John Bird & John Fortune on The South Bank Show - The Long Johns - The Last Laugh (14 October 2007)
Seen at the office
"Market participants don't know whether to buy on the rumor and sell on the news, do the opposite, do both, or do neither, depending on which way the wind is blowing."
State Street Global Markets
Found on BBC News
21 Dumbest Moments in Business 2008
Found on CNN.com
Tuesday, December 30, 2008
The ingenuity of the markets
Wednesday, December 24, 2008
Nihil dificile amanti.
Nothing is difficult for the one who loves.
(M. Tullius Cicero, Orator 10.33)
Read in a Massimo Dutti catalogue and found on Latin Proverb of the Day
Santa wons bling me the one I little knees, wons please bling my baby to meee-ee-eee?
Dawn Air (Kim Dong Won) - All I Want For Christmas Is You (cover)
Seen on Perez Hilton
Sunday, December 21, 2008
"It's situations that make ordinary people into evil monsters, and it's situations that make ordinary people into heroes"
Charting the psychology of evil, decades after 'shock' experiment
By Elizabeth Landau
CNN, December 19, 2008
If someone told you to press a button to deliver a 450-volt electrical shock to an innocent person in the next room, would you do it?
Common sense may say no, but decades of research suggests otherwise.
In the early 1960s, a young psychologist at Yale began what became one of the most widely recognized experiments in his field. In the first series, he found that about two-thirds of subjects were willing to inflict what they believed were increasingly painful shocks on an innocent person when the experimenter told them to do so, even when the victim screamed and pleaded.
The legacy of Stanley Milgram, who died 24 years ago on December 20, reaches far beyond that initial round of experiments. Researchers have been working on the questions he posed for decades, and have not settled on a brighter vision of human obedience.
A new study to be published in the January issue of American Psychologist confirmed these results in an experiment that mimics many of Milgram's original conditions. This and other studies have corroborated the startling conclusion that the majority of people, when placed in certain kinds of situations, will follow orders, even if those orders entail harming another person.
"It's situations that make ordinary people into evil monsters, and it's situations that make ordinary people into heroes," said Philip Zimbardo, professor emeritus of psychology at Stanford University and author of "The Lucifer Effect: Understanding How Good People Turn Evil."
How Milgram's experiments worked
Milgram, who also came up with the theory behind "six degrees of separation" -- the idea that everyone is connected to everyone else through a small number of acquaintances -- set out to figure out why people would turn against their own neighbors in circumstances such as Nazi-occupied Europe. Referring to Nazi leader Adolf Eichmann, Milgram wrote in 1974, "Could it be that Eichmann and his million accomplices in the Holocaust were just following orders? Could we call them all accomplices?"
His experiment in its standard form included a fake shock machine, a "teacher," a "learner" and an experimenter in a laboratory setting. The participant was told that he or she had to teach the student to memorize a pair of words, and the punishment for a wrong answer was a shock from the machine.
The teacher sat in front of the shock machine, which had 30 levers, each corresponding to an additional 15 volts. With each mistake the student made, the teacher had to pull the next lever to deliver a more painful punishment.
While the machine didn't generate shocks and a recorded voice track simulated painful reactions, the teacher was led to believe that he or she was shocking a student, who screamed and asked to leave at higher voltages, and eventually fell silent.
If the teacher questioned continuing as instructed, the experimenter simply said, "The experiment requires that you go on," said Thomas Blass, author of the biography "The Man Who Shocked The World: The Life and Legacy of Stanley Milgram" and the Web site StanleyMilgram.com.
About 65 percent of participants pulled levers corresponding to the maximum voltage -- 450 volts -- in spite of the screams of agony from the learner.
"What the experiment shows is that the person whose authority I consider to be legitimate, that he has a right to tell me what to do and therefore I have obligation to follow his orders, that person could make me, make most people, act contrary to their conscience," Blass said.
An update
Because of revised ethical standards for human subject research, this kind of experiment cannot be replicated exactly. But Jerry Burger, professor of psychology at Santa Clara University in Santa Clara, California, made some tweaks to see if Milgram's results hold up today.
His study's design imitated Milgram's, even using the same scripts for the experimenter and suffering learner, but the key difference was that this experiment stopped at 150 volts -- when the learner starts asking to leave. In Milgram's experiment, 79 percent of participants who got to that point went all the way to the maximum shock, he said.
