Searching for market patterns - page 131
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Anyway, where there is a lot of money, you don't need a lot of talent. It needs qualities such as fearlessness and the ability to screw anyone at any time. That's how they are.... Big money.
No way (I'm not talking about fearlessness). It takes talent, or special ability and a willingness to bury whoever prepares your funeral immediately.
Greed begets poverty, imho.
Anyway, the big money does not require a lot of talent. They need qualities such as fearlessness and the ability to screw anyone at any time. That's what they are.... Big money.
I've written somewhere about this....
Unlucky gambler
In fact, Barings was getting worse and worse, but only Leeson knew that. He turned out to be too ambitious to make small money on deals with guaranteed returns and earn a pay rise for years. Just after his transfer to Singapore, Nick tried to make some unauthorised stock transactions. He hoped to get his own back if he could make a lot of money for his bank. But unexpectedly for himself he lost. It was the end of everything: his dreams, his career, the respect of his colleagues. "I felt like the walls were closing in around me and everything was spinning out of control," Nick later recounted. - I was pushed forward by fear of falling in the eyes of his peers. This fear was overwhelming me."
Leeson found a solution in his superb knowledge of Barings' workflow. He began hiding losses inside the bank's financial accounting system. For almost three years no one among thousands of bank employees or the famous Deloitte & Touche, the external auditor, noticed that the bank was making multimillion losses.
The system Lison devised was based on counter-transactions between the bank and itself. Such trades are allowed by the rules of stock exchanges. If a broker receives orders to buy and sell the same number of contracts at the same price, he can net his clients' accounts. Nick conducted such trades between the various securities accounts and the off-balance sheet account 88888 "Unexplained errors". In reality, Leeson's task was more difficult. In order to avoid the write-offs, he additionally spread the parallel transactions across accounts over time and presented them as unequal amounts. He also showed the external auditors so-called letters of representation signed by his immediate superior, Simon Johnson. These letters confirmed the legitimacy of Leeson's transactions. The letters, however, were forged. Deloitte & Touche discovered this after the bank had collapsed.
Nick was able to hide 2 million pounds worth of losses in 1992 in such a subtle way. In 1993, it was £21m, and in 1994 it was £185m. The trouble was that, having lost money once, Leeson always hoped to win back. And the more he lost, the more he had to risk to get it all back.
The peak of his career came in early 1995. Nick bought futures on the Nikkei-225 between 19,000 and 20,000 points. After the January 17 earthquake in Kobe, Japan, the index collapsed. But Leeson kept buying contracts, hoping to reverse the market. And he almost did, but Barings finally ran out of money. At that time, Lisson's open position (unpaid contracts) was $29 billion.
In the first two months of 1995, Nick's losses from operations amounted to 619 million pounds. The total losses exceeded the bank's equity. However, officially, Leeson "drew" a profit of £18.57 million during this period. The total loss for the entire period exceeded £827 million, or $1.4 billion. The bosses only found out about the losses after Nick's farewell fax: "Sorry, boss."
"Eggs in the Mouth"
From Nick Leeson's book "Rouge Trader"
"In trader lingo, my situation was called 'balls in the mouth'. I had built up a huge position and had to get rid of it somehow... That's what the current loss of £3m, well, £5m is usually called. But I had crossed that threshold so long ago that I had completely lost my sense of reality. I was no longer interested in these small deals, I was not interested in nibbling on crumbs of profit, like a fish sucking on pieces of coral in search of food. I craved only one thing - a real market movement! Only then I would be able to recover all my losses. Only then my balls would miraculously pop out of the mouth of the market. If the market moves down, the teeth will be closed".
Anyway, where there is a lot of money, you don't need a lot of talent. They need qualities like fearlessness and the ability to screw anyone at any time. That's what they are.... Big money.
Where does the big money come from?
Where does the big money come from?
Yeah, like the earth is flat, atoms don't exist, the universe doesn't exist, someone drew the stars in the sky, all because they haven't seen it themselves, but it's written on some website by some unknown person.
What, they really don't exist?! I'm beginning to see it! Brokers don't exist either, forex was invented on this forum, money doesn't exist (haven't seen it today)! Apart from autumn, there are no seasons!!! I haven't seen them today! Fucking hell! What's going on...! How difficult and frightening it is to live! There's nothing and other people's fantasies.
That's nothing - physicists tend to think that everything around us is just a three-dimensional hologram image on the surface of two-dimensional space at the edge of the universe.
How scary to live...
That's nothing - physicists tend to think that everything around us is just a three-dimensional hologram image on the surface of two-dimensional space at the edge of the universe.
What a scary way to live...
But honestly, did you read that somewhere or did you come up with it yourself? :-))
What do I care about fantasies of others? I have enough of my own. :-)
Honestly, did you read this somewhere or did you come up with it yourself? :-))
Anyway, what do I care about other people's fantasies...? I have enough of my own. :-)
No, if I write something, it means I'm not making it up.
Some guys made a joke on that site and you believed it :-)
There is no universe. Neither is there any space. Anyway, looked through my pockets and didn't find anything resembling that. Some kind of ridiculous fantasy, all of it.