Milton Friedman

Genius, or moron? Discuss.

Also I'm curious. Are most people on here economically conservative or liberal?

Sounding Scripted in Interviews?

Moderator Note (Andy): Best of WSO - this post originally went up October 2006 and we thought it deserved to go back on the homepage for those who may have never seen it.

Obviously you prepare a good deal, but how can one avoid sounding scripted during superdays?


MLB seriously needs to overhaul instant replay

Why does baseball refuse to step into the 21st century? We have so much technology that could potentially guarantee that the right calls are made 100% of the time but for some odd reason MLB refuses to implement the technology.

I understand that baseball purists love the human element of the game, but so many mistakes have been made by the umpires that it’s destroying the game. The price baseball has paid for the human element is well documented. Off the top of my head, umpires have ruined what would have been a perfect game (Jim Joyce calling the 27th batter safe at first base when he was clearly out). They ruined the momentum of a dangerous Pirates team last year (Jerry Meals calls a base runner safe at home plate when he was out by 5 feet in the 19th inning).

Don't Ask An Investment Banker What They Do

When you’re meeting new people, even in casual social situations, the topic of work is never far off. Maybe this is a general commentary on The Texting Generation’s lacking conversation skills, but I always find myself getting asked about my work shortly after being introduced to someone.

    “Sooo… what do you do?”

It's a question I never want to answer...

Pandit's Legacy

Why did Vikram choose yesterday to resign? Citi's results were neither poor enough to justify him being forced out nor were they good enough for him to say he'd done his job. We may never know the true reasons (Boardroom coup? Salary arguments? First rat off a sinking ship?) but we can nevertheless examine his legacy.

The headline numbers show Pandit presiding over an 89% fall in the share price of Citi, pretty terrible especially when you consider that HSBC and JPM have been broadly flat over the same period. There has also been vast amounts of accounting wizardry done so that nobody knows what the hell is going on there. They have struggled to dispose of toxic assets, sold good assets at a loss and much more.

3 things that helped me get the exact offer I wanted

Recruitment has wrapped up for most BBs, boutiques, and MM firms out there. No fear, of course, there are plenty of boutiques that will be hiring into the Spring, so if you didn't get the offer you wanted, there's still time to get something sweet.

Recruitment is obviously a stressful time for a lot of people, and I know I'm personally very glad to have it behind me, even though it was a great learning experience in a lot of ways.

Einhorn does it again

Man, Einhorn is on a roll. Two weeks after presenting CMG as a short, the stock takes a nose dive today. Down ~12% after-hours after missing analyst earnings forecasts.

Anyone else ready to tag-along on all Einhorn shorts in the future?

Vikram Pandit Resigned??

FrontPage of the WSJ. Article says nobody saw this coming. His resignation is effective immediately. Wtf?

Mod Note (Andy): See these related threads:

"Pandit's Legacy"

It was a boardroom coup, I went to high school with the son of the member of the board and was able to speak to him for a little while earlier today. He said that the board and Pandit had opposite views on the future of the company and neither wanted to budge. Basically Corbat had more backing and shared the views of a majority of the board on the future of Citigroup.

"Pandit Leaving was about Money"

Anyone trying to convince themselves that Vikram Pandit left because of "philosophical differences" is full of crap. Everyone knows he left because he didn't think he was being compensated highly enough.

Google Earnings Miss

Just a quick note to update you guys on how I'm playing this Google fiasco.

First of all, it looks like the reporting service they use to release earnings screwed the pooch and released them during market hours when they were supposed to release after the close. The stock is down 10% and tripped a circuit breaker, so it's halted. The company is filing SEC paperwork now and once it's in the stock will resume trading (hopefully in the next 30 mins).

Easy Contest! Free 1 Year Access to WSO Job Board - $99 Value

Decided to try out this new contest widget called Raffle Copter that makes it easy to give away prizes and run, without further ado, here is a sweet bribe to get you to like us on Facebook, follow us on Twitter and Tweet about the other words ~2 seconds of your time for a chance to win $99 worth of value :-)

a Rafflecopter giveaway

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A Novel Twist on Vulture Capitalism

Now that the flood of distressed debt has slowed to a trickle, vulture capitalists are having to look far and wide for their next big score. They say necessity is the mother of invention, and that certainly appears to be the case with Ice Canyon's new investment strategy. Perhaps encouraged by Elliot Capital Management's audacious seizure of an Argentinian naval ship, Ice Canyon wants to go big on defaulted Cuban debt.

Let me put this in perspective for a moment. Ice Canyon chief Nathan Sandler isn't talking about buying current Cuban debt. He's talking about buying ancient Cuban debt (call them Batista Bonds, for want of a better term) which basically suffered default by firing squad. The strategy (I guess) is to hopefully collect if and when Cuba ever normalizes relations with the US.

I'm curious as to what $1 million worth of defaulted Batista Bonds issued in 1958 would be worth today. Thirty-six bucks? Fifty? How would you ever go about collecting on it? Well, we may never know because as yet the US government won't allow him to make the buy (the whole Trading with the Enemy Act or something). He's currently appealing the decision, but it doesn't look good.

Former SAs - Did you overestimate your competition?

For those who went through summer recruiting in previous years - looking back, would you say you overestimated your competition?