1. Long Finance Roundtable Finance Short 1

2. Today
14:30 – 14:35 Welcome – Michael Mainelli 14:35 – 14:40 Thanks – Justin Wilson 14:40 – 15:00 Key points – David Steven 15:00 – 15:10 Response – Faisal Islam 15:10 – 15:20 Response – Con Keating 15:20 – 16:15 Discussion 16:15 – 16:30 Closing remarks – Michael Mainelli

3. Welcome

4. Long Finance Institute
When we can recommend a financial retirement structure to a 20 year old?
When we can fund a forest? …
[Source:

5. Investigative Structure
Meta Commerce
The Eternal Coin
Financial Centre Futures
Long-term versus short-term
Fiscal versus monetary
Free versus regulated
Selfish versus selfless
Mutual versus public-sector versus private-sector
Mutual versus owned
Sustainability versus robustness versus resilience
Theory versus practice
Infrastructure

6. Long Finance Series
Finance Shorts
Eternal Brevities

12. Resilient Systems
Resilience is a property of complex adaptive systems
Complex versus complicated
Complexity is a deep property – Complication is not
Remove an element from a complex system and it dies – not so for complicated
Complex systems may be fragile or remarkably robust to component change
The central issue is interdependence
Resilience - usually four dimensions rather than the three of the paper
Latitude -- Degree of effort to change state (distance to change threshold)
Resistance -- Degree of difficulty of changing state
Vulnerability -- instantaneous trajectory
Panarchy – Adaptive interaction
These can be treated mathematically.
To manage risk we can lower vulnerability (time and history matter) or
Increase resilience – that’s adaptive change
One lesson from this literature:
Choosing for maximum efficiency typically leads to the edge of chaos

15. Discussion

16. Long Finance Events
25 March Roundtable discussion: “In Search Of The Eternal Coin: A Long Finance View Of History” Malcolm Cooper (and others), 10:00 to 12:00, Barnard’s Inn Hall, Holborn EC1
20 September 02010
Long Finance Autumn Conference
(speakers to be confirmed)

17. Take On A Long-Term Commitment