Donal Rumsfeld, US Secretary of Defense, 12 Feb. 2002, Department of Defense News Briefing:
As we know, there are known knowns. There are things we know we know.
We also know there are known unknowns. That is to say we know there are some things we do not know.
But there are also unknown unknowns, the ones we don’t know we don’t know.
Related to RIAs? No, not a bit! But strongly related to the current credit crunch or investment banking in general.
Satyajit Das’ beautifully explains the concepts of known knowns, known unknowns, unknown knowns and unknown unknowns in his great book Traders Guns & Money. For anybody, who aims to know the history and evolution of investment banking, Das’ book is a must.
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