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Safeguarding Your Money in Uncertain Times by Simon Mikhailovich (Transcript)

Simon Mikhailovich at TEDxWilmington

Full text of contrarian investor Simon Mikhailovich’s talk: Safeguarding Your Money in Uncertain Times at TEDxWilmington event.

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TRANSCRIPT:

Simon Mikhailovich – Contrarian investor

Famous American journalist H. L. Mencken once said:

Whenever you hear somebody say, it’s not about the money, it’s about the money.

So my topic today is definitely about the money. And it’s about how to protect your money during these uncertain times.

Now, why do I say these are uncertain times? The last 35 years, I’ve seen tremendous innovations in many areas. We’ve seen technological revolution in technology, in computer science, in health sciences, in telecommunications, we’ve also seen a technological revolution in finance.

But unlike those other areas where I think the technological advances have been extremely positive, a lot of technological innovations in finance have been pretty dangerous, and I think pose catastrophic risks.

Now humans have been dealing with catastrophic risks since the dawn of civilization. 2500 years ago, Pericles, who was an Athenian politician, and a general said that the key was not to predict the future, but to prepare for it.

But clearly, if you were to prepare for the future, you have to have some understanding as to what kind of risks you’re trying to manage. Let me give you an example.

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