To eliminate bias from the fame of Milgram's experiment, Burger ruled out anyone who had taken two or more college-level psychology classes, and anyone who expressed familiarity with it in the debriefing. The "teachers" in this recent experiment, conducted in 2006, also received several reminders that they could quit whenever they wanted, unlike in Milgram's study.
The new results correlate well with Milgram's: 70 percent of the 40 participants were willing to continue after 150 volts, compared with 82.5 percent in Milgram's study -- a difference that is not statistically significant, Burger said.
Still, some psychologists quoted in the same issue of American Psychologist questioned how comparable this study is to Milgram's, given the differences in methods.
The idea of blind obedience isn't as important in these studies as the larger message about the power of the situation, Burger said. It's also significant that the participant begins with small voltages that increase in small doses over time.
"It's that gradual incremental nature that, as we know, is a very powerful way to change attitudes and behaviors," he said.
Stanford Prison Experiment
This idea of circumstances driving immoral behavior also came out in the Stanford Prison Experiment, a study done in 1971 that is the subject of a film in preproduction, written and directed by Christopher McQuarrie. Work on the film will resume in 2009 after McQuarrie's "Valkyrie" is released, his spokesperson said.
In this study, designed by Stanford's Zimbardo, two dozen male college students were randomly designated as either prison guards or prisoners, and lived in the basement of the university's psychology building playing these roles in their respective uniforms.
Within three days, participants had extreme stress reactions, Zimbardo said. The guards became abusive to the prisoners -- sexually taunting them, asking them to strip naked and demanding that they clean toilet bowls with their bare hands, Zimbardo said. Five prisoners had to be released before the study was over.
Zimbardo's own role illustrated his point: Because he took on the role of prison administrator, he became so engrossed in the jail system that he didn't stop the experiment as soon as this cruelty began, he said.
"If I were simply the principal experimenter, I would have ended it after the second kid broke down," he said. "We all did bad things in this study, including me, but it's diagnostic of the power situation."
Turning the principle around
But while ordinary people have the potential to do evil, they also have the power to do good. That's the subject of the Everyday Heroism project, a collection of social scientists, including Zimbardo, seeking to understand heroic activity -- an area in which almost no research has been done, he said.
Acts such as learning first aid, leading others to the exit in an emergency and encouraging family members to recycle are some heroic behaviors that Zimbardo seeks to encourage.
"Most heroes are everyday people who do a heroic deed once in their lifetime because they have to be in a situation of evil or danger," he said.
Links referenced within this article:
"The Lucifer Effect: Understanding How Good People Turn Evil."
StanleyMilgram.com
Watch an audio slide show for more on these experiments
Everyday Heroism
Psychology
Social and Behavioral Sciences
Read on CNN.com
Common sense may say no, but decades of research suggests otherwise.
In the early 1960s, a young psychologist at Yale began what became one of the most widely recognized experiments in his field. In the first series, he found that about two-thirds of subjects were willing to inflict what they believed were increasingly painful shocks on an innocent person when the experimenter told them to do so, even when the victim screamed and pleaded.
The legacy of Stanley Milgram, who died 24 years ago on December 20, reaches far beyond that initial round of experiments. Researchers have been working on the questions he posed for decades, and have not settled on a brighter vision of human obedience.
A new study to be published in the January issue of American Psychologist confirmed these results in an experiment that mimics many of Milgram's original conditions. This and other studies have corroborated the startling conclusion that the majority of people, when placed in certain kinds of situations, will follow orders, even if those orders entail harming another person.
"It's situations that make ordinary people into evil monsters, and it's situations that make ordinary people into heroes," said Philip Zimbardo, professor emeritus of psychology at Stanford University and author of "The Lucifer Effect: Understanding How Good People Turn Evil."
How Milgram's experiments worked
Milgram, who also came up with the theory behind "six degrees of separation" -- the idea that everyone is connected to everyone else through a small number of acquaintances -- set out to figure out why people would turn against their own neighbors in circumstances such as Nazi-occupied Europe. Referring to Nazi leader Adolf Eichmann, Milgram wrote in 1974, "Could it be that Eichmann and his million accomplices in the Holocaust were just following orders? Could we call them all accomplices?"
