Stories.Finance

Dramatic, funny, instructive; finance professionals share their stories.

[Stories.Finance @Stories_Finance]

“Don’t Fix Your Fixed Income Allocation” Having a 30% fixed-income allocation in 40-, 30-, 20-, and even 10-year portfolios has been a loser over the last 155 years. Historically, the best static fixed income allocation is zero. #fintwit Read at SSRN: https://t.co/8eBVrajQNb

[Stories.Finance @Stories_Finance]

“The 2007 Subprime Mortgage Meltdown, Personally” Life on a trading floor losing $45 billion, physicists modeling mortgage defaults, telling John Paulson to short mortgages, flak for revealing Ambac’s losses, and the best subprime analyst. #fintwit Read at https://t.co/Ml63VXYAQC

[Stories.Finance @Stories_Finance]

“Let’s Assume Taxes” In his career at the Bell System, Salomon Brothers, and his own firms, Andy Kalotay examined matters others ignored. He also developed a critical view of the public finance industry. #fintwit Read at https://t.co/pOqA2qSeZy

[Stories.Finance @Stories_Finance]

“Getting Rid of Issuer Pay Will Not Improve Credit Ratings, But Maybe Investor Revenue Will” Rating agencies should be required to balance issuer-paid rating revenue with investor-paid credit research revenue. #fintwit Read at https://t.co/VCigVavUiA

[Stories.Finance @Stories_Finance]

@DB_Silver_Fox Hi @DB_Siver_Fox. Thanks for tweeting (xing?) the "Meeting Michael Milken" excerpt from https://t.co/0jqKAsuoMV. But I can't make out the note! -Doug

[GRANT'S @GrantsPub]

Douglas J. Lucas, creator of https://t.co/J9mdwBqNLw, joins Jim Grant and Evan Lorenz on our podcast, Grant’s Current Yield, to discuss some of the most interesting stories on Wall Street. https://t.co/O4v9vuJbPU

[Stories.Finance @Stories_Finance]

“The Human Piranha Teaches Salesmanship” Lenny Barshack started at Salomon Brothers in 1980 as a computer programmer and moved into sales a year later. Here he shares the salesmanship lesson his boss taught him on a client visit. #fintwit Read at https://t.co/gnwEvzoNI2

[Stories.Finance @Stories_Finance]

“What Makes Sammy Run? A Trading Assistant Races Up Wall Street” TC was a hedge fund equities trader when he got a call from an impetuous sell-side trading assistant. Sammy would cross TC’s path for the next ten years. #fintwit Read at https://t.co/OO6a4Ljfcu

[Stories.Finance @Stories_Finance]

“Minting Cryptocurrencies and Creating Finance Apps” In 2017, Yazan Barghuthi left a career consulting to financial institutions to mint cryptocurrencies and create finance solutions with blockchain technology. #fintwit #crypto #defi #blockchain Read at https://t.co/URLVmDz2nk

[Stories.Finance @Stories_Finance]

“Why Lehman Failed When It Did” Joe Pimbley’s firm was tasked to determine the facts surrounding Lehman’s failure. While numerous factors contributed to Lehman’s demise, the immediate cause was collateral calls by Lehman’s clearing banks. #fintwit Read at https://t.co/XH3vxdSUvQ

[Stories.Finance @Stories_Finance]

“When the Tech Revolution Came to Wall Street” @MartinFridson began his financial career in 1976. He experienced the explosion of technological tools available to securities analysts. #fintwit Read at https://t.co/9qVaVWbILi

[Stories.Finance @Stories_Finance]

“Unwinding Drexel’s Swap Dealer After Bankruptcy” Wendy de Monchaux headed Drexel Burnham’s swap dealer when the parent firm filed for bankruptcy in 1990. There were serious obstacles to unwinding 100s of swaps with over 60 counterparties. #fintwit Read at https://t.co/jSczYtp2T8

[Stories.Finance @Stories_Finance]

@MartinFridson began his financial career in 1976. He experienced the explosion of technological tools available to securities analysts. #fintwit Read at https://t.co/9qVaVWtjCQ

[Stories.Finance @Stories_Finance]

@MartinFridson began his financial career in 1976. He experienced the explosion of technological tools available to securities analysts. #fintwit Read at https://t.co/9qVaVWbILi

[Stories.Finance @Stories_Finance]

@researchpuzzler @Inv_Ecosystem @CBinsights @castlehall1 @Opalesque @tylercowen @matt_levine @MikeDrucker @kateconger @tiffkhsu @BobVeres Thanks for the referral

[Stories.Finance @Stories_Finance]

“Cultures Clash at Salomon Smith Barney” Rick Bookstaber was Salomon Brothers’ chief risk officer in 1997 when the firm was bought by Travelers. He describes the resulting clash of cultures. #fintwit #Citi #citibank Read at https://t.co/yqEzn5O15f

[Stories.Finance @Stories_Finance]

“The Pig Next to You” Steve Bernstein began his career at Salomon Brothers in 1983. He shares humorous events from his first years there. #fintwit Read at https://t.co/rhzNNJLYOv

[Stories.Finance @Stories_Finance]

“Gaming Insurance Company Capital Requirements” Oussama Nasr describes two structures intended to create securities with high returns, but also high ratings and low capital requirements. One succeeded and one failed spectacularly. #fintwit Read at https://t.co/MaTOnMjqz4

[Stories.Finance @Stories_Finance]

“Investigating the 1987 Stock Market Crash” Andy Constan was a 2nd-year analyst at Salomon when he was selected to participate in the Brady Commission’s investigation of the 23% one-day decline. He learned exactly why and how it occurred. #fintwit Read at https://t.co/aTQ40B1hqL

[Stories.Finance @Stories_Finance]

@dampedspring Thanks for a great story, Andy.