YouSaid · the spoken record

Peter Borish

lines on the record: 90
first: 2023-06-23
most recent: 2023-06-23
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I think it's always the same. I wish we didn't go through our own near-death experiences. We had that, as I said, every successful trader. We had big volatility in 86 at Tutor that I mentioned earlier. I wish I knew how difficult it would be running my own CTA. So when I left Tutor, they seated me. I bought the team of research. It was sort of the first quanting on the street. And the whole business aspect of raising money, compliance, I wish I had a better understanding of that because it's just not your track record. And that's another big problem for graduates today. I think, oh, I have a great track record. This isn't Feel the Dreams. If you build it, they don't come. You need to have a really, really important process that I wish I was better at that time.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“And I'll read them to you. So don't rehash other things that people can easily get and think you're being innovative. Do your own work and you really need to be analytical.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Think all college grads, all young people, you have to be willing to pay your dues. But the trading aspect, the hedge fund aspect, it's a lot like sports. The chances of being a pro. Is a low probability. So, you should try. And then, if you have a chance of success, continue. But if not, then you need to pivot because what you don't want to be doing is, you know, saying, okay, I'm going to be a lifetime player in the AAAs. And so, you know, in the minor leagues. But if you want to pursue it, you have to pursue it. But do your own work coming in, and I do a lot of global macro and risk assaulting. And I always tell them, I go, you're not paying me to read you the Wall Street Journal or from Bloomberg. I go, if you want to have story time, it's great. I'll pull up all the Bloomberg articles you want.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“So, as I mentioned, I read a lot of historical novels, and there's an author by the name of David Liss who writes about England and coffee trading and those type of markets in the 1800s. And that's kind of what I'm reading right now because the psychological aspect, even then, Applies to today”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“It had a lot of meaning to me and I probably stole it and didn't give attribution to it. But I try, it doesn't matter who it is across the board. And it can be from a Ted Lasso, it could be from a book, it could be from a politician, it could be from anybody.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I was very, very fortunate, as I said being at the Fed and the research people there. And of course, there's Paul who was a mentor. And because we're together on the board of the Robin Hood Foundation is still a mentor because I think you can always learn different things. And believe it or not, A lot of the mentors now are people I read and listen to. And for example, I had the opportunity. A few weeks ago and listened to Mayor Mike and I try to take away things that I find insightful. Sometimes I run into people and I'll say to them, you know, you may not remember this because to you it was a throwaway line.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“And at the same time, Barry and Ted Lasso. So those post Memorial Day, I think we're going to have to find some new things.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“He was the captain of the Titanic. If you listen to anything or taken anything out of this podcast, is that complacency in anything, but particularly in the markets, is extraordinarily dangerous. And one should take away from that that bad things can and will happen in the markets. So that means trade smaller, have really good risk management and don't believe your success when you're trading successfully.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, not only did he say that, but he said it sort of just before the launching of the Titanic. And I think if you've listened at all to the title,”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“If you have really good teachers, you're likely to have better outcomes. So, how do you keep really good teachers in schools when there's a lot of competition for them? So, we've done two things in Math for America. We've established a community of master math science teachers. Where they can come together and learn and teach and also we provide them a stipend so there's an incentive for them to stay in their schools and it's really fascinating because even though all the teachers in the schools aren't there a good captain, a good player makes the players around them better. And so, what they're doing and what they've taken back from coming down to Math for America for the sessions and bringing it back to school, I think helps all the teachers, which helps all the students.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“So, Robin Hood Foundation Math for America, those are the two not for profit boards that I sit on. And I've been blessed really because Math for America was started by Jim Simons. We all know what a legend Jim Simons is in the hedge fund world. In the education space, that model was predicated in how do we keep better math and science teachers in public schools. The assumption being, which isn't rocket scientists, even though he is.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. They're providing the resources and the opportunities for those students who they wouldn't normally have in a traditional public school model.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, we're markets people. So we think that competition is a good thing. We know that charter schools aren't going to be a replacement for all public schools, but if you think about technology in general, right, it's innovation and change. If you think about the KIP model, it's really like a parent. So if you have a child and they're not doing well, what do you do? You give them extra resources. You give them extra homework. And so they may come home from school and you're working with them. Now, if you have parents who are working the overnight shift in a hospital, they don't have that ability to give their children that extra time because they're working. So these schools do that.