His experiment in its standard form included a fake shock machine, a "teacher," a "learner" and an experimenter in a laboratory setting. The participant was told that he or she had to teach the student to memorize a pair of words, and the punishment for a wrong answer was a shock from the machine.
The teacher sat in front of the shock machine, which had 30 levers, each corresponding to an additional 15 volts. With each mistake the student made, the teacher had to pull the next lever to deliver a more painful punishment.
While the machine didn't generate shocks and a recorded voice track simulated painful reactions, the teacher was led to believe that he or she was shocking a student, who screamed and asked to leave at higher voltages, and eventually fell silent.
If the teacher questioned continuing as instructed, the experimenter simply said, "The experiment requires that you go on," said Thomas Blass, author of the biography "The Man Who Shocked The World: The Life and Legacy of Stanley Milgram" and the Web site StanleyMilgram.com.
About 65 percent of participants pulled levers corresponding to the maximum voltage -- 450 volts -- in spite of the screams of agony from the learner.
"What the experiment shows is that the person whose authority I consider to be legitimate, that he has a right to tell me what to do and therefore I have obligation to follow his orders, that person could make me, make most people, act contrary to their conscience," Blass said.
An update
Because of revised ethical standards for human subject research, this kind of experiment cannot be replicated exactly. But Jerry Burger, professor of psychology at Santa Clara University in Santa Clara, California, made some tweaks to see if Milgram's results hold up today.
His study's design imitated Milgram's, even using the same scripts for the experimenter and suffering learner, but the key difference was that this experiment stopped at 150 volts -- when the learner starts asking to leave. In Milgram's experiment, 79 percent of participants who got to that point went all the way to the maximum shock, he said.
To eliminate bias from the fame of Milgram's experiment, Burger ruled out anyone who had taken two or more college-level psychology classes, and anyone who expressed familiarity with it in the debriefing. The "teachers" in this recent experiment, conducted in 2006, also received several reminders that they could quit whenever they wanted, unlike in Milgram's study.
The new results correlate well with Milgram's: 70 percent of the 40 participants were willing to continue after 150 volts, compared with 82.5 percent in Milgram's study -- a difference that is not statistically significant, Burger said.
Still, some psychologists quoted in the same issue of American Psychologist questioned how comparable this study is to Milgram's, given the differences in methods.
The idea of blind obedience isn't as important in these studies as the larger message about the power of the situation, Burger said. It's also significant that the participant begins with small voltages that increase in small doses over time.
"It's that gradual incremental nature that, as we know, is a very powerful way to change attitudes and behaviors," he said.
Stanford Prison Experiment
This idea of circumstances driving immoral behavior also came out in the Stanford Prison Experiment, a study done in 1971 that is the subject of a film in preproduction, written and directed by Christopher McQuarrie. Work on the film will resume in 2009 after McQuarrie's "Valkyrie" is released, his spokesperson said.
In this study, designed by Stanford's Zimbardo, two dozen male college students were randomly designated as either prison guards or prisoners, and lived in the basement of the university's psychology building playing these roles in their respective uniforms.
Within three days, participants had extreme stress reactions, Zimbardo said. The guards became abusive to the prisoners -- sexually taunting them, asking them to strip naked and demanding that they clean toilet bowls with their bare hands, Zimbardo said. Five prisoners had to be released before the study was over.
Zimbardo's own role illustrated his point: Because he took on the role of prison administrator, he became so engrossed in the jail system that he didn't stop the experiment as soon as this cruelty began, he said.
"If I were simply the principal experimenter, I would have ended it after the second kid broke down," he said. "We all did bad things in this study, including me, but it's diagnostic of the power situation."
Turning the principle around
But while ordinary people have the potential to do evil, they also have the power to do good. That's the subject of the Everyday Heroism project, a collection of social scientists, including Zimbardo, seeking to understand heroic activity -- an area in which almost no research has been done, he said.
Acts such as learning first aid, leading others to the exit in an emergency and encouraging family members to recycle are some heroic behaviors that Zimbardo seeks to encourage.
"Most heroes are everyday people who do a heroic deed once in their lifetime because they have to be in a situation of evil or danger," he said.
Links referenced within this article:
"The Lucifer Effect: Understanding How Good People Turn Evil."
StanleyMilgram.com
Watch an audio slide show for more on these experiments
Everyday Heroism
Psychology
Social and Behavioral Sciences
Read on CNN.com
I'd like to put in a bid for that Illinois Senate seat...
