NYU Stern Fireside Chat with Nobel Prize Winner, Professor Paul Romer

On October 24, NYU Stern hosted a fireside chat and reception to celebrate Professor Paul Romer winning the 2018 Nobel Prize in Economic Sciences.

NYU Stern Fireside Chat with Nobel Prize Winner, Professor Paul Romer

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Seth Klarman: Investors Always Need A Strategy To Guide Them

Volatility"Many investors lack a strategy that equips them to deal with a rise in volatility and declining markets," Seth Klarman told his audience in a speech at MIT in 2012. Q3 2020 hedge fund letters, conferences and more Klarman was talking about the benefits of having a strategy, such as value investing, to provide a Read More


If I may. Let me just go back and fill in one one detail. There's I think there's a nice story about. So what were the what were the. Incentives and kind of compensation I got for working with Don on the Marin Institute and the single most important thing was is that Don really kind of steeled up his courage and was nervous about this but finally said to me Paul could could I introduce you to a friend of Katie's his wife.

OK well sir.

And Donna and Katie were worried because we went to a restaurant it was very noisy it was little hard to hear. But but the woman he introduced me to. And I hit it off just just instantly. The funny parts of the story is she was dating somebody very kind of important the New York City and very wealthy she asked a friend she'd learned where I live where I have a house and she has a friend you know what should I do. And the friend said go with the real estate.

So you're done. And then why you.

I am now part of a partnership with a love of my life. When I went to bed when I went to the World Bank on leave. There was this kind of conversation which went like.

Well while I'm on leave. Can I keep the house. And can I keep the girlfriend in the card she likes.

Is the order there. So we're New Yorkers you know you got to ask about the real estate. But Don it was really a wonderful unexpected side benefit of the friendship with Don and his wife Katie. OK. So on to more serious matters there Christine.

What is it like to be alone here. Everyone in this room would like to know that it have to you.

Well I have to reassure you that there's a kind of a buffer at home if you're if you're worried in my in my press conference I said something while economists if we're going to be the umpires of the fact business we can't take the field and score a goal.

When I got home Carolyn said Paul you don't have umpires and soccer and we actually have four dogs and there are times when she's she's extremely good writer she published a book this year. But that you should all read called Proust Duchess. But we have four dogs and sometimes she has to speak to me the way she speaks to the dogs. It's like Paul put that metaphor down and you can see why I get in trouble with metaphors.

But anyway so she helps keep me a little bit grounded. You know there was a reporter who said to me I was talking on the phone and he said You're so young to get the Nobel Prize. I said wait a minute are we on the record. Can I quote you. And he said Yeah. So I held up this reporter's is I'm really young. After the phone call is done Carolyn came down and now we're going to have to talk about flattery and people when they're feeling you. So yeah you know there's a check. Checks and balances. There's also this funny feeling that. You know I'm I'm the same person. But yet a lot of things are suddenly different and I think somebody else said Paul you have a new first name. It's Nobel laureate Paul right. So those first names Nobel laureate those are not really me those mean I've got a new role and so there's things that come with that role. And I'm you know I'm mindful of those but it's important to keep track of what those are. I mean those responsibilities are about this broader endeavor the science and the discovery that the prize. So who knows. Oh done actually. Do you know what. And then got Oh I probably told you what I instead got the Nobel Prize for it wasn't it wasn't relativity. You know this is amazing.