Investment Bankers as “Crumb Catchers” So, I’m not the only one who well remembers one of the best books about Wall Street (and best contemporary American novels, period): Thomas Wolfe’s “Bonfire of the Vanities” (1987). Set in late 1980’s Manhattan, it chronicles life as a “master of the universe” through the prism of one Sherman...Read More
Successor to Thomas Wolfe’s “Master of the Universe” Once upon a time, human beings were lowly Neanderthals. Gradually, Neanderthals evolved into Cro-Magnons, and from there into Homo Sapiens. What is mankind’s next (d)evolutionary step? According to muckraking journalist (and amateur anthropologist) Matt Taibbi, it is “Archipelago Man,” as personified by none other than Mitt Romney. Archipelago Man in...Read More
“Ten Showings, $10,000” I hated discussing ideas with investors. Because I then become a Defender of the Idea, and that influences your thought process. Once you became an idea’s defender you had a hard time changing your mind about it.” –Author Michael Lewis, quoting investor and fund manager Michael Burry in The Big Short (p....Read More
Credit Card Bills Trump Mortgage Payments I attended a private dinner this week where the featured speaker, a senior executive at FICO, offered a wide range of comments. Since the talk was off-the-record, I won’t mention the individual’s name, but the insights were fascinating. In a nutshell, FICO is observing a sea change in how...Read More