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Just as you're dealing with your own children, that's what you're doing. It's a holistic approach. It's not, okay, here's one magic bullet. I wish that were the case, but it isn't. And like any organization, the key is not me, not Paul, not the other board members. It's the quality of the staff. And we have committed. Innovative staff that has really pushed Robin Hood along the way. And that started with our leaders and president from David Saltzman to Wes Moore, who's now the governor of Maryland, to our newest one, Rich Bury. And so we're really fortunate to have excellent team.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“They still have that job a year later? How are they making more money? Are they at some percentage above the poverty level? If you're funding charter schools, where are they? Are the kids graduating? Are they going to college? Are you tracking them? Are they getting employment? So it's all very data intensive and metric intensive. Now, there are some things, right? If you're If unfortunately if you a woman and you've been battered and you have kids before they can go to job training or education, they need to have a safe place to stay. So we fund shelters and where we are. And we do food support because it has to be. A holistic approach, this movement from poverty. And as a parent.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“So that's a really outstanding question, and that's something that Robin Hood has been particularly innovative in and trying to measure metrics. So if it's a job training program, it's not just a number of people that are in there, for example. How once they graduate, where's their starting salary relative to where they were beforehand?”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“People that were helping their days are far worse. And if you keep that in perspective, you're going to help others who are less fortunate.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“That's correct. And within that, we were the first funders of charter schools in New York City. We're the largest funders of food pantries. You have to have a holistic approach. And if you walk around New York and if you love New York City, what are the four issues? Right? You see them. There's homelessness. Mental health. There's food insecurity, and there's immigration. And that together, if you could do that through job training, through education, through support systems, and we do that also, we have tried to use technology to help that to put people on a path of a better life. Is it a challenge? Absolutely. But we go back about the trading business and talking about how bad a day can be. But the thing that keeps it always in perspective, no matter how bad a day, I have.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“There's literally thousands, and after 9 11 and Sandy and during the pandemic, tens of thousands of donors from all different sizes. Now we're sitting here in Bloomberg and Mayor Mike through the Bloomberg Philanthropies is one of the largest donors and supporters of New York. Now, Robin Hood focuses on sort of the overriding goal is mobility from poverty.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. And the model was different. And why did we start it? Because Paul's an entrepreneur. And the one thing, and we're market people. And we said, you know what? If we do a good job, we'll be able to raise the money. And I don't want people to give us money and us not spend it. So we have two rules. One is if you give us a dollar, we're going to put it out the door in the next 12 months. And two, we're paying for the overhead, the board. So, if you give us a dollar, it's getting paid. It's not being paid”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“So it's probably of all the things something I'm most proud about being associated with that since the beginning. And again, really kudos to Paul for. His leadership in doing that. So, as I said earlier, we really thought that there could be some economic struggles. Following 87. And one of the things about trickle down, and I need to fully disclose, yeah, I'm a Democrat that believes in markets, is that when things go bad, it's those at the bottom that get hurt first And we've seen that repeatedly. And so when we thought about helping New York, now you have to realize 1988, we gave away $65,000.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, as the years have gone on, I've gotten a lot better at taking credit for success and blaming others for my failure. And yeah, it's a good way to go, but you're living in La La Land if that's how you think. You are what your track record is. And it's the sports scenario. If you're playing baseball and the team gives you a shot and you're batting 150, And they take you out of the lineup. Not the manager's fault.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Correct. In the trading business, it's how you deal. What did you do? And you have to really be self-aware. Did I hold on to the position too long? Was I too big? Was I gossiping with other people and I lost my discipline? You really have to break it down and it all comes back to the fact that you have to admit that It's my fault as the traitor. I'm the one that screwed up.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Best teacher, unfortunately, is failure. And how you deal with that failure. So many times people would come into my office Why the hell am I in this business? Now, what you can do, and we've all done this, if you get out of all your positions, you emotionally cleanse yourself. Are you able to get back in the game? Because you can emotionally cleanse yourself and leave the game and you'll never be able to make your money back. So how do you handle that adversity? Success, okay, most people enjoy success, but it doesn't teach you.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Think that you need to trade smaller. Now, one of the things that I find really interesting right now, this time of year, is that because if there is climate change and you have grain prices that are pre-pandemic levels. It could be really fascinating and exciting to have sort of a summer rally in soybeans and corn, and the risk reward of buying them right here is fantastic because you've had a wet period of time. If you get dry and you don't have good growing conditions in the Midwest here, at the same time you have uncertainty in the Ukraine, which is a large producer of grains. So, yeah. So this could be, and there's nothing more fun than a summer bull market in grains.