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[OM] Well OT, financial markets, was public service

Subject: [OM] Well OT, financial markets, was public service
From: Chris Barker <ftog@xxxxxxxxxxxxxx>
Date: Fri, 28 Dec 2007 07:21:32 +0000
I suppose the behaviour of the finance markets, particularly on Wall  
Street, in the days running up to the dotCom bust of 2000, left a bit  
to be desired.  Not that I'm bitter, of course, I just thought that I  
could get something for nothing in the stock market ;-)

When I was reading Financial Strategy (B820, Open University 2005), it  
became clearer and clearer that studying companies' form was a bit of  
a cheat.  You were studying the financial performance (inter alia ;-))  
to see how the stock market would gamble against that performance, not  
whether it was intrinsically worth investing.  The whole thing is a  
double gamble, even before you reach derivatives and other arcane  
financial devices.

And as for bundling up debt and selling it on, with no idea of the  
quality of the debt ...

Chris

On 27 Dec 2007, at 09:23, Andrew Fildes wrote:

> He was a Wall Street trader/analyst before teaching.
> He is not kind about the behaviour of his colleagues, especially when
> it all went pear-shaped.
> Andrew Fildes


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