Page 18 - CCFA Journal - Second Issue

人物专访 Interview
Yicent: 我明白了。谢谢。根据刚才提出的建议，即建议大学生
具备创业思想，您认为阿里巴巴大学是否在朝着正确的方向前
进？
Seco 教授: 我们未来会看到。我告诉你一件事：这无关什么是
对，什么是错；这是关于做对的事和做错的事。有时候你做对
的事，但是失败了，没关系。你做正确的事，可能会失败，这
难免会发生。这样的事情将会发生。这是反复试验系统。有很
多参与者尝试预测什么将成功，什么将失败。政府是一个重要
角色，他们可以决定改变整个环境，今天的好主意可能是明天
的坏主意。所以这不是关于预测，而是关于做正确的事。而阿
里巴巴大学是做一件正确的事。它可能成功，但如果不成功，
仍然是做一件正确的事。
Yicent: 是的，中国有很多人试图花很多钱进入阿里巴巴大学，
与其他企业家建立联系。您对此有何看法？
Seco 教授: 关于这个，我想分享一篇文章。前几天我在 Silicon
Newspaper 上读过一篇文章。我认为这太夸张了。有时，你不
得不夸张地表达观点。他们猜测未来世界上可能只有五所大
学。一个由亚马逊拥有，一个由苹果拥有，一个由谷歌拥有，
一个由微软拥有，等等。当然，这太夸张了。那可能不会发
生。但是，如果你开始考虑这一点，那可能会以某种方式发
生。我不发表看法，但是抱一种多样化的态度：一切都很有意
思，一切事物都创造合理存在的价值。所以，这一切与价值创
造有关。我不认为，因为你长期处于特权位置，所以你将继续
存在。你必须不断地重新评估你加入社会的价值，这将决定你
的未来。这就是为什么我认为阿里巴巴大学很棒，它增加价
值，人们认可这一点。像那样，有很多地方，很多大学，只要
它们增加价值，就得以生存发展。但是必须不断进行再检查。
顺便说一下，这就是我在 MMF 做的事情。那就是增加价值的
意思。
Yicent: 多伦多大学风险实验室已有 20 多年的历史，在金融风
险管理、银行业务和交易方面进行了许多研究。作为主任，您
能否跟我们分享最引以为傲的研究中的一个？
Seco 教授: 我一直在做很多研究，对我来说，这是我们的头等
大事。我们进行的第一个风险研究，可能是因为这是我们前进
迈出的最大一步。无论出于什么原因，我最引以为豪的研究在
1996 年，24 年前。1996 年，我们为加拿大丰业银行做了一个
项目。我们对违约互换进行价格风险评估。那是一个信用交
易，当时还不存在。那时信用市场风险管理还不存在。发生在
1998 年信贷危机两年之前。那是世上完全没有的东西。那是我
们信用交易和信用风险管理的第一个项目。比行业领先了 5
年，当然，我们与银行打交道，这个也比行业早。对我来说，
那太棒了，简直太棒了。24 年后的今天，我仍然在我的课上使
用这个案例，仍然有意义。这是我最引以为傲并产生最大影响
的研究。这个项目并没有让我创建公司。直到 1997 年，我做
了另一项研究项目，才创建了自己的公司西格玛分析和管理。
现在回望过去，我觉得与丰业银行合作的那个研究项目仍然是
我最引以为傲的。
CCFA JOURNAL OF FINANCE
加中金融
Yicent: I see. Thanks. Based on the previous touch point of suggesting
university students have an entrepreneurial mindset, do you think the
Alibaba university is heading the right direction?
Professor Seco: We will see. I will tell you one thing; it is not about
what’s right and what’s wrong. It’s about doing what’s right and doing
what’s wrong. Sometimes you do the right thing, and you fail, that’s
ok. You do the right thing, and you might fail, this is what has to
happen. Things like this are going to happen. This is the trial and error
system. There are too many players trying to predict what’s going to
work and what’s not going to work. The government is a big player,
and they could decide to change the entire environment, what is a good
idea today could be a bad idea tomorrow. So, it is not about predicting,
but about doing the right thing. And the Alibaba University is the right
thing to do. It probably will work, but if it doesn’t, it is still the right
thing to do.
Yicent: Yeah, a lot of people in China tried to get into Alibaba
university by spending a lot of money to build connections with other
entrepreneurs. What’s your view on this?
Professor Seco: On this, I would like to share an article. An article I
read the other day in the Silicon Newspaper. I think it is exaggerating.
Sometimes you have to exaggerate to make your point come across.
They were speculating about the possibility that in the future there will
be only five universities in the whole world. One owned by Amazon,
one owned by Apple, one owned by Google, and one owned by
Microsoft, etc. Of course, that is exaggerating. That may not happen.
But if you start to think about that, that may happen in a certain way.
I prefer not to take a view but prefer to have a diversified approach:
everything is interesting, and everything that creates value has a reason
to be there. So, it is all about the value creation. I don’t think because
you are in a place of privilege for a long time that you are going to
continue to be there. You have to constantly re-evaluate the value add.
You are adding to your society and then that will determine the future.
That’s why I think Alibaba university is great, it is adding value, and
people recognize this. Like that, there are lots of places, lots of
universities, as long as they add value, they will be fine. But it has to
be constantly re-examined. That’s what I do with MMF, by the way.
That is what the value-add means.
Yicent: With over 20 years of history, RiskLab in University of
Toronto has conducted many research projects in financial risk
management, banking, and trading. As its Director, could you pick one
of the research projects that you are most proud of and share it with
us?
Professor Seco: I’ve been doing so much research and I know, to me,
it is the first one we did. The very first risk research we did, maybe
because it was the biggest step forward we had to take. For whatever
the reason, the one I am most proud of is in 1996, 24 years ago. In
1996, we did a project for the Bank of Nova Scotia. We were doing
the price-in risk analysis of defaultable swaps. That was a credit
trading which did not exist anywhere. At that time, market risk
management in credit did not exist. It was two years before the credit
crisis in 1998. That was something completely out of this world. That
was our very first project on credit trading and credit risk management.
It was five years ahead of curve, and of course we are dealing with
banks, which are also ahead of the curve. To me, that was fantastic,
absolutely fantastic. I still use this example in my lectures, today, 24
years later, it’s still relevant. This is the research I am most proud of
and made the biggest impact. This did not create my company until
1997 when I had another research project to create Sigma Analysis &
Management. Now looking back, I think the research project done
with Scotiabank is still the one I am most proud of.
DECEMBER 2020
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