In Japan, mothers insist on achievement and accomplishment as a sign of love and respect. Thus to fail places children in a highly shamed situation.
That was how a Salomon bond trader thought: He forgot whatever it was that he wanted to do for a minute and put his finger on the pulse of the market. If the market felt fidgety, if people were scared or desperate, he herded them like sheep into a corner, then made them pay for their uncertainty. He
As idiotic as optimism can sometimes seem, it has a weird habit of paying off.
I thought instead of a good rule for survival on Wall Street: Never agree to anything proposed on someone else's boat or you'll regret in in the morning.
Icelandic people are inbred. And they have a sense of themselves as genetically special, and a history of risk-taking because they make their living on the high seas fishing. Assets generally rose in value during this period, and so it looked like they actually knew what they were doing.
Here was a strange but true fact: The closer you were to the market, the harder it was to perceive its folly.
The big Wall Street firms, seemingly so shrewd and self-interested, had somehow become the dumb money. The people who ran them did not understand their own businesses, and their regulators obviously knew even less.
A thought crossed his mind: How do you make poor people feel wealthy when wages are stagnant? You give them cheap loans.
All of a sudden the market is all about algos and routers.
The Germans made just about every bad investment you could have made. They invested in Icelandic banks. They invested in Greek government bonds. They were heavy into Irish banks, big into Irish banks, and they bought U.S. subprime mortgage bonds.
Above all, recognize that if you have had success, you have also had luck â€” and with luck comes obligation. You owe a debt, and not just to your Gods. You owe a debt to the unlucky.
There are enough books in the world. You want to write the ones that are good. The minute you write books because you need the income not because you think you have a good subject, you should just stop. There are sixty thousand books published in this country every year, and most of them are crap.
When the last history of high-frequency trading is written, Hunsader, like Joe Saluzzi and Sal Arnuk of Themis Trading, deserves a prominent place in it.
The sheer quantity of brain power that hurled itself voluntarily and quixotically into the search for new baseball knowledge was either exhilarating or depressing, depending on how you felt about baseball. The same intellectual resources might have cured the common cold, or put a man on Pluto.
We'd like to see the Board of Governors endorse this collaborative project that we're sending forward.
He was blessed with an unconventional mind, which overcame his conventional middle-class upbringing.
The incentive for the outsider is to attack the system right up to the moment he is co-opted by it. The incentive for the insider -and this took some getting used to- is to allow yourself to be attacked, and then co-opt your most ferocious attackers, and their best ideas. The effect on the system as
There's a certain status to suffering in Ireland, that the person who - if you're sitting around a table, the person with the greatest status is the person who had the most horrible thing happen to them most recently.
It's a patently unfair game that $40 million has to play against $120 million. It just violates all of our notions of fairness that money is one of the determining factors in the outcome of a sporting contest.
Why isn't someone smarter than us doing this?
I think we were a little better at the end. We just ran out of time. We just got beat.
When an American declares bankruptcy, when he hits bottom, he can reinvent himself. There's a story he can tell. We tolerate reinvention. We encourage reinvention. That's what this country has that Europe does not. It's not just a crisis; it's an opportunity.
There was but one question he left unasked, and it vibrated between his lines: if gross miscalculations of a person's value could occur on a baseball field, before a live audience of thirty thousand, and a television audience of millions more, what did that say about the measurement of performance i
Warren Buffett is fond of saying that any player unaware of the fool in the market probably is the fool in the market.
What are the odds that people will make smart decisions about money if they don't need to make smart decisions--if they can get rich making dumb decisions? The incentives on Wall Street were all wrong; they're still all wrong.
The sports world is an echo chamber. All it takes is one quote from a general manager and a thousand sports columns bloom.
One absolutely cannot tell, by watching, the difference between a .300 hitter and a .275 hitter. The difference is one hit every two weeks.
I'm at a loss for words.
Wall Street, with its army of brokers, analysts, and advisers funneling trillions of dollars into mutual funds, hedge funds, and private equity funds, is an elaborate fraud.
The pleasure of rooting for Goliath is that you can expect to win. The pleasure of rooting for David is that, while you donâ€™t know what to expect, you stand at least a chance of being inspired.