There are limitations to what we can learn from the past, if the world has changed or the Eurozone is special. The Eurozone is special because individual countries cannot count on the central bank acting as lender of last resort to the sovereign. This makes self-fulfilling crises possible, since high spreads (say because of an expectation of Eurozone breakup) make sovereign defaults more likely.
Category: Management
Dick Fuld In Exile
For instance, last September, when Clare Baldwin, an enterprising freelance reporter for Reuters, rang the front gate at his property near Sun Valley, Idaho, to get an interview – still the only one he has granted since Lehman’s demise – the first words out of Fuld’s mouth when he saw her were, “You don’t have a gun. That’s good.”
What Happens To Stolen Bicycles
Bike thievery is essentially a risk-free crime. If you were a criminal, that might just strike your fancy. If Goldman Sachs didn’t have more profitable market inefficencies to exploit, they might be out there arbitraging stolen bikes.
The Disciplined Pursuit of Less
If success is a catalyst for failure because it leads to the “undisciplined pursuit of more,” then one simple antidote is the disciplined pursuit of less. Not just haphazardly saying no, but purposefully, deliberately, and strategically eliminating the nonessentials.
