‘‘Woulda coulda shoulda,’’ he said. ‘‘Obviously I wish I’d shorted a bunch of shares but that’s the bane of the portfolio manager: never happy.”
Author: Edouard Chazal
Robots On Wall Street ?
As automation in financial services grows, computers and algorithms have taken on some of the traditional work of traders, clerks and financial advisers. Now, a host of startups that use artificial intelligence to write news stories and other reports have set their sights on writing work at banks and financial-service companies.
The Bloomberg Terminal : Inside The Esoteric Ecosystem That Keeps Finance Hooked
Even high culture has acknowledged its status. Last week the Smithsonian’s National Museum of American History started displaying the old Bloomberg keyboard of bond market legend Bill Gross as part of its “American Enterprise” exhibition.
For bankers, traders and money managers, these examples of the terminal’s ubiquity are entirely unsurprising, with many admitting a near-addiction. “I genuinely don’t know how I’d manage without the terminal,” says Matt Russell, a fund manager at M&G Investments in London. “It’s quite sad, really.”
Europe Should Welcome Greece’s Vote
In reality, both Greece and the rest of the eurozone should treat the Greek vote as an opportunity to rethink the malfunctioning euro project. They can find a common interest in making it as painless as possible for Greece to leave the euro — both to lessen the suffering of ordinary Greek people and to establish a model that other countries might be able to follow in the future. For Greece is not the only country struggling to cope with a currency union. The current crisis could be a chance to show there are ways out of the euro that could benefit all sides — those that leave the currency union and those that stay.
Thomas Piketty : “Germany Has Never Repaid.”
ZEIT: So you’re telling us that the German Wirtschaftswunder [“economic miracle”] was based on the same kind of debt relief that we deny Greece today?
Piketty: Exactly. After the war ended in 1945, Germany’s debt amounted to over 200% of its GDP. Ten years later, little of that remained: public debt was less than 20% of GDP. Around the same time, France managed a similarly artful turnaround. We never would have managed this unbelievably fast reduction in debt through the fiscal discipline that we today recommend to Greece. Instead, both of our states employed the second method with the three components that I mentioned, including debt relief. Think about the London Debt Agreement of 1953, where 60% of German foreign debt was cancelled and its internal debts were restructured.