The Lateshow with David Letterman
Seen on MSNBC's Zeitgeist
Bush, the dog and other news...
Seen on MSNBC's Zeitgeist
Found on YouTube
Latin leaders joke about Bush shoe attack
Reuters
updated 5:20 p.m. ET Dec. 17, 2008
COSTA DO SAUIPE, Brazil - Latin American leaders meeting in Brazil this week couldn't resist poking fun at U.S. President George W. Bush over his recent shoe-throwing incident in Iraq.
"Please, nobody take off your shoes," Brazilian President Luiz Inacio Lula da Silva joked to reporters at the start of a news conference on Wednesday.
An Iraqi journalist had hurled his shoes at Bush at a news conference in Baghdad on Sunday, calling him a dog.
"In this heat, if anybody takes off their shoes, we'll know right away because of the smell," quipped Lula, reaping laughter from reporters and politicians alike.
Earlier in the day, Lula threatened to throw a shoe at Venezuelan President Hugo Chavez, Bush's fiercest critic in Latin America, if the long-winded leftist leader spoke beyond his allotted time.
Officials from 33 Latin American and Caribbean countries burst into laughter at the summit meeting, which showcased the region's growing independence from Washington and welcomed Communist-run Cuba for the first time.
Even Cuban President Raul Castro, on his first trip abroad since taking over from his ailing brother Fidel earlier this year, was overheard taking a stab at Bush over the shoe affair.
Read at MSNBC.com
Played at Bush's Boot Camp
Other Bush Shoe Throwing Games:
Bush Shoe Throwing Game
Can YOU Throw a Shoe at Bush?
Sock and Awe
Found on Google
Before and After: Beyoncé, that was B-rilliant!
Beyoncé - Single Ladies (Put a Ring on It)
"Single Ladies (Put a Ring on It)" Fan Video
Seen on Perez Hilton
Saturday Night Live "Single Ladies (Put a Ring on It)" Parody
Found on Moshcalifar and Moş Călifar
Friday, December 12, 2008
Thursday, December 11, 2008
Human Rights Day (a day late...)
Found by accident on Youtube
The Universal Declaration of Human Rights
Adopted and proclaimed by General Assembly resolution 217 A (III) of 10 December 1948
On December 10, 1948 the General Assembly of the United Nations adopted and proclaimed the Universal Declaration of Human Rights the full text of which appears in the following pages. Following this historic act the Assembly called upon all Member countries to publicize the text of the Declaration and "to cause it to be disseminated, displayed, read and expounded principally in schools and other educational institutions, without distinction based on the political status of countries or territories."
PREAMBLE
Whereas recognition of the inherent dignity and of the equal and inalienable rights of all members of the human family is the foundation of freedom, justice and peace in the world,
Whereas disregard and contempt for human rights have resulted in barbarous acts which have outraged the conscience of mankind, and the advent of a world in which human beings shall enjoy freedom of speech and belief and freedom from fear and want has been proclaimed as the highest aspiration of the common people,
Whereas it is essential, if man is not to be compelled to have recourse, as a last resort, to rebellion against tyranny and oppression, that human rights should be protected by the rule of law,
Whereas it is essential to promote the development of friendly relations between nations,
Whereas the peoples of the United Nations have in the Charter reaffirmed their faith in fundamental human rights, in the dignity and worth of the human person and in the equal rights of men and women and have determined to promote social progress and better standards of life in larger freedom,
Whereas Member States have pledged themselves to achieve, in co-operation with the United Nations, the promotion of universal respect for and observance of human rights and fundamental freedoms,
Whereas a common understanding of these rights and freedoms is of the greatest importance for the full realization of this pledge,
Now, Therefore THE GENERAL ASSEMBLY proclaims THIS UNIVERSAL DECLARATION OF HUMAN RIGHTS as a common standard of achievement for all peoples and all nations, to the end that every individual and every organ of society, keeping this Declaration constantly in mind, shall strive by teaching and education to promote respect for these rights and freedoms and by progressive measures, national and international, to secure their universal and effective recognition and observance, both among the peoples of Member States themselves and among the peoples of territories under their jurisdiction.
Article 1.
All human beings are born free and equal in dignity and rights.They are endowed with reason and conscience and should act towards one another in a spirit of brotherhood.
Article 2.