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“That's risk management. That's smart. A black swan is when you wake up in the morning and a condo in Florida has collapsed or you wake up in the morning and Abe's been assassinated. These aren't things that you put into your risk management models. If you survive, you win, so you should really probably at these periods of uncertainty. So is there going to be a Ukrainian offensive? What is that going to do? How is that going to affect the situation with Russia? Are they going to be threatening? They are a nuclear power. Is that just a threat to try to keep them? Or God forbid, something worse happens. I have no idea. I don't think anybody can have that idea because you can't get into the head of the leaders of Russia to decide how they're going to act. But from a trading perspective,”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“No, you have to look at all these things. And I think there's an important lesson here when there's tremendous amount of market uncertainty. You need to trade smaller. Because that's what kills you. You know, periods of low volatility, which we're in now then tend to be followed by higher volatility. A lot of models are predicated on looking backwards over recent volatility. And then you're trading too large. And I really want to distinguish because people talk all the time about black swans. And they go, oh, this black swan could happen or that black swan could happen. And I'm like, if you're talking about it, it's not a black swan.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, yeah, you could decide whatever you want to call it, but the facts are the facts, right? If it's hot and we're going to be burning and you're going to need to be cooling, at the same time, a lot of this thought that natural gas and the economy was going to weaken. And in general, we were taught to try to buy low and sell high. We just talked earlier how most times in the markets buyers are higher and sellers are lower. So we're sitting there trying to put a position on sort of spreading summer natural gas and hedging it a little bit by being short winter next year.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, but not nearly to the extent. So this, again, becomes listen to the markets. Don't listen to the gossip. And so where we are right now in my mind in natural gas, which is different than crude is a little bit counter cyclical because we've had warmer than normal weather. We had extra storage, and that put downward pressure in winter. Now it looks like that's going to reverse, and we're going to have a sort of really hot summer, and you can ascribe that to climate change.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“So, for everybody that's listening, whatever I do, do the opposite. And you may have a chance of success. So natural gas in terms of how it's behaved, it's had a round trip. So, where the prices today is close to where oil was when it was zero in April of 20, just to give you a sense. So natural gas”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't gamble at all. I don't bet on, I'm a fan, right? So I'm a Michigan fan. I'm a Nick fan. God, I'm a Jets fan. I'm a Mets fan. So we can have”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“And just because you're sitting in front of the screen doesn't mean you have to do something. And that takes tremendous discipline because particularly if you get paid a share of the profits and you're like, there's nothing going on. Now, some of the best traders I know, they'll be like, okay, I did something. It's 1030. I've made some money. I'm out of here for the day And that's fine However, you do it, however you force your own self discipline, but just trading to trade is a terrible strategy.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“That's correct. So, what you do for me in that case, I'm looking for if you want to look to sell it and pick a level, then you look for the Russell to start doing better and reaching key technical levels, and then you can probe. And you look for divergences all the time. So you look at the transports, which have been lagging for today. But these are all signs. They're not things in which you should be taking action. You have to be patient. And a lot of times you talk about traders and discretionary traders in particular, and I'll speak to them. Not trading.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“It means that the market is the scoreboard. And if you think you're right and you think the fundamentals are wrong, you're going to take a small loss and turn it into a large loss. Trading works best when the fundamentals and the technicals intersect. Too often one just looks at either one or the other. So we could say today, well, we think the fundamentals are deteriorating. There's no way the S&P should be at 4200. I'm going to get short. But there's no technical indication in the markets today. That you should be shortened.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Did it this year? All the credit in the world for him. But it's a little bit like trading options. So if you continually buy premium thinking a record's going to be broken, you probably run out of money before it does. And if you continually sell premium, thinking the record's never going to be broken, you go broke when it is broken. So you have to have that discipline and it's an extraordinarily tough business.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“And he goes, Well, what's the good news? I go, well, you're still within your risk parameters. You didn't violate any of our trading rules. So you still have a job. And they go, well, then what's the bad news? I go, if you're in business long enough, you're going to have a worse trade. Because that's just the law of large numbers. Records are made to be broken. If I told you 20 years ago that someone was going to break Kareem scoring record in basketball, Unbelievable, LeBron James.