Chief Risk Officer University of California
Contributor's Links: Rick Bookstaber

I am the author of A Demon of Our Own Design. I am focused on using agent-based models to help assess and manage crisis risk, both on a practical level in my role as Chief Risk Officer and on a research level.

ALL CONTRIBUTIONS

Not Wages. Not Inflation. Volatility. ETFs
The recent tumble in the market is being attributed to the wage report, a rise in interest rates, and concern about inflation.
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This Is The Way Facebook Ends (And Maybe Apple And Google)
Investors tend to focus on the most likely outcome. As a risk manager, I spend time focusing on the unlikely, on the bad things that might possibly happen.
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Bitcoin Can't Win Against Fiat Currency
If bitcoin doesn't find its way back into the shadows of the drug trade and underground economy on its own, it will be banished by the stroke of a pen, actually, of many pens.
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Pension Actuaries: The Joke Is On Us
Finance is not actuarial science. It is not predicated on repeatable, or even known, probabilities. There is no appeal to the law of large numbers for the systematic risks of the financial system.
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Our Low Risk (Low Volatility) World
In case you haven't noticed -- and I haven't -- we apparently are in a world of exceptionally low risk. To see this you need look no further than the volatility of the major markets.
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The Crash Of 1987 -- Happy 30th Anniversary
On October 19, 1987, the stock market crashed, the U.S. equity market dropped 20% in a single day.
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STOCKS I FOLLOW

C Citigroup Inc.
GS Goldman Sachs Group Inc.
MUB iShares S&P National Municipal Bond Fund
WIP SPDR DB International Government Inflation-Protected Bond ETF

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Work Experience

Chief Risk Officer
University of California Office of the President
August 2015 - Present (3 years)

The pension and endowment of the University of California System, in the office of the chief investment officer. I continue to reside in New York City.

Senior Fellow, UC Santa Barbara
University of California
August 2015 - Present (3 years)
Research Principal at the Office of Financial Research
U.S. Department of Treasury
February 2012 - June 2015 (3 years 5 months)

Work on developing methods for monitoring systemic risk. Current focus is building an agent-based model for the U.S. financial system, with the objective of detecting vulnerabilities in financial stability, charting the possible course of financial crises, and informing policy actions to stem those crises.

Senior Policy Adviser to the Financial Stability Oversight Council
U.S. Department of Treasury
March 2011 - March 2014 (3 years 1 month)

Helped develop the process and governance structure for the risk management of the U.S. financial system. Construct and evaluate risk hypotheses.

Education

Massachusetts Institute of Technology
Ph.D.
1974 / 1977
Economics
Brigham Young University
B.A.
1968 / 1974
Economics

Publications