Everyone is entitled to all the rights and freedoms set forth in this Declaration, without distinction of any kind, such as race, colour, sex, language, religion, political or other opinion, national or social origin, property, birth or other status. Furthermore, no distinction shall be made on the basis of the political, jurisdictional or international status of the country or territory to which a person belongs, whether it be independent, trust, non-self-governing or under any other limitation of sovereignty.
Article 3.
Everyone has the right to life, liberty and security of person.
Article 4.
No one shall be held in slavery or servitude; slavery and the slave trade shall be prohibited in all their forms.
Article 5.
No one shall be subjected to torture or to cruel, inhuman or degrading treatment or punishment.
Article 6.
Everyone has the right to recognition everywhere as a person before the law.
Article 7.
All are equal before the law and are entitled without any discrimination to equal protection of the law. All are entitled to equal protection against any discrimination in violation of this Declaration and against any incitement to such discrimination.
Article 8.
Everyone has the right to an effective remedy by the competent national tribunals for acts violating the fundamental rights granted him by the constitution or by law.
Article 9.
No one shall be subjected to arbitrary arrest, detention or exile.
Article 10.
Everyone is entitled in full equality to a fair and public hearing by an independent and impartial tribunal, in the determination of his rights and obligations and of any criminal charge against him.
Article 11.
(1) Everyone charged with a penal offence has the right to be presumed innocent until proved guilty according to law in a public trial at which he has had all the guarantees necessary for his defence.
(2) No one shall be held guilty of any penal offence on account of any act or omission which did not constitute a penal offence, under national or international law, at the time when it was committed. Nor shall a heavier penalty be imposed than the one that was applicable at the time the penal offence was committed.
Article 12.
No one shall be subjected to arbitrary interference with his privacy, family, home or correspondence, nor to attacks upon his honour and reputation. Everyone has the right to the protection of the law against such interference or attacks.
Article 13.
(1) Everyone has the right to freedom of movement and residence within the borders of each state.
(2) Everyone has the right to leave any country, including his own, and to return to his country.
Article 14.
(1) Everyone has the right to seek and to enjoy in other countries asylum from persecution.
(2) This right may not be invoked in the case of prosecutions genuinely arising from non-political crimes or from acts contrary to the purposes and principles of the United Nations.
Article 15.
(1) Everyone has the right to a nationality.
(2) No one shall be arbitrarily deprived of his nationality nor denied the right to change his nationality.
Article 16.
(1) Men and women of full age, without any limitation due to race, nationality or religion, have the right to marry and to found a family. They are entitled to equal rights as to marriage, during marriage and at its dissolution.
(2) Marriage shall be entered into only with the free and full consent of the intending spouses.
(3) The family is the natural and fundamental group unit of society and is entitled to protection by society and the State.
Article 17.
(1) Everyone has the right to own property alone as well as in association with others.
(2) No one shall be arbitrarily deprived of his property.
Article 18.
Everyone has the right to freedom of thought, conscience and religion; this right includes freedom to change his religion or belief, and freedom, either alone or in community with others and in public or private, to manifest his religion or belief in teaching, practice, worship and observance.
Article 19.
Everyone has the right to freedom of opinion and expression; this right includes freedom to hold opinions without interference and to seek, receive and impart information and ideas through any media and regardless of frontiers.
Article 20.
(1) Everyone has the right to freedom of peaceful assembly and association.
(2) No one may be compelled to belong to an association.
Article 21.
(1) Everyone has the right to take part in the government of his country, directly or through freely chosen representatives.
(2) Everyone has the right of equal access to public service in his country.
(3) The will of the people shall be the basis of the authority of government; this will shall be expressed in periodic and genuine elections which shall be by universal and equal suffrage and shall be held by secret vote or by equivalent free voting procedures.
Article 22.
Everyone, as a member of society, has the right to social security and is entitled to realization, through national effort and international co-operation and in accordance with the organization and resources of each State, of the economic, social and cultural rights indispensable for his dignity and the free development of his personality.
Article 23.
(1) Everyone has the right to work, to free choice of employment, to just and favourable conditions of work and to protection against unemployment.
(2) Everyone, without any discrimination, has the right to equal pay for equal work.
(3) Everyone who works has the right to just and favourable remuneration ensuring for himself and his family an existence worthy of human dignity, and supplemented, if necessary, by other means of social protection.
