Trading is like being married. It is a contract between an ego and a lifestyle that starts out on the right tracks but can often lead to a hatred of that Bloomberg or Reuters screen and turns into a nasty love hate scenario what-if denial depression. My divorce started at the beginning of this month and my first and only love has been sold on. I sold out and now my soul is selling out too.
My brain is struggling to cope. It is used to constant stimulation. News, market data, lunches and email avalanches. Today it is going to sleep and it is not pleasant. I have never slept more than 6 hours and I am losing an extra 2 hours a day to the sandman. This is not right. I am turning into a welfare addict, a human being who has no responsibility.
Roll on next year when I can get back into the game. Leisure is not what it is cracked up to be.
HEDGE FUNDS GAIN CLOUT ON CAPITOL HILL
To gain that clout, industry leaders are using a congressman-turned-lobbyist, a major increase in campaign donations and a strategy that relies heavily on advancing their own reform ideas, making them active players in the legislative process and perhaps staving off more rigorous regulation measures.
Just like Investment Bankers, we have learned to lobby and lobby hard. If it involves lunches, then I am in.
DUE DILIGENCE KEY TO HEDGE FUND INVESTING
Hasn’t it always been? Well I guess Optimal, UBP, et al thought they knew what they were doing but as usual checking an AIMA DDQ is not really DD is it? DD is having a decent lunch and touching and feeling your hedgie.
A LOOK AT THE HEDGE FUND CHIEF ACCUSED OF FRAUD
While he was born in Sri Lanka, Mr. Rajaratnam, founder of the hedge fund Galleon Group, studied engineering at the University of Sussex in England and earned a business degree from the Wharton School, University of Pennsylvania in 1983. He started his career as a lending officer in the technology group at Chase Manhattan Bank before becoming an electronic analyst at Needham & Company, the boutique investment bank.
I wonder how many others didn’t carry out a proper DD on Galleon? Unfortunately Inside Trading is a tricky one to catch. My theory is to be wary of those with the letter “J” in their names. You know, Jabre, The Junk Bond King, Rajaratnam ….
CALIF. BANK BECOMES 99TH IN US TO BE SHUT IN 2009
The FDIC said Friday the bank’s deposits will be assumed by Citizens Business Bank, based in Ontario, Calif. Its five branches will reopen Monday as branches of Citizens Business Bank.
Some banks are just too small to survive. Big is best. We all want monopolies and banks with large middle fingers.
EU HEDGIE BILL TO COST £2.9BN
The study, conducted by Charles River Associates for City watchdog the FSA, also said the affected firms would be hit with annual costs of around €311m.
The EU is planning to force fund managers to sign up to a costly registration and disclosure regime, and to adhere to caps on leverage.
We are not worried. Its your Private Equity and Real Estate girls and boys who are worried. What is the point? Yes, to create jobs in Ireland and Malta at the expense of London and hit Investors with more costs. Not that the FSA are bothered – its more regulation work for them.