“Ignorance of risk is also suggested in a study by Viral V. Acharya and Matthew Richardson of New York University (just published in the journal Critical Review). Their research shows that 81% of the time the mortgage-backed securities purchased by bank employees were rated AAA. AAA securities produced lower returns than the AA and lower-rated tranches that were available. Bankers greedy for high returns and oblivious to risk would have bought BBBs, not AAAs.”
Znie to logicky – v skutocnosti boli najviac postihnuti prave opatrni bankari ktori kupovali cenne papiere s perfektnymi ratingami.
Inak zaujimavy je aj dalsi komentar:
“The person most willing to take on risk is the one unaware he is doing so. He charges no risk premium…
The resulting market equilibrium is that the guy who is unaware of the risk ends up loaded with it. Then the music stops.”
Je to presne v duchu Talebovej teorie o investovania do rizikovych aktiv (kde mam nadej na rizikovu premiu) radsej ako do investovania do “bezpecnych aktiv” kde riziko neviem identifikovat a tym padom si ho neviem ani nechat zaplatit.