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Editor's Notes

• #16: I have been fascinated by problems of risk and risk management for more than three decades.Over the years, being an academic, I have discussed risk with psychologists and sociologists and anthropologists and engineers and philosophers. I have also discussed their risk management problems with the Health and Safety Executive, and doctors and National Health Service Administrators, with foresters, highway engineers and project managers and forensic psychiatrists. And also with the Navy, the police and MI6 ¨C MI6 was the closest I got to problems of financial risk management - they paid me in used bank notes, and said if I decided to declare it to the Inland Revenue I should say it came from the Foreign Office.Until fairly recently I have shied away from financial risk. Not having a PhD in mathematics, I found your quants, the people you sometimes call ¡°rocket scientists¡±, intimidating. Also I wasn¡¯t very good at speaking acronym ¨C the language of your trade. But it has become apparent since the breaking of the financial crisis through which we are now living that many fluent speakers of acronym also didn¡¯t understand what the rocket scientists were up to.So, emboldened by this discovery, I accepted Jim Grant¡¯s invitation to explore with you territory that you might have in common with MI6 and the psychiatrists ¨C and to see whether you might have risk framing devices in common.I started my preparation by looking at some presentations to previous Grant¡¯s conferences. I was intrigued by the number that ended with a disclaimer.
• #17: UBS Trading FloorWith 1,400 seats, 2,000 computers and 5,000 monitors, the UBS trading floor is noted by the Guinness Book of World Records as the largest single trading floor in the world. The floor is home to traders, sales traders, quants, technology support, executives and others among its various groups, which include fixed income, commodities, currencies, money markets, derivatives, equities, international trading, algorithmic trading, direct market access, program trading and more. UBS manages more than 1,689,000 transactions a day. The firm deals in almost every asset class and trades across almost every region. The photo gallery below will take you through the mammoth trading floor, offering both big-picture photos to illustrate the size of the floor as well as close-ups of some of the trading desks to offer more detail on the technology UBS uses. A special thank you to UBS for allowing us to feature their floor. trading places:The Worlds Largest Trading Floor at UBS in Stamford Connecticut?"The largest securities trading floor in the world. The 103,000 square-foot operation has 40 foot arched ceiling freeing it of columns or walls. The size of three football fields, it is home to 1,400 traders and staff who handle about $1 trillion worth of transactions a day. It is roughly 227 feet wide by 410 feet long. UBS officials have boasted that a 747 jet could turn around in it"With 1,400 seats, 2,000 computers and 5,000 monitors, the 103,000 square-foot facility is noted by the Guinness Book of World Records as the largest single trading floor in the world. The floor is home to traders, sales traders, quants, technology support, executives and others among its various groups, which include fixed income, commodities, currencies, money markets, derivatives, equities, international trading, algorithmic trading, direct market access, program trading and more. UBS manages more than 1,689,000 transactions a day. The firm deals in almost every asset class and trades across almost every region.UBS Investment Bank's offices in Stamford, Connecticut. At roughly the size of two American football fields it is the largest trading floor in the world. Following an expansion in 2002, the trading floor covers 103,000-square-foot (9,600?m2) with 40-foot (12?m) arched ceilings. Over US$1?trillion in assets are traded here every trading day. In June 2011, it was announced that UBS was considering moving its North American headquarters back to New York City, and that the bank was looking at office space in Midtown and in the rebuilt World Trade Center[12]
• #20: Broadcom, enron and Nortel all bankrupt. The head of broadcom ¨C bernieebbers ¨CI in jail, and the head or Enron, Ken lay would be if he hadn¡¯t died.
• #30: Running since 1911
• #31: Running since 1910
• #34: These pictures of ship breaking in Bangladesh provide dramatic reminders that different health and safety standards operate at different times and in different parts of the world.http://images.google.co.uk/imgres?imgurl=http://arkiblog.net/blog/wp-content/uploads/2006/08/12.jpg&imgrefurl=http://arkiblog.net/blog/2006/08/12/largest-structures-destroyed/&h=290&w=436&sz=87&hl=en&start=16&um=1&tbnid=F567Sf9JSr0YIM:&tbnh=84&tbnw=126&prev=/images%3Fq%3Dship%2Bbreaking%2Bbangladesh%26um%3D1%26hl%3Den%26client%3Dfirefox-a%26rls%3Dorg.mozilla:en-US:official%26sa%3DN
• #35: A floating iron mine lands on the beach and the third world miners set to without helmets, safety shoes, gloves or goggles apparently working under a non-existent safety regime.It would be interesting to know how the accident rates for this industry in the 21st century compare with those of high steel workers in New York in 1932 or those of roughnecks in the oil industry at the beginning of he 20th century. Sadly such comparators don¡¯t exist.
• #36: But one might speculate that this man coming off work is a pedestrian who does not own a car, and that the owner of the ship in the background owns a car and drives it with the same concern for the welfare of pedestrians as is manifest in his concern for his workers.
• #66: UBS Trading FloorWith 1,400 seats, 2,000 computers and 5,000 monitors, the UBS trading floor is noted by the Guinness Book of World Records as the largest single trading floor in the world. The floor is home to traders, sales traders, quants, technology support, executives and others among its various groups, which include fixed income, commodities, currencies, money markets, derivatives, equities, international trading, algorithmic trading, direct market access, program trading and more. UBS manages more than 1,689,000 transactions a day. The firm deals in almost every asset class and trades across almost every region. The photo gallery below will take you through the mammoth trading floor, offering both big-picture photos to illustrate the size of the floor as well as close-ups of some of the trading desks to offer more detail on the technology UBS uses. A special thank you to UBS for allowing us to feature their floor. trading places:The Worlds Largest Trading Floor at UBS in Stamford Connecticut?"The largest securities trading floor in the world. The 103,000 square-foot operation has 40 foot arched ceiling freeing it of columns or walls. The size of three football fields, it is home to 1,400 traders and staff who handle about $1 trillion worth of transactions a day. It is roughly 227 feet wide by 410 feet long. UBS officials have boasted that a 747 jet could turn around in it"With 1,400 seats, 2,000 computers and 5,000 monitors, the 103,000 square-foot facility is noted by the Guinness Book of World Records as the largest single trading floor in the world. The floor is home to traders, sales traders, quants, technology support, executives and others among its various groups, which include fixed income, commodities, currencies, money markets, derivatives, equities, international trading, algorithmic trading, direct market access, program trading and more. UBS manages more than 1,689,000 transactions a day. The firm deals in almost every asset class and trades across almost every region.UBS Investment Bank's offices in Stamford, Connecticut. At roughly the size of two American football fields it is the largest trading floor in the world. Following an expansion in 2002, the trading floor covers 103,000-square-foot (9,600?m2) with 40-foot (12?m) arched ceilings. Over US$1?trillion in assets are traded here every trading day. In June 2011, it was announced that UBS was considering moving its North American headquarters back to New York City, and that the bank was looking at office space in Midtown and in the rebuilt World Trade Center[12]
• #92: Moldova 108
• #93: Hungary 2010 345 veh/1000UK 2010 519veh/1000UK 1987 388 veh/1000
• #94: Nigeria has them all
• #98: How
• #108: 1932 6.5:1
• #112: California, washington, Minnesota, Louisiana