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re: Reading "Liar's Poker" now....
Posted on 2/8/11 at 8:54 am to foshizzle
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.....
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