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GeFerion
@GeFerion_
Finances,crypto
Monroeville city, AL, USA
Joined September 2013
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45 Posts
THE DOT-COM CRASH WIPED OUT MORE THAN $5 TRILLION.
11 days after it started, a television studio taped a calm 27 minute lesson on how to buy stocks online.
The shot goes over a shoulder to the screen. Security: stock. Transaction: buy. Symbol: FTU. Quantity: 100. A man fills the form in live and sends it.
FTU was First Union. The next year it bought Wachovia and took the name. In 2008 what was left of it went to Wells Fargo.
A handheld runs a stock list off a stylus. Real-time quotes drop into a spreadsheet, and the change column is red down almost every row.
Nobody in the room reads that as a warning. The segment is about the software.
225 internet companies shut down that year. 537 more the year after.
Dot-coms announced 41,515 job cuts in 2000. 100,925 in 2001.
41,515 + 100,925 = 142,440.
Buy the index that week and you are back to even in 2015. 15 years of waiting just to return to the price you paid.
Watch the part where he types the ticker and never pauses on the quantity.
Everyone remembers the crash. Almost nobody has seen what the top looked like from inside a beginner tutorial.
David Swensen turned a $1 billion endowment into $22.5 billion.
On 13 February 2008 he stands in a Yale lecture hall and shows undergraduates that only 30% of it is in anything they could buy.
11% domestic equities. 15% foreign equities. 4% bonds.
11 + 15 + 4 = 30.
The other 70% is hedge funds, private equity and real assets - timber, oil and gas, real estate. He goes there because that is where the spread between a good manager and a bad one lives: 0.5% a year in bonds, 43.2% a year in venture capital.
15.6% a year for 20 years. Against the average college and university, that gap put $14.4 billion into Yale.
He reads the $22.5 billion off an estimate sheet he got the morning before.
His words: "this investment management business, when stripped down to its bare essentials, is really quite simple."
Then he turns to the funds ordinary people actually own. $13.7 billion went into internet funds. Investors lost $9.9 billion of it.
1 month later Bear Stearns is gone. 7 months later, Lehman.
Watch the part where he walks the allocation line by line.
Everyone wants the 15.6%. The 70% that produces it is closed to you.
What would you do with the 30% that isn't?
Michael Steinhardt turned $10,000 into $4.8 million.
The same $10,000 sitting in the S&P over the same 28 years came out at $190,000.
The first stock he ever owned came from a father who was fencing stolen jewelry for the mob.
Brooklyn. He is 13, at his own bar mitzvah. The other boys that year are getting $25 savings bonds.
His father, who he barely sees, hands him 100 shares of Penn Dixie Cement and 100 shares of Columbia Gas. A broker the man had been gambling with had talked him into buying them.
$5,300. More money than the kid knew existed in the world.
In 1958 that father was sentenced on 2 counts of buying and selling stolen jewelry, 5 to 10 years on each, and went to Sing Sing.
The boy started writing to brokerages for research reports. After school he sat in a downtown Brooklyn office with old men smoking cigars, watching the ticker tape run.
He sat for this at 76 and told it in one take, and he almost never tells this part. His edge as a trader, he says, was an extension of gambling. His father gambled on everything. He gambles on nothing except the market.
Watch the part where he explains what the gambling actually gave him.
Everyone would take the $4.8 million. Nobody signs up for the $5,300 it started with.
In 1986 Ford earned more than General Motors for the first time since 1924.
The consultant they brought in was 79 years old, American, and almost nobody in America knew his name.
W. Edwards Deming started teaching Japanese managers and engineers in the summer of 1950. For 30 years the country that rebuilt its industry on his methods was not his own.
Then in June 1980 a 76-minute broadcast gave him the last quarter of the program. It was the first time most of the country had ever seen him.
His line in it is not about Japan: "American management thinks that they can just copy from Japan, but they don't know what to copy."
In the 76 minutes:
what he taught a room of Japanese managers in the summer of 1950
the 85% a plant manager works out on camera, and who that number actually belongs to
the point around minute 60 where the program stops being about Japan and turns on the people watching it
Watch the part where the manager says the number out loud and then has to sit with it.
The method was published, free, and 30 years old by the time anyone at home looked at it. That is what the 30 years cost.
Which idea in your field has been sitting there unused for that long?
this is real footage of how currency moved on 4 june 1985.
