re: Reading "Liar's Poker" now....

Just finished "More Money than God", wanted to post a few of the highlights from my kindle

On why hedge funds typically charge 20%:

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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

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The next 3 are from Julian Robertson, if you read any part of the book read the sections on him.

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“Hedge?” Robertson retorted angrily. “Hey-edge? Why, that just means that if I’m right I’m going to make less money.

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They quickly found the boss could not abide charts, which he had been known to describe as "hocus-pocus, mumbo jumbo bullshite".

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“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

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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

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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.”

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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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I knew a few of you would like that one

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Russian, have you read a book titled "More Money Than God"?

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No, I haven't.
And also, thanks for letting me know I now have to come up with another title for my autobiography since my first choice is already taken....

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You could always go with "More Gold Than Rivers"

I will never forget in 2007 reading that book while working in Charlotte for Wachovia. The company had all the interns read it. Funny thing was I was on a team evaluating an aquisition thats profits were based almost solely in subprime debt. In 2007 they thought the market could never go anywhere but up... I was the only person that thought it was a bad purchase....

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NC_, I learned today that us "wealthy" taxpayers got screwed again. We don't qualify for the "Making Work Pay" (or, whatever the eff it's called) tax credit. I started working on my taxes using TurboTax.

A couple filing jointly making under $150,000 can get up to $800 CREDIT applied to their taxes!!!

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I dunno.
From this end, we've enjoyed success beyond our imaginations. Sounds corny, but it's true. No question we pay breathtaking tax bills, but with portfolio growth / LT Cap gains, our federal tax rates are relatively low. I can't begrudge anyone the opportunity to cut their own taxes.

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I don't begrudge them getting it. I just want it, too!

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