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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
Posted on 2/8/11 at 9:04 am to Chris Farley
quote:
They quickly found the boss could not abide charts, which he had been known to describe as "hocus-pocus, mumbo jumbo bullshite".
I think I'm in love.....
Posted on 2/8/11 at 12:08 pm to LSURussian
I knew a few of you would like that one
Posted on 2/14/11 at 1:17 pm to Eyeball
Liar's Poker is my favorite Lewis novel. It's a great read if u want to understand the thrift market of the 1980s, which is an interesting educational precursor to the mess we are in now.
Highly recommend "The Big Short" to anyone who enjoyed Liar's Poker.
Highly recommend "The Big Short" to anyone who enjoyed Liar's Poker.
Posted on 2/14/11 at 4:49 pm to LSURussian
quote:quote:No, I haven't.
Russian, have you read a book titled "More Money Than God"?
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....
You could always go with "More Gold Than Rivers"
Posted on 2/14/11 at 4:53 pm to LSURussian
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....
Posted on 2/14/11 at 5:13 pm to NC_Tigah
quote:
Russian, have you read a book titled "More Money Than God"?
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....
You could always go with "More Gold Than Rivers"
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!!!
Posted on 2/14/11 at 6:47 pm to LSURussian
quote:I dunno.
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!!!
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.
Posted on 2/14/11 at 7:16 pm to NC_Tigah
quote:I don't begrudge them getting it. I just want it, too!
I can't begrudge anyone the opportunity to cut their own taxes.
Posted on 2/14/11 at 7:48 pm to LSURussian
quote:
I don't begrudge them getting it. I just want it, too!
This post was edited on 2/15/11 at 12:29 am
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