3 dealers, 3 cities, 1 working day. new york, london, hong kong.
the market runs on voices. 2 handsets at once, a shout across the room, a price written on paper before anyone can act on it.
the screens are there. they carry the price and nothing else - every trade still has to be spoken to another person and confirmed by hand.
london cleared about $90 billion a day the first time anyone measured it, in 1986.
worldwide it is $9.6 trillion a day now, and the uk still books roughly 38% of that.
a room like this could not absorb one hour of today's flow, because every ticket in it moves at the speed of a human repeating a number back.
money is silent now. in 1985 it sounded like this.
how long would you last in that room before you misheard a price?
The US Treasury put $205 billion into 707 banks and decided not to ask any of them what they did with it.
That was a deliberate choice, written down and defended, because a dollar added to a bank's capital cannot be told apart from the dollars already sitting there.
March 11, 2009. Neel Kashkari sits alone at the witness table to explain it. He is 35. Before finance he was an aerospace engineer who worked on a stabilizing component for the James Webb Space Telescope.
The office running the $700 billion program had about 100 people in it.
$700 billion, about 100 staff. That's roughly $7 billion each.
The Government Accountability Office had already told Treasury in writing, on December 2, 2008, to build a way of checking where the capital went. Treasury declined and said it would measure the program in aggregate instead.
The individual investments ran from $25 billion at the top down to $301,000 at the bottom.
Watch how long he sits at that table alone.
Every argument about that money since has been held without the one thing that would settle it. Nobody was asked to write down where it went.
What is the largest sum you have ever been handed without anyone asking you to account for it?
Six jobs stood between a sell order and a printed price in 1958. Software deleted five of them.
The phone clerk in the booth takes the order.
Someone writes it in pencil on a paper slip stamped SELL.
A broker carries the slip across the floor on foot and works it at the post.
The specialist keeps the book by hand and matches the trade.
A tape operator sends it out and the ticker prints GE 2s61. That's 200 shares of General Electric at 61.
A board clerk slides metal number plates into the wall by hand. Interstate Power, down 1, at 33.
All of it cost money, because a price that has to be carried is a price somebody has to be paid to carry.
The tape ran 2 minutes behind the room, and a lit sign above the floor said so all day, in public.
Watch the part where the sign is lit.
Only the specialist survived, renamed. The other five were the fee you paid without ever seeing a bill.
Which of the five do you think went last?
A man held one stock for sixty years, and the cheque his widow wrote with it made a medical school free.
Sandy Gottesman met Buffett at a Wall Street lunch in 1963, bought his stock, and never sold a share of it. He died in 2022 worth about $3 billion.
Then his widow gave a third of it away in one go.
He had left her the portfolio with one instruction: "do whatever you think is right with it."
On 26 February 2024 Ruth Gottesman gave $1 billion to the Albert Einstein College of Medicine in the Bronx. Tuition there runs over $59,000 a year. From that August nobody paid it, and nobody has since.
Largest gift an American medical school has ever received. All of it grew out of a failing textile company.
Gottesman almost never sat for an interview. This one runs 63 minutes, most of which no one has ever seen, with the production timecode still burned into the corner of the frame.
Everyone wants the 60 years of compounding. Nobody wants the 60 years of not selling, which is the same thing and feels like nothing while it happens.
What would you have done with a note that said do whatever you think is right?
my new bubble car
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π₯ $BUBBLE Airdrop! Bybit x Bubble: 58,300,000 $BUBBLE Up for Grabs!
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i ll do it
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π₯ $SPEC Airdrop! Bybit x Spectral: 240,000 SPEC Up for Grabs!
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bybit ll make usrich
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bybit continues to feed us
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Event Period: Apr 16, 2024, 12 PM UTC - Apr 30, 2024. 11:59 AM UTC
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well done guys
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merlin starter is one of the best eco in web 3
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π§ Things Iβm looking at today π§
1. Bitcoin's 4th Halving happened at block 840,000
2. Runes Protocol is live
3. @Rune_coin secured the luckiest number π±
4. Two days until the @Stakeland quests end
5. (WRITE DOWN ONE THING YOU ARE LOOKING AT TODAY)
#Runes is like teenage sex:
Everyone talks about it,
Nobody really knows how to do it,
Everyone thinks everyone else is doing it,
So everyone claims they are doing it.
But if you watch this talk by @rodarmor, you will be a pro.
β‘οΈ https://t.co/lsVMZD8rGT
@Rune_coin @Stakeland
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