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re: Reading "Liar's Poker" now....
Posted on 2/7/11 at 10:19 pm to LSURussian
Posted on 2/7/11 at 10:19 pm to LSURussian
quote:
I've been super cynical ever since that media talking heads know any more than I do.
My similar moment was when I read an analyst report (back in the late 80's) that was bullish on Europe because ethnic diversity was a strength.
And on the same page of the same report, the same analyst claimed China was headed for trouble because of ethnic diversity and the conflict that would bring. Guess he forgot to proofread his tout sheet for consistency.
Posted on 2/8/11 at 8:54 am to foshizzle
Just finished "More Money than God", wanted to post a few of the highlights from my kindle
On why hedge funds typically charge 20%:
The next 3 are from Julian Robertson, if you read any part of the book read the sections on him.
On why hedge funds typically charge 20%:
quote:
He told people that his profit share was modeled after Phoenician merchants, who kept a fifth of the profits from successful voyages, distributing the rest to their investors
The next 3 are from Julian Robertson, if you read any part of the book read the sections on him.
quote:
“Hedge?” Robertson retorted angrily. “Hey-edge? Why, that just means that if I’m right I’m going to make less money.
quote:
They quickly found the boss could not abide charts, which he had been known to describe as "hocus-pocus, mumbo jumbo bullshite".
quote:
“Why would I want to do that? Why? Why? That’s just dirt under my fingernails.” That was
the end of that attempt at risk management
quote:
The market can stay irrational longer than you can stay solvent,” Keynes famously declared. Being early and right is the same as being wrong, as investors have repeatedly discovered
quote:
At one new-economy gathering, a banker was overheard saying, “No traditional Graham and Dodd investor invested in AOL. They shorted it. And got fricked. They’re learning the new model.”
quote:
Almost a year earlier, Merrill had rebuffed an offer from Bank of America that was worth $90 a share. Now, with the investment-bank model in tatters, Merrill was willing to do a deal for $29 a share without hesitation. One of Wall Street’s oldest names was collapsing into the arms of a Main Street commercial bank. As one newspaper wrote, it was as if Wal-Mart were buying Tiffany’s
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