Stories are the lifeblood of the human experience. We not only love stories, we need them to add meaning to our existence. As Joseph Campbell suggests in his classic The Hero with a Thousand Faces, we rely on myths to…Read more

In 1982, a year before Madoff opened his London office, Cohn’s floor trading firm, Cohn, Delaire & Kaufman, was bought by a big London Stock Exchange trading firm, Akroyd & Smithers. For a while, Cohn stayed on as chairman and…Read more

Economic indicators are often tied with inflation. One reason for this is that inflation strongly influences the level of interest rates, which impact the stability of the economy. Some are also linked with production or foreign trade, both of which…Read more

Brace yourself,” Buffett said, with a sly grin. He was sitting in a Manhattan living room on a spring morning with one of his dearest and oldest friends, Carol Loomis. A New York Times best-selling author and an award-winning journalist,…Read more

Conventional wisdom generally holds that currency internationalization must add to the power of the state that issues it. As Susan Strange put it years ago: “It is highly probable that any state economically strong enough to possess [an international money]…Read more

As recently as a decade ago the prevailing view was also that great wealth trickled downward—that the rich made investments in jobs and growth that benefited all of us. So even if we doubted that we ourselves would be wealthy,…Read more

Backtest, v. and n.: To comb through financial databases to determine which investing or trading techniques would have worked the best if anyone had known about them at the time. Many asset managers then use the back-tests as a way…Read more

Protests were a way of life in Greece. Occasionally Athens’s collective outbursts turned violent as anarchists and the few remaining communists protested what they saw as their government’s domination by others.  On May 5, 2010, the radicals were venting their…Read more

If there was one thing that tempered my worries about getting stuck in the back office, it was that Morgan Stanley in those days offered a number of classes on the business at its headquarters. If you were willing, there…Read more