Chapter 2 of Demaria’s book opens with a fun question: is modern private equity a French invention? The word “entrepreneur” is French. The guy who basically created modern venture capital, Georges Doriot, was French. But he did it in America. At Harvard, not in Paris. That tells you something about where the conditions were right.
In Part 1, we covered how US rates and the dollar cycle drive emerging markets. Now we get to the rest of the global macro toolkit: commodities, the VIX, and a sleeper driver that most people underrate: US high yield spreads.
Chapter 3 of The Swiss Secret to Optimal Health is where Dr. Rau basically opens the doors to his clinic and says “here’s what we actually do.” And honestly, some of it sounds like science fiction. But the more you read, the more you realize there’s a method to all of it.
This is post 4 of 23 in a series on “Systems Thinking: Managing Chaos and Complexity” by Jamshid Gharajedaghi (ISBN 978-0-7506-7973-2).
Book: Systematic Fixed Income: An Investor’s Guide Author: Scott A. Richardson, Ph.D. Publisher: John Wiley & Sons, 2022 ISBN: 9781119900139
In Chapter 3, Larry Harris zooms out to give us the “big picture” of the trading industry. If you want to understand market microstructure, you first need to know who the players are and what they’re actually trading.
Chapter 3 of Trading and Exchanges is the chapter where Larry Harris dumps the entire trading industry on your desk and says, “Here is how it all fits together.” It is dense with jargon and institutional detail. Harris even admits you can skip it if you already know the industry. But for everyone else, this chapter provides the context that makes everything after it make sense.
Book: Beating the Street by Peter Lynch with John Rothchild | ISBN: 978-0-671-75915-5
A group of seventh graders at St. Agnes School in Arlington, Massachusetts, picked a portfolio of 14 stocks. Over two years, their picks gained 70 percent. The S&P 500 gained 26 percent in the same period. Those kids outperformed 99 percent of all equity mutual funds.
Chapter 3 opens with one of the most satirical descriptions in the entire novel. Four men sit in the most expensive barroom in New York. The place is built on the roof of a skyscraper but designed to look like a cellar. Heavy low ceilings. Dark red leather. Blue lights like blackout lamps. The men who sit sixty floors above the city speak in low voices, “as befitted a cellar.”
Chapter 1 of Cyril Demaria’s book opens with a story you probably did not expect in a finance textbook. Christopher Columbus. Yep, the guy with the ships.