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“On the discretionary trading side, but on the discretionary trading side you have that other element that you have to put on top of that, which is the emotional and the psychological. And one of the things I always say is that every successful trader has a near-death experience. I just hope they have it before we've allocated to them. And so it's not that they've had it. It's how you recover from it. And so it's one of these things that math works. And so sometimes there's a trader and he'll come into my office and he'll go, Pete, I can't believe it. I just had my worst day ever. And I'm like, well, I've got good news and bad news for you.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, so there's two things about that. One, they'll come to me and go, Oh, man, man, we just had the best year since oh eight, another year where there's a lot of dislocations. And I'm like, man, that's fantastic. Once every fifteen years, do me a favor. Come back in 13, I don't want to be But the reality is if you want to dig deeper in that, then you start looking at well, what markets did you trade? Why did you do that? Why did you exclude cocoa? Well, Coco's not a good trend following market. How do you know that? Well, then you've overoptimized. So you really have to start digging deep, asking very, very tough questions when it comes to these quantitative strategies. Frequency of trading, volatility, drawdowns, and all this is more of an art than it is a science. And that also applies to”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“They're the best. Yeah. And it's the hedge fund is there. But it's why in seriousness that the first line of every disclosure document is past performance is not indicative of future results, but everybody looks at past performance. So on the quant side, You have to look at real time data. And you also have to segment it to sort of its strategy relative to market. So if you look at last year, a lot of CTAs and trend followers did really well. And you'd have a great real-time track record.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, yeah, well, I'm super. I can predict yesterday perfectly. I'm very good at that. I try to, you know, come on here. I'll tell you what happened. No problem.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so I'm going to start first with the quantitative. It's a little easier. I've never had a quantitative trader come to me with a bad simulated track record.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“If you're referring to a discretionary trader, right? So that's one bucket versus. Sort of a model based quantitative trader where you're looking at their track record”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“And, you know, First Republic, which was a different type of institution. And they were. Think of that in the old days, right? They were giving away the toaster to try to get a And then when rates started to go up Think about this 10 year at as low in twenty was 20 basis points. Now we're at 3-7. But historically 3.7 isn't very high. And it goes back to my earlier statement that people anchor to sort of the high or the low. So they assume it's going back there. That's a big risk management mistake to make that assumption.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Everybody's going to get a good bonus. Right, but then they move from hedgers to speculators, right? And if that's not your professional job, that becomes extraordinarily challenging.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, yeah, that's always, if you're hedging, you're hedging for a reason. And are you hedging to trade? There's a difference, right?”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“Wow. So that's such an interesting question. So is it systemic? I don't think it's systemic. I think that it has a lot to do with the way that the management of these companies were running them. SVB was a particular case because you had this massive inflow of VC capital. And the problem is those are always naturally getting taken out because you're investing at the same time, they decided to go as the Fed is embarking on a rate hike campaign not to have a risk manager.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know if I would say it's an echo Always a learning process when it comes to markets and liquidity events. And it's always in the short run, all markets move because of supply and demand for money. And in 08, there was issues, needless to say, but there was also some things which have been recently sprung up. For example, regulators saying, oh no, we shouldn't be allowed to short financial institutions. Now, if you remember part of the chaos in 08 was associated with that because they banned short selling. It was incredibly smart, I guess, on the part of the regulators doing it right before an expiration. So you had this Massive covering Of eliminating short positions, but then you got rid of the market makers. Some of these financial stocks had 10-year ranges in 24 hours, that's going to eliminate a lot of liquidity.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“They're completely interrelated because the key for liquidity is the ability to arbitrage, and you had risk managers. SP 500 stocks, or at that time you had a smaller index, which was about 28 of the Dow contracts. And so you could buy all the underlying. You could sell the futures or vice versa. Or you could spin it any way you wanted. If you liked 27 of them, you could do that and sell the futures and be implicitly short the one instrument that's not there. So this stuff is all linked and that is important because to have a successful market, you need investors, you need speculators, of course, you need natural buyers and hedgers, but you need market makers and arbitragers to tighten the market up so that there's plenty of liquidity on both sides of it.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“We time out, we bounced. And now, of course, I look at some of those things and I look at the data as potential interesting technical indicators, but that's for another day.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source
“So two seconds. But now you sit back and you have, in the case of the equities, it's just a timeout. Let's get it together. Let's see what's happening there. Market makers. And it's been knock on wood effective, right? Even in 2008, where you reach that.”
2023-06-23 · Masters in Business · Peter Borish on Lessons From the 1987 Market Crash · IDENTIFIED FROM THE TRANSCRIPT · source