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jerryking : carpe_diem   10

Steven Mnuchin’s Defining Moment: Seizing Opportunity From the Financial Crisis - WSJ
By RACHEL LOUISE ENSIGN, ANUPREETA DAS and REBECCA BALLHAUS
Updated Dec. 1, 2016.

Federal officials expected to suffer as much as $8 billion in losses from IndyMac. That left regulators looking for someone to take over the bank and mitigate the damage. Speed was essential, since the FDIC was bracing for a wave of additional bank failures.

Mr. Mnuchin assembled an all-star cast drawn from his years on Wall Street, including Mr. Soros, hedge-fund manager John Paulson, billionaire Michael Dell’s investment firm and several former Goldman executives, including J. Christopher Flowers. They signed up on the basis that Mr. Mnuchin would personally run the bank, according to people familiar with the matter.

By now, he knew that few bidders would be willing to buy all the failed bank’s assets. And he knew he was taking a giant risk.

At the end of 2008, Mr. Mnuchin persuaded the FDIC to sell IndyMac for about $1.5 billion. The deal included IndyMac branches, deposits and assets. The FDIC also agreed to protect the buyers from the most severe losses for years. That loss-sharing arrangement turned out to be a master stroke.
turnarounds  financial_services  Steven_Mnuchin  Goldman_Sachs  opportunistic  Carpe_diem  economic_downturn  vulture_investing  kairos  seminal_moments  rainmaking  defining_moments 
december 2016 by jerryking
Thane Stenner: Here’s where the wealthy get their investment ‘edge’
Mar. 02, 2016 | The Globe and Mail | THANE STENNER.

They have clear investment goals: High-net-worth individuals are obsessive goal setters. They always know why they’re investing (beyond “to make money”). They reverse-engineer their return objectives to meet both long- and short-term goals.

They know when to delegate: High-net-worth investors are not “do-it-yourself” investors.

They think risk first: High-net-worth individuals are generally focused on wealth protection as much as wealth generation.

It’s business: In general, high-net-worth investors tend to be good at “segregating” their emotions from their investment decisions.

They keep the news in perspective: Most wealthy individuals are news junkies. Of course they listen to, digest, and consider a lot of financial news. But the focus of their attention is on long-term trends, not necessarily up-to-the-minute financial data. And they think very, very carefully before making any decision based on news.

They seize the opportunity in crisis: Most high-net-worth individuals are born contrarians.
high_net_worth  slight_edge  investing  investors  rules_of_the_game  Thane_Stenner  goal-setting  contrarians  reverse_engineering  wealth_protection  kairos  impact_investing  passions  passion_investing  calm  Carpe_diem  Michael_McDerment  thinking_deliberatively  thinking_backwards  work-back_schedules 
march 2016 by jerryking
Africa must get real about its romance with China
Mar. 12, 2013| The Financial Times| Lamido Sanusi.

[Africans must] "see China for what it is: a competitor."
====================================
It is time for Africans to wake up to the realit...
Africa  Nigeria  China  China_rising  colonialism  exploitation  infrastructure  productivity  underdevelopment  neocolonialism  deindustrialization  imperialism  delusions  predatory_practices  Carpe_diem  tough-mindedness  disingenuous 
march 2013 by jerryking
Carpe Diem Nation - NYTimes.com
February 11, 2013 | NYT | By DAVID BROOKS.

Europeans who settled America gave their lives a slingshot shape. They pulled back so they could shoot forward. They volunteered to live in harsh conditions today so their descendants could live well for centuries. The pioneers who traveled West did the same thing. So has each generation of immigrants — sacrificing the present for the sake of the future.

