Sunday, January 23, 2011

Classic Rummy

Reading up a lot on risk management and the lack thereof on Wall Street and I had to go back and review one of my favorite quotes on the unforeseen risks our armed forces encountered when invading Iraq.  This classic comes from at-that-time Secretary of Defense Donald Rumsfeld doing his best Green Eggs and Ham improvisation: “As we know, there are known knowns. There are things we know we know. We also know there are known unknowns. That is to say we know there are some things we do not now. But there are also unknown unknowns.  The ones we don't know we don't know.”  Dr. Seuss would be proud.

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