Good and Evil

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来自 Yale University 的课程

Financial Markets

1725 个评分

Yale University

Financial Markets

1725 个评分

An overview of the ideas, methods, and institutions that permit human society to manage risks and foster enterprise. Emphasis on financially-savvy leadership skills. Description of practices today and analysis of prospects for the future. Introduction to risk management and behavioral finance principles to understand the real-world functioning of securities, insurance, and banking industries. The ultimate goal of this course is using such industries effectively and towards a better society.

从本节课中

Module 1

Welcome to the course! In this opening module, you will learn the basics of financial markets, insurance, and CAPM (Capital Asset Pricing Model). This module serves as the foundation of this course.

Welcome video1:50

Financial Markets Introduction8:41

Your Teaching Assistant, Arun!1:16

Good and Evil3:42

与讲师见面

Robert Shiller
Sterling Professor of Economics at Yale University
Economics

So the idea is, I said this before,

finance is a technology, it can be used for good or evil.

It has a tendency for

a successful practitioners to start attracting a lot of money.

That doesn't mean that you can't be a moral and ethical person in finance.

So one thing I note in giving talks around the world

that when you go to poor countries and give a talk,

they are intrinsically interested in finance because people today recognize

that financial markets are part of economic success.

They understand that in China, they understand that in Russia,

they understand that in Brazil and many more countries.

Because finance is a real technology.

They're not so interested in getting foreign aid, they don't need foreign aid,

they just need the right principles and the wealth appear on it's own.

So this is not a course about how you can lead a rich and self indulgent life.

It's a course that involves some moral purpose.

Andrew Carnegie was one of the richest men in America.

He said that he thinks that rich people, people who succeed in business.

He doesn't use the word business.

People who succeed in affairs.

Now that sounds different today, but affairs meant business back then.

People who succeed are people with a natural, practical talent.

And the business world selects for people with this natural talent.

And so when they make a lot of money it is their obligation to give it away for

the benefit of society and not to their useless children or spoiled children.

Moreover, Andrew Carnegie said, you can hear him say this,

he said that you should give it away while you are still young because

you've amassed all this wealth, what's going to happen to it?

It's absurd the story that happens.

Young people make a lot of money when their talents are at their strongest.

Then they get old and they don't know what to do anymore.

They work until they die or they become self indulgent.

And it ends up with their children.

And then it ruins the children's life because now they have no purpose and

they're just filthy rich.

And they just squander it.

So like Vanderbilt and his grandson,

William Henry Vanderbilt, made huge amounts of money.

And then his son married a socialite, the famous Mrs. Vanderbilt,

who spent all the money in showing off her wealth and having big parties.

Maybe that was good in some sense, but you don't want that to happen.

So what Carnegie said is you have to retire early.

And become a philanthropists that's the second stage of your life.

So I want to come back to this thing that if you go into finance

think of you life as having two states.

Like Bill Gates, Bill Gates was running Microsoft then he retired and

set up the Gates foundation and he's actively working on giving it away.

So this is not a course, again, repeat, not a course.

It's a course on how you can make your mark on society, but

it's not a course on how to get rich.

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