Tag Archives: capitalism

The fundamental mystery of capitalism, in my mind, is how a lot of locally zero-sum fights—over customers, over bread, over a job opening—can result in a globally positive-sum game like 2%/year economic growth over a century. Just had a small … Continue reading

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Early in his academic career, [Paul] Schervish was a committed Democratic Socialist. But around 1990, he began interviewing wealthy people and decided that his Marxist instinct to criticize the rich was misguided. “I realized good and evil are equally distributed … Continue reading

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Department of Happiness Studies

I chose to go to university at the age of 18 because I thought heaps of useful knowledge was stored there. I thought to myself: Old people know a lot of stuff. I want to learn what they know. Because … Continue reading

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I am often amused by the progressive bias [in favour of] smaller [investment banking] firms [and against] megabanks. It was the good old boys at the smaller firms that JP Morgan and other banks used to gain access to local … Continue reading

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On 10 September 2008, Lehman reported 11% “tier one” capital and very conservative “net leverage“. On 15 September 2008, Lehman declared bankruptcy. Despite reported shareholder’s equity of $28.4B just prior to the bankruptcy, the net worth of the holding company … Continue reading

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Stability of Currency Markets to HFT

Last week @gappy3000 shared the Bank of International Settlements’ autumn 2011 assessment of the impact of high-frequency trading on foreign exchange (currency) markets. For the lazy, here’s a summary of the executive summary: HFT in FX operates on high volume but … Continue reading

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Airplane passenger: It was the worst day of my life! First, we had to wait for twenty minutes! before they would let us board. And then, we had to sit on the runway for forty minutes! before they would let us take off!  Louis CK: Oh, really? … Continue reading

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