Posts filed under “Philosophy”
If I might be so bold as to assume we can be on a first-name basis, let me be among of the first to say, congrats on the new gig!
You have been quite the busy ex-Fed chairman, what with the new job and office at Brookings and a red hot new eponymous blog. Today we learned you entered into a consulting deal with Citadel, Kenneth Griffin’s $25 billion hedge fund. I feel safe in assuming that as a sharp student of economic theory you made sure to let market forces dictate your compensation. There’s only a limited supply of ex-Fed chiefs and the demand is huge.
After eight years of thankless duty as head of the world’s most important central bank, no one will begrudge your efforts to monetize the insights and experience you gained there. I am sure your attorneys vetted this arrangement, and there are no obvious conflicts of interest. But be aware that this has the appearance of the usual Washington-Wall St. revolving door; some critics may not be mollified by the fact that the Fed was never Citadel’s regulator.
Nevertheless, all of this activity is starting to look a bit frenetic. Allow me to share some unsolicited advice:
You are going to burn out if you’re not careful. As your Fed predecessors Paul Volcker and Alan Greenspan have shown, you are likely to have a long post-chairmanship ahead of you. You don’t want to risk an early burnout from taking on too much too soon. It’s a real possibility, not something to be shrugged off.
Continues here: Dear Ben Bernanke: Pace Yourself and Have Fun
The Maximus post led to a lovely outpouring of comments and emails, for which I am tremendously grateful. One tweet pointed to this very lovely but heartbreaking cartoon. Its comforting and true — and still makes me cry every time I see it. * Sigh * As soon as I can read this without welling up, I…Read More
Today was a day I knew was inevitable, but dreaded nonetheless. For today we said farewell to Maximus, our delightful, intelligent, charming rescue dog. Max was going on 16, which for a large dog (~75 pounds) makes him a very old man – about 100 in dog years. A German Shepherd/Bearded Collie mix, he was a…Read More
To outsiders, Wall Street is a manic, dangerous and ridiculous republic unto itself – a sort of bizarro world where nothing adds up and common sense is virtually inapplicable. Consider the following insane things that we believe on Wall Street, that make no sense whatsoever in the real world: 1. Falling gas and home heating…Read More
Outstanding list of top notch financial writers from Morgan Housel. Over the years, I have tried to explain the significance to investors of organizing your thoughts into a written expression of understanding and belief. See, e.g., Why I Write and What I learned after 30,000 posts. It is one of the more important things you can do…Read More
It’s time to market forecasters to admit the errors of their ways Barry Ritholtz Washington Post, January 18, 2015 I come not to praise forecasters but to bury them. After lo these many years of listening to their nonsense, it is time for the investing community — and indeed, the seers themselves —…Read More
“Wealth – any income that is at least one hundred dollars more a year than the income of one’s wife’s sister’s husband.” –H.L. Mencken On Fridays, I like to wax eloquent and philosophical — about investing, analysis and asset management. Often, there are lessons from other disciplines that are applicable to our…Read More