My grandfather once told me that there were two kinds of people: those who do the work and those who take the credit. He told me to try to be in the first group; there was much less competition.
Happy Labor Day!!
Michael Lewis’ “The End,” from the current Portfolio, is an astounding piece of work. … Quoting any of this out of context does not truly do it justice, but here’s a brief example of why it’s so good:
That’s when Eisman finally got it. Here he’d been making these side bets with Goldman Sachs and Deutsche Bank on the fate of the BBB tranche without fully understanding why those firms were so eager to make the bets. Now he saw. There weren’t enough Americans with shitty credit taking out loans to satisfy investors’ appetite for the end product. The firms used Eisman’s bet to synthesize more of them. Here, then, was the difference between fantasy finance and fantasy football: When a fantasy player drafts Peyton Manning, he doesn’t create a second Peyton Manning to inflate the league’s stats. But when Eisman bought a credit-default swap, he enabled Deutsche Bank to create another bond identical in every respect but one to the original. The only difference was that there was no actual homebuyer or borrower. The only assets backing the bonds were the side bets Eisman and others made with firms like Goldman Sachs. Eisman, in effect, was paying to Goldman the interest on a subprime mortgage. In fact, there was no mortgage at all. “They weren’t satisfied getting lots of unqualified borrowers to borrow money to buy a house they couldn’t afford,” Eisman says. “They were creating them out of whole cloth. One hundred times over! That’s why the losses are so much greater than the loans. But that’s when I realized they needed us to keep the machine running. I was like, This is allowed?”
If you’re not well-versed in finance you’re going to need to read this thing a couple of times (I’m going back for the third bite right now), but as a great narrative snapshot of what went wrong—to the extent that anyone has been able to fully figure out what went wrong—I’d advise you to start here.
No, you really need to start here.
All other factors considered, recession might be the best time to invest heavily in innovative technology because emerging from downturns historically involves changing the status quo. Risk profiles and P+L analysis be damned; if it goes down, it’s going to go down with or without one more stupid gamble.
“Hello dear Ladies and Gentlemen!
I would like inform you that Scarlett Johansson (actress) actually is a clone from original person Scarlett Galabekian last name, who has nothing with acting career. That clone was created illegally by using stolen biological material. Original person is very nice (not d**n sexy),most important - CHRISTIAN young lady! I’ll tell you more,those clones (it’s not only one) made in GERMANY - world leader manufacturer of humans clones, it is in Ludwigshafen am Rhein, Rhineland-Palatinate, Mr. Helmut Kohl home town. You can not even imaging the scale of the cloning activity. But warning! Helmut Kohl clone staff strictly controlling all their clones (at least they trying) spreading around the world, they are very accurate with that, some of them are still NAZI type disciplined and mind controlled clones, so be careful get close with clones you will be controlled as well.”
(snipped; you get the idea.)
God is what mind becomes when it has passed beyond the scale of our comprehension.
Didn’t you at one point date Sloane Crosley?