This slingshot manner of life led to one of those true national clichés:..This future-oriented mentality had practical effects. For decades, government invested heavily in long-range projects like railroads and canals...Today, Americans have inverted this way of thinking. Instead of sacrificing the present for the sake of the future, Americans now sacrifice the future for the sake of the present...Why have Americans lost their devotion to the future? Part of the answer must be cultural. The Great Depression and World War II forced Americans to live with 16 straight years of scarcity. In the years after the war, people decided they’d had enough. There was what one historian called a “renunciation of renunciation.” We’ve now had a few generations raised with this consumption mind-set. There’s less of a sense that life is a partnership among the dead, the living and the unborn, with obligations to those to come....If the president were to propose an agenda for the future, he’d double spending on the National Institutes of Health. He’d approve the Keystone XL pipeline. He’d cut corporate tax rates while adding a progressive consumption tax. He’d take money from Social Security and build Harlem Children’s Zone-type projects across the nation. He’d means test Medicare and use the money to revive state universities and pay down debt.
David_Brooks  future  Obama  Great_Depression  WWII  instant_gratification  intergenerational_rivalry  delayed_gratification  foresight  far-sightedness  forward_looking  sacrifice  Keystone_XL  long-term  social_trust  consumption  the_Greatest_Generation  Carpe_diem  long-range  railroads  canals 
february 2013 by jerryking
Until one is committed, there is hesitancy…
Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness. Concerning all acts of initiative (and creation), there is one elementary truth the ignorance of which kills countless ideas and splendid plans: that the moment one definitely commits oneself, the providence moves too. A whole stream of events issues from the decision, raising in one’s favor all manner of unforeseen incidents, meetings and material assistance, which no man could have dreamt would have come his way. I learned a deep respect for one of Goethe’s couplets: “Whatever you can do or dream you can, begin it. Boldness has genius, power and magic in it!”

W. H. Murray Johann Wolfgang Von Goethe [thx SM]
hesitancy  inspiration  seminal_moments  unforeseen  boldness  commitments  affirmations  Carpe_diem  quotes 
august 2012 by jerryking
12 Things You Must Know to Survive And Thrive in America
January 28, 2002 | Newsweek Magazine | Ellis Cose.
Adapted from "The Envy of the World" by Ellis Cose.
1. Play the race card carefully, and at your own peril.
2. Complain all you like about the raw deal you have gotten in life, but don't expect those complaints to get you anywhere.
3. Expect to do better than the world expects of you; expect to live in a bigger world than the one you see.
4. Don't expect support for your dreams from those who have not accomplished much in their lives.
5. If someone is bringing out your most self-destructive tendencies, acknowledge that that person is not a friend.
6. Don't be too proud to ask for help, particularly from those who are wiser and older.
7. Recognize that being true to yourself is not the same as being true to a stupid stereotype.
8. Don't let the glitter blind you.
9. Don't expect competence and hard work alone to get you the recognition or rewards you deserve.
10. You must seize the time, for it is already later than you think.
11. Even if you have to fake it, show some faith in yourself.
12. Don't force innocent others to bear the price of your pain.
rules_of_the_game  African-Americans  Carpe_diem  self-confidence  incarceration  race  mentoring  books  self-promotion  stereotypes  movingonup  ksfs  affirmations  race_card  asking_for_help  hard_work  self-destructive 
august 2012 by jerryking
The small saviours of Canada's economy -
Aug. 18, 2009 | Globe & Mail | KEVIN CARMICHAEL. While
the slogan of the Ottawa conference was "Changing the World Through EO,"
the real mantra was voiced by Peter Thomas, founder of the Canadian
unit of real estate firm Century 21, in an address that attendees
couldn't stop talking about: Recessions are when money is transferred to
smart people from dumb people.
small_business  entrepreneur  economic_downturn  real_estate  recessions  smart_people  Century_21  Kevin_Carmichael  Carpe_diem  wealth_transfers 
august 2009 by jerryking
Bailouts Don't Create Jobs: Startups Do - BusinessWeek
April 22, 2009 | Business Week | by Vivek Wadhwa

What we learned was that most people simply don't know how to start
companies. They have ideas and industry knowledge, but are afraid of the
risk, lack certain skills, and need financing. With the recession
causing millions to face unemployment, risk isn't much of a factor any
more. We have a unique opportunity to start educating these workers on
the basics of starting a profitable business.
start_ups  job_creation  Vivek_Wadhwa  howto  bailouts  economic_downturn  recessions  unemployment  Carpe_diem  kairos  seminal_moments 
april 2009 by jerryking

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