FOMC members were split on balancing the potential need for more monetary stimulus against inflation fears, with most members viewing current inflation levels as temporary and driven by energy prices. The minutes sum up the debate on additional easing:
Continue reading »
magic
Hedge Fund Manager Eric Rosenfeld’s Children’s Book About Asses Also Has An Economics Lesson Found Within
By Bess Levin
Yesterday we discussed Mrs. Buttkiss, the story of a woman with a “huge” ass, a dirty little secret, and what happens one day when she lets it out in the fruit aisle of a grocery store. Mrs. Buttkiss and The Big Surprise isn’t just any old children’s book about asses but one conceived of by Crescendo Partners founder Eric Rosenfeld, whose tale of asses and the magic they hold had been brewing for over ten years. (For those of you not up to speed on the storyline, see my summary in comments 52, 55, and 57 here). It’s also one of the few books you can currently purchase that comes with a free whoppie cushion. We had a little chat with the auteur, who claims to have no calls on FDP, about his process.
Is this an allegory for the financial crisis? Bubbles, etc?
A lot of people seem to think that but I came up with the story ten years ago, way before the financial crisis.
Ten years ago the seeds were already being sown. A bunch of Alan Greenspan’s friends knew what was happening. It definitely could’ve been about the crisis.
That wasn’t the original intent but it’s fine with me if people want to think about it that way.
Is it about LTCM?
That’s a different Eric Rosenfeld who worked there.
It could still be about John Meriwether. His gastroenterologist loves to talk. Anyway…you said you came up with this story when you were putting your kids to bed. What happened that night that this was the story you came up with?
I was just trying to make up a story I thought they’d like.
Kids like this sort of thing?
Oh yeah. Kids ages 2-12 think it’s hilarious. What did you think of it? Continue reading »
When you’re a big time hedge fund manager, it’s important to have outlets through which to blow off the stress of the markets. Some buy art. Some play golf. Others fuck hookers. A very small group write books, usually related to what they do all day. Crescendo Partners founder Eric Rosenfeld knew he wanted to add author to his list of occupations but he wasn’t much interested in talking about the money making game. He wanted to tell a richer, more meaningful story. A story about a woman with a huge ass, and a dirty little secret. Continue reading »
A few weeks ago I told you to mark your calendars for the social event of the year. At the time I said it was the SAC Capital Giant Balloon Inflation Party. I lied. The balloon blowing is still going on (this Saturday in fact) but it is not the extravaganza you need to drop all previously made plans for. Do you know what’s going to happen on December 8th? I don’t think you do otherwise you’d be working yourselves into a frenzy along with me. I’m not even sure you’re fully prepared for what I’m about to lay on your asses and you probably never will be so I’m just going to say it now: STEVE COHEN MAGIC NIGHT. And when I say “STEVE COHEN MAGIC NIGHT” I mean it in two ways. First, Steve Cohen, the magician. Second, Steve Cohen, the man who makes the world a more magical place by simply existing. That’s right–doubly penetrated by magical SC’s.
Outsiders probably think in-depth research and a top notch ability to get information first was the “edge” that Galleon “pressured” traders and analysts to go after in their pursuit of big returns but based on the outbursts of one of the firm’s top employees? Kinda sounds like the fund was also keenly aware of the importance of rubbing rabbit feet and finding four-leaf clovers before executing trades, as well as the perils of allowing black cats to run amuck on the floor.
According to the Journal senior trader Leon Shaulov (previously employed with Sagamore Hill Capital and Goldman Sachs), and not Rajaratnam, was the guy you didn’t want to cross if you came into the office without the good stuff. Shaulov would verbally abuse those who couldn’t get enough material non-public information to make a buck, which seems standard. Who doesn’t do that? What really got Leo’s goat, however, apparently had nothing to do with people slacking on fact-finding missions. What set Shaulov off was jerk-offs who brought (actual) curses on the House of Galleon.
Someone at BusinessWeek recently decided that short sellers are hot, and something should be done to acknowledge that hotness beyond staring into the dreamy eyes of (a picture of) David EinPorn and self-gratifying. But it’s hard to write an article with only one hand so they went with a slideshow instead. It’s called “The Wizards of Short Selling,” which is apt because while long investing involves diligent research and fundamental analysis, short selling involves immersing oneself in the dark arts and sacrificing live goats following a bestial ceremony.
All the usual suspects are there (a group of people who, when the moon is full, show up to their respective trading floors in full attire, i.e. robes and those pointy hats with the stars). You’ve got your Tice, you’re got your Paulson, you’ve got your Einhorn, you’ve got your Ackman, and of course you’ve got your Chanos. Additionally, you’ve got your deceased Winslow Jones, who is often summoned in candle-lit Ouija board sessions. Sadly, a few pretty important names o’ the short selling game were left off the list, which we’ve taken the liberty of including after the jump.
But this time it’s serious. ‘Member those sweet limited edition BSC playing cards we told you about the other day? Commemorating Ace Greenberg’s March 8, 1999 50th anniversary with the firm? Bearing his face and money shot of the trademark bowtie? Ringing any bells? Anyway, it was the absolute best piece of Bear memorabilia on the auction block, second only to the wiccan CEO’s Little Book Of Magic. Which is why some twerp (who outbid us) put up $61 in exchange for the deck. Now, however, said twerp informs us that the seller “is MIA, and hence we can’t complete the deal. He/she was also selling a Bear Stearns football, which we also bid on and won. Needless to say we are more than mildly annoyed at not having our hands on these.”
Earlier: Highest Bidder Will Also Receive 2 20-Minute Magic Lessons, On The House
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
