anecdotes

“Tell you one thing that helps me take risk,” grunted Bulldog, wandering around Greenwich, his wild pack barking in the background. “We feed off each other,” continued one of the industry’s largest, most profitable risk-takers. They roam far and wide, scratching, sniffing. Until one picks up a scent. Then they race off, competing to be fastest, biggest. “Most people wait for prices to really move their way before get

“This is somewhat of an oxymoron,” I admitted, sliding into the world of contradiction as easily as slipping on a pair of old jeans. We were discussing portfolio construction using inexpensive volatility. Which is something we do. But of course, the funny thing about volatility is that it only ever feels cheap when it’s expensive and falling. Which lures punters into the market to pick a low. Who then suffer the deca

“Perhaps that’s what’s going on,” said the central banker, an inquisitive fella, open minded, intrigued by uncertainty. So rather than discussing what we already know, we focused on perplexing puzzles. Like why, in year-six of zero rates and bodacious central bank balance sheets, global growth and inflation still surprise on the downside. “What if what looked like a good economy in 2005 was actually just horrible ove

“I’ve made peace with it,” he said, without emotion. Yet I knew how the admission ate at him. As the Occupy movement emerged from the 2008 crisis, he described with eager optimism his hope for greater justice, equality. He grew up poor, made his way to our finest engineering university, and earned a position atop Wall Street’s proprietary trading elite; standing as testimony to the productive power unleashed by hard

“Nothing’s gonna happen Daddy, you’ll see,” said Teddy, my 9yr old. “Spots isn’t hungry, just look, you can tell,” he warned. So we peered into the glass tank, filled with hot sand, plastic cacti. Plus Spots of course; as menacing a Leopard Gecko as I’ve ever seen, though admittedly, I’ve only seen one. Now, I lack patience. Which may be more nature than nurture; but being rather too close to the subject to gain prop

“We’ve entered the world of How Long,” he said. “And left the world of If.” Which is a killer way to start an evening. Diving right in. Skipping small stuff. So I ordered a round. Not wondering if it’d be the last, but unsure how long we’d be drinking. He’s a brilliant investor. Who wandered West. To California. The future. Which is what we usually discuss. Innovation. Disruption. Singularity. But this evening we tal

Charlie didn’t say a word. Nor did I. We just walked across the field. Together. He on my shoulders, riding high. And I imagined his beatific expression. I couldn’t see it, I felt it. I felt so many things. There are moments without which life would seem somehow unlived. Like when your child first opens his eyes, and meets yours. For an infinite moment. Or when someone reaches for your hand, closes her eyes, and sque

“Should have known what to expect,” he said, laughing at his own idiocy. “When you move into a house filled with 19yr old derelict degenerates, there’s no going to sleep early.” But refusing to cut and run, he traded out of the position. “I figured if these morons were going to keep me up till 2am listening to Pearl Jam, they were going have to pay.” So he started a casino in the frat-house basement. That stank of st

Harry lived fast. Furiously. And though I can’t honestly say I loved him, I loved how much Teddy did. You see, my son feels passionately for all creatures. So our balance sheet grows ever larger; cats, dogs, lizards, butterflies, fish and frogs. Harry wasn’t his first hamster. Nor I’m afraid will he be his last. Harriet came first. Arriving on Santa’s sleigh. But on Boxing Day, she went for a wander. “Snap!” A brief