you have to, you know, and people, you know, the pleasure-pain principles work and people don't want to take risks.

But yes, you're paid to take risks, so you have to take risks.

So what do you want to do when you have to exhort people?

and sometimes shame people into taking more risk.

And sometimes you have to get them, okay, we're not talking about what risk we want to take.

Let's go over our portfolio.

I'm sure you do portfolio risk.

And saying, where are we overly exposed?

What contingency plans would we have if X, Y, or Z, or W, or G happens?

What can we do today?

to mitigate the adverse consequences of any of those things happen.