(4) Everyone has the right to form and to join trade unions for the protection of his interests.
Article 24.
Everyone has the right to rest and leisure, including reasonable limitation of working hours and periodic holidays with pay.
Article 25.
(1) Everyone has the right to a standard of living adequate for the health and well-being of himself and of his family, including food, clothing, housing and medical care and necessary social services, and the right to security in the event of unemployment, sickness, disability, widowhood, old age or other lack of livelihood in circumstances beyond his control.
(2) Motherhood and childhood are entitled to special care and assistance. All children, whether born in or out of wedlock, shall enjoy the same social protection.
Article 26.
(1) Everyone has the right to education. Education shall be free, at least in the elementary and fundamental stages. Elementary education shall be compulsory. Technical and professional education shall be made generally available and higher education shall be equally accessible to all on the basis of merit.
(2) Education shall be directed to the full development of the human personality and to the strengthening of respect for human rights and fundamental freedoms. It shall promote understanding, tolerance and friendship among all nations, racial or religious groups, and shall further the activities of the United Nations for the maintenance of peace.
(3) Parents have a prior right to choose the kind of education that shall be given to their children.
Article 27.
(1) Everyone has the right freely to participate in the cultural life of the community, to enjoy the arts and to share in scientific advancement and its benefits.
(2) Everyone has the right to the protection of the moral and material interests resulting from any scientific, literary or artistic production of which he is the author.
Article 28.
Everyone is entitled to a social and international order in which the rights and freedoms set forth in this Declaration can be fully realized.
Article 29.
(1) Everyone has duties to the community in which alone the free and full development of his personality is possible.
(2) In the exercise of his rights and freedoms, everyone shall be subject only to such limitations as are determined by law solely for the purpose of securing due recognition and respect for the rights and freedoms of others and of meeting the just requirements of morality, public order and the general welfare in a democratic society.
(3) These rights and freedoms may in no case be exercised contrary to the purposes and principles of the United Nations.
Article 30.
Nothing in this Declaration may be interpreted as implying for any State, group or person any right to engage in any activity or to perform any act aimed at the destruction of any of the rights and freedoms set forth herein.
Found on Human Rights Action Center and United Nations
Tuesday, December 9, 2008
I just want to be bothered with real love
Shout Out Louds - Tonight I Have to Leave It
Seen live at Concertos@Optimus, Aula Magna, Lisbon (March 2008)
Throw the Blackberry away and enjoy life
So long, suckers. Millionaire hedge fund boss thanks 'idiot' traders and retires at 37
Andrew Clark in New York
The Guardian, Saturday October 18 2008
The boss of a successful US hedge fund has quit the industry with an extraordinary farewell letter dismissing his rivals as over-privileged "idiots" and thanking "stupid" traders for making him rich.
Andrew Lahde's $80m Los Angeles-based firm Lahde Capital Management in Los Angeles made a huge return last year by betting against subprime mortgages.
Yesterday the 37-year-old told his clients that he had hated the business and had only been in it for the money. And after declaring he would no longer manage money for other people, because he had enough of his own, Lahde said that instead he intended to repair his stress-damaged health; he made it clear he would not miss the financial world.
"The low-hanging fruit, ie idiots whose parents paid for prep school, Yale and then the Harvard MBA, was there for the taking," he wrote. "These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government," he said.
"All of this behaviour supporting the aristocracy only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America."
Lahde became one of the biggest names in the investment industry when one of his funds produced a return of 866% last year, largely by forecasting the US home loans industry would collapse.
In his farewell letter, which concluded with an appeal for the legalisation of marijuana, Lahde said he was happy with his rewards and did not envy those who had made even more money.
"I will let others try to amass nine, 10 or 11 figure net worths. Meanwhile, their lives suck," he wrote, citing a life of back-to-back business appointments relieved only by a two-week annual holiday in which financiers are still "glued to their Blackberries".
Lahde's retirement came amid an implosion among the hedge fund industry - some 350 of the funds have liquidated this year, according to Hedge Fund Research.
His final words of advice? "Throw the Blackberry away and enjoy life."
Link to article found on a friend's Facebook profile.
Andrew Lahde's goodbye letter found on The Big Picture and on Portfolio.com
Andrew Clark in New York
The Guardian, Saturday October 18 2008
The boss of a successful US hedge fund has quit the industry with an extraordinary farewell letter dismissing his rivals as over-privileged "idiots" and thanking "stupid" traders for making him rich.
