Monday, February 6, 2012


I just red FIASCO. Wonderful book - dated (1990s) but oddly still very relevant. Substitute some words and we could be describing the 2008 crisis.
The author, in 3 short years, went through a lot of the Wall Street jazz and it's sorry how books like this are ignored so easily. It clearly outlines some of the basic reasons why people make mistakes
They don't know what they are doing
And yet, institutions and people never learn. As soon as we get the opportunity to receive 14% p.a., we flock to that security being marketed by wealth managers... I was going through a list of large global trading losses and didn't find even one on India. So, either we are hiding them very neatly or the big one is yet to come.

No comments:

Post a Comment