WallStreetJackass

The Stockdale Paradox

[never losing hope, yet responding] with resignation, even fatalism, to daily events he knew he could not influence. Collins called this combination of belief and pragmatism the Stockdale paradox.[...]
The only answer to these dilemmas is the one Stockdale found and Churchill illustrated so graphically. Maintain a clear sense of long-term objectives but acknowledge the limits on your day-to-day actions. The gravest errors in the financial and business world are made, not by those who control or know too little, but by those who control or know less than they think.

I don't read John Kay enough.

I don't follow sports, but

In a game neither team deserved to win, the Bills outlasted the Jets in an unbearable war of attrition at the Meadowlands. Buffalo slinked away with a 16-13 "victory" by kicking a 47-yard field goal with 2:47 left in overtime. The punch-drunk Jets were left to wonder how a once 3-0 team has gotten progressively worse each week.

Mark Sanchez had the worst game of his football life. He said as much at the podium after the game. If there's a football god watching over him, it will remain the worst of his life for the rest of his NFL career. Because it's hard to imagine worse.

I thought that was decent commentary... (from a local NJ paper)

book recommendation

Piers Brendon who wrote a great book on the 1930's has another on the decline and fall of the British Empire. An example of his great writing...

"[Prime Minister Eden] misled parliament and the press [about the assault on Suez], though he did confide in the gentlemen of The Times, rightly thinking that they regarded discretion as the better part of journalism."

fucked like a stray dog in Chinatown

Doomsville

House of Cards

I can't recommend this book enough.

speaking of which, getting all Beared up again on the stock market.

Michael Lewis on fatherhood

"Memory loss is the key to human reproduction"

books

I recently read some fiction - "The Brief Wondrous Life of Oscar Wao" and "The White Tiger", both of which were enjoyable. From the Oscar Wao book, I came across this great term:

"Culacrat" - a politician whose ambition is superseded by chasing tail (ie: Bubba Clinton)

now reading "Fool's Gold" by FT reporter Gillian Tett (whose reporting on the credit bubble was known as "The Tett Offensive" by bank executives)... it's fascinating reading, although part hagiography of JPM's CEO Dimon. Pretty wild to read about markets that I traded myself... clearly I'm getting old.

anyway, unless I come across something very entertaining, no posts this week.

GQ cover story

dive right in fun-boys!

I finally understand Twitter

I guess it is genius after all

press release of the day

PRN     12:01   BJ's Helps Make Summer Memories by Entertaining at Home