List

Alpha Waves: The Chauffeur Always Dies First

Mar 28, 2011

William Cohan is the modern chronicler of the great or supposedly great houses of Wall Street. He has written the definitive books on both Lazard and Bear Stearns and is in process on what I am sure he hopes will be the definitive book on Goldman Sachs (due out April 12th). I met Bill when he was researching Bear Stearns after its spectacular collapse in early 2008. As the ex-CEO of Bear Stearns Asset Management (BSAM) I had a front row seat for the first act of the financial "mystery" which was set on the stage of the sub-prime market, co-starring the asset-backed securities (ABS) market and with a brief cameo by BSAM that exited stage left in the first scene with