Andrew Lahde's $80m Los Angeles-based firm Lahde Capital Management in Los Angeles made a huge return last year by betting against subprime mortgages.
Yesterday the 37-year-old told his clients that he had hated the business and had only been in it for the money. And after declaring he would no longer manage money for other people, because he had enough of his own, Lahde said that instead he intended to repair his stress-damaged health; he made it clear he would not miss the financial world.
"The low-hanging fruit, ie idiots whose parents paid for prep school, Yale and then the Harvard MBA, was there for the taking," he wrote. "These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government," he said.
"All of this behaviour supporting the aristocracy only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America."
Lahde became one of the biggest names in the investment industry when one of his funds produced a return of 866% last year, largely by forecasting the US home loans industry would collapse.
In his farewell letter, which concluded with an appeal for the legalisation of marijuana, Lahde said he was happy with his rewards and did not envy those who had made even more money.
"I will let others try to amass nine, 10 or 11 figure net worths. Meanwhile, their lives suck," he wrote, citing a life of back-to-back business appointments relieved only by a two-week annual holiday in which financiers are still "glued to their Blackberries".
Lahde's retirement came amid an implosion among the hedge fund industry - some 350 of the funds have liquidated this year, according to Hedge Fund Research.
His final words of advice? "Throw the Blackberry away and enjoy life."
Link to article found on a friend's Facebook profile.
Saturday, December 6, 2008
Senhor, falta cumprir-se Portugal.
O INFANTE
Deus quer, o homem sonha, a obra nasce.
Deus quis que a terra fosse toda uma,
Que o mar unisse, já não separasse.
Sagrou-te, e foste desvendando a espuma,
E a orla branca foi de ilha em continente,
Clareou, correndo, até ao fim do mundo,
E viu-se a terra inteira, de repente,
Surgir, redonda, do azul profundo.
Quem te sagrou criou-te português,
Do mar e nós em ti nos deu sinal.
Cumpriu-se o Mar, e o Império se desfez.
Senhor, falta cumprir-se Portugal.
Fernando Pessoa
Seen on a friend's MSN nick and found on Poeta Salutor
Before and After: But my will gets weak and my thoughts seem to scatter
Don Henley - The Heart of the Matter
India Arie - The Heart of the Matter (cover)
Heard on "Brothers & Sisters"
Barack Obama
"We need to internalize this idea of excellence. Not many folks spend a lot of time trying to be excellent."
"Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek."
"Focusing your life solely on making a buck shows a certain poverty of ambition. It asks too little of yourself. Because it's only when you hitch your wagon to something larger than yourself that you realize your true potential."
"If we aren't willing to pay a price for our values, then we should ask ourselves whether we truly believe in them at all."
"We have a stake in one another … what binds us together is greater than what drives us apart, and ... if enough people believe in the truth of that proposition and act on it, then we might not solve every problem, but we can get something meaningful done for the people with whom we share this Earth."
"Making your mark on the world is hard. If it were easy, everybody would do it. But it's not. It takes patience, it takes commitment, and it comes with plenty of failure along the way. The real test is not whether you avoid this failure, because you won't. it's whether you let it harden or shame you into inaction, or whether you learn from it; whether you choose to persevere."
"Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek."
"Focusing your life solely on making a buck shows a certain poverty of ambition. It asks too little of yourself. Because it's only when you hitch your wagon to something larger than yourself that you realize your true potential."
"If we aren't willing to pay a price for our values, then we should ask ourselves whether we truly believe in them at all."
"We have a stake in one another … what binds us together is greater than what drives us apart, and ... if enough people believe in the truth of that proposition and act on it, then we might not solve every problem, but we can get something meaningful done for the people with whom we share this Earth."
"Making your mark on the world is hard. If it were easy, everybody would do it. But it's not. It takes patience, it takes commitment, and it comes with plenty of failure along the way. The real test is not whether you avoid this failure, because you won't. it's whether you let it harden or shame you into inaction, or whether you learn from it; whether you choose to persevere."
Barack Obama
Found on Brainy Quote and Barack Obama.net
Where the hell is Matt?
Matt Harding - Dancing 2005
Matt Harding - Dancing 2008
Don't remember where I found this...