Two things have caught my attention recently ... One, 'The End', by Michael Lewis of 'Moneyball' and 'Liars Poker' fame actually explains, in English, how the large banks and financial companies have come to be where they are today. It was passed to me by one of my clients and I have shared it with friends and relatives who have been as stunned by it as I was ... It'll take about 20 minutes or so, but it lays it all out there .... read it and weep ...
2/25/09 The recent Wired magazine has a cover story called 'The Secret Formula That Destroyed Wall Street' that is another in the "I can't believe this really happened' series ... It's online now (3/14) ... A highlight .... "At the end of 2001, there was 920 billion in credit default swaps outstanding. By the end of 2007, that number had skyrocketed to more than $62 trillion. " How's that again ??? How many trillion? Whoa... we might be done for ...
On a happier and equally fascinating note, I recently read the new Malcolm Gladwell book, 'Outliers'. Mr. Gladwell has written two others, also in my local library, "Blink' and 'The Tipping Point'. 'Outliers' is a relatively quick read that purports to explain what forces laid the groundwork for folks like Bill Gates, The Beatles and Asian math students to succeed and excel in what they do, and how certain coincidental circumstances often contributed to that sucess. It's the little things that count according to Mr. gladwell, and after reading his book, I agree. I now think about how I ended up doing what I'm doing, (total coincidence) why I like it (meaningful work) and how I got good at it (The 10,000 Hour Rule). Check it out .... Great ending ...
PLUS ... You can never go wrong with a Robert Parker book... Will and I read 'Apaloosa' a couple weeks ago after Will saw the movie ... and I'm reading 'Gunman's Rhapsody' now, a historical fiction of the life of Wyatt Earp ... If your local library is like mine, they got about 25 of 'em. The guy is a master of witty and funny dialog ...
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