CEOs and financiers were desperate to answer that question, for during those years of high productivity and low wages, immense profits and “returns” kept accumulating in brokerage accounts and banks. But a bank can’t keep its money in the bank. Under the pressure of those swelling piles of capital, the answer they offered to worker-consumers like Duane was: instead of paying you enough to buy what you produce, we’ll lend you the money.
Author: Edouard Chazal
When David Einhorn Talks, Markets Listen—Usually
Einhorn’s youthful persona—his boyish looks, his habit of bringing his parents to public speaking events, his tendency to litter PowerPoint slides with cartoons and animal pictures—helps to obscure that he’s already lived through much of the textbook life cycle of the superstar hedge fund manager. Impossibly smart at a young age, he hung his own shingle at 27, then made billions for his clients by discovering the one investing strategy that he was extremely good at—producing fanatical levels of research and unapologetically embracing the short sale—and doing it over and over again.
To Succeed in Work and Life, Be Mr. T
A T-shaped man has two characteristics. First, he has a depth of knowledge and a focused expertise in one skill or discipline. This characteristic is represented by the vertical stroke of the T. Second, he has an interest in and a willingness to use a broad range of skills and disciplines outside his area of expertise. This characteristic is represented by the horizontal stroke of the T. A T-shaped man is, in short, a jack-of-all-trades, but a master of one.
How Machiavelli Saved My Family
A stable and safe home? Full of happy and prosperous subjects? It sounded like a worthy goal, not just for a prince but for a parent too. Maybe I could use Machiavelli’s rules to help me reclaim my own kingdom.
The Bitcoin Bubble and the Future of Currency
Volatility is a serious problem, if you’re trying to put together a currency, rather than a vehicle for financial speculation. If the currency of a country ever fluctuated as much as bitcoins did, it would never be taken seriously as a medium of exchange: how are you meant to do business in a place where an item costing one unit of currency is worth $10 one day and $20 the next? Currencies need a modicum of stability; indeed, one of the main selling points of bitcoin was that it couldn’t be destabilized by government institutions. But that comes as scant comfort to people watching the value of a bitcoin behave like some kind of demented internet stock during the dot-com bubble.
In reality, then, bitcoin doesn’t really behave like a currency at all. In terms of its market value, it looks much more like a highly-volatile commodity. That’s by design: bitcoins were created to be the most fungible commodity the world had ever seen – to the point at which they would effectively erase the distinction between a commodity and a currency.
