Lloyd Blankfein

I mean, of course, everybody.

And I'll tell you one other thing that's very important on the loss side.

People can lose money.

You could lose money because somebody's stupid, or you could lose money because somebody's wrong.

Sure.

Smart people are wrong.

Smart people tend not to do stupid things, but they tend to be wrong.

You know, the old, you know, saw about, you know, the best hitters in baseball, you know, make out two-thirds of the time and that kind of stuff.

But it's very important not, when something goes wrong, it's just, you know, when something is not right or somebody loses...

It's very important not to treat somebody who's wrong like they're stupid.

And people make a mistake because the big fault of risk management or bosses or managers is they let after-acquired information seep into their judgment of what they would have done at the time.

And that's, you know, you have to be very careful about that.

When you evaluate people and you engage with people, you have to show an appreciation of what people have done in the fog, which always exists, because none of us know the future.

By the way, most of us don't even know the present.

You know, the present is a mass of things.

Who can sort that out?

But once the present turns into the past, everybody's a genius.

Nobody voted for Nixon, and yet he won in a landslide.

You know, it's like everybody remembers things differently.

I think it was your quote.