Response to my daughter’s letter Here is my response: Dear Lola, Thank you so much for taking the time to write me a letter. Receiving a note from you is one of the best gifts I can get as your father. It always puts a smile on my face and makes me feel great. So thank you again. I’ve read your letter a few times and I’d like to take a moment and respond. To say your mother’s cooking is like she works at a 5 star restaurant might be a tad bit of an exaggeration. I mean really? What about Tuesday night after basketball practice? What was that? I’m not sure what we were eating. But don’t get me wrong, your mom is awesome and you are super lucky to have her in your life. Give her lots of hugs and kisses because she really likes that. Also I really appreciate you telling me that I’m really good at playing games. I take pride in that. Life is supposed to be fun. We should try and enjoy every moment we can. And playing games with you is a highlight of my day. I don’t always win, but that’s not where I get the enjoyment anyhow. It’s all about spending time with you. That’s winning. And thanks for telling me and your mom that we deserve a trip to Africa. I’ve never been. I bet it’s amazing. There’s so much to do there. We could go on a safari, relax on the beach, hike a mountain and go to Egypt and explore the monuments and tombs. It’s a wonderful idea. Although I’m not sure about getting you a giraffe when we’re there is such a good idea. They cost upwards of $80,000.00 and are extremely difficult to get. There are only approximately 350 giraffes in the United States today and most of those are owned by zoos. Giraffes are wild animals and grow to 16-20 feet tall and weigh an average of 2,628 lbs. Where are you going to put her? And did you know that a giraffe can sprint up to 37 mph over a short distance, and up to 31 mph over several kilometers? We’d have to use my car to chase her if she ever ran away. The other problem I see is feeding the giraffe. They usually eat about 75 lbs. of foliage a day. I guess the upside to having a giraffe is that I won’t have to rake leaves anymore. But sometimes when making a big decision like this you have to weigh the pros and the cons of your choice. While I would love to not have to rake anymore; I don’t think I could handle the guilty conscious of having a famished giraffe around. Although maybe you could teach the giraffe to eat your mom’s 5 star cooking. What would we do if the giraffe got sick or needed assistance? It would take a highly skilled veterinarian to work on her. The doctor would need a very specialized workspace to lodge that size of a patient. I know you would care for a giraffe with all of your heart, but I just don’t think it’s the right decision. While I love you more than life itself, sadly I don’t think we can accommodate your request for bringing you a giraffe from Africa. It has nothing to do with how much I and your mom love you. But sometimes we have to make decisions based on what’s best for other people, the situation at hand or in this case the animal. Perhaps you will allow me to take you to a toy store and buy you the largest stuffed giraffe they have available. Thank you again for sending me a letter. It was the best part of my day. Loving you Daddy
The Cocaine Nose-Job on Wall Street I loved cocaine. Part of me still does. I also loved trading stocks. The rush of euphoria was very similar. Some may write off cocaine use as a party enhancer or coping mechanism for such a high-stress job, but in fact, it’s a trade killer. And I wasn’t alone. Recently, a study came out from a team of researchers at the Icahn School of Medicine at Mount Sinai that showed cocaine use leads to bad decision-making. They recorded the brain activity of 50 cocaine users and 25 nonusers while they played a gambling game. The scientists were specifically examining the signals in the brain that help humans predict the possible rewards and punishments that might result from a decision. Read Full Article
Want some Fries with that Shake… By now, even my mom knows that Shake Shack went public on Friday and more than doubled its initial offering price on the first day of trading. When she called me on Sunday, she asked if I had bought the stock. I said no. My mom has never had one of their burgers, but I told her they’re good — really good. Then why not buy the stock?, she asked. There are a number of reasons. Read Full Article
Is Your Hedge Fund a Ticking Time Bomb? What’s the best way to blow up a hedge fund without using dynamite? A. No risk management B. High financial leverage C. Excessive concentration D. Hoping… E. All of the above Read Full Article at CNBC
Your Kid Swears. So What? The damn bus is late again. I wait. I wait some more. I wait until I see the big yellow school bus make a wide turn around the corner at the end of the block. It’s headed for our stop. When Lola, my nine-year-old, gets off the bus, she heaves her backpack at me. It might seem rude to a casual observer, but it’s part of our routine. I like trying to catch it while also avoiding getting hit in the head. There are a lot of books in there. Lola carries her cello, and we head to the house. “I know five bad words,” she says. “Great,” I say, not knowing how to respond. I know a lot of bad words. And the thought of my daughter saying any one of them is horrifying. “What are they?” Read Full Article at Cafe
Business Dinners Here’s a video and article I did for CNBC. Wining and dining is paramount in business, especially on Wall Street. When the office lights go out and the city lights come on — it’s time to shine. What happens after the closing bell is as important as anything that happens during the day. A business dinner isn’t all that different than dating. And let’s face it — some people are better at dating than others. It’s an opportunity to connect on a more personal level. The whole purpose of entertaining is to establish or strengthen a relationship. And hopefully that will result in more business. Regardless of which side of the table you sit on, there’s one main objective: gain trust. I used to go on three business dinners a week over my 15-year career on Wall Street. That puts me at around 2,340 nights out on the town. It’s higher than average, but I needed every advantage I could get. I’ve seen it all, from bringing young cute female interns to sit next to me at dinner to a planned night of trapeze school on the West Side Highway. And despite popular belief, the majority of Wall Street wining and dining is civilized; it’s not done with twenty’s and G-strings. Watch Video and Read Full Article