Advertising Leadership Profit and Loss Risk Management 
Barry Ritholtz
OCTOBER 19, 2022
We didn’t do advertising. Actually, Jack Bogle wouldn’t let us say the word seller, product or advertising. How does Vanguard operate and not advertise, not pay shelf space? So the harvest losses to offset future gains. So as we grow, become more efficient, we get scale, we sort of make a profit.
Barry Ritholtz
JUNE 27, 2023
BORISH: So one of the geniuses of Paul in really understanding futures markets in general is that most of the innovative risk management approaches came out of the futures markets because of the using margin. RITHOLTZ: Put up your losses in advance. What were you trading and what was he looking at? BORISH: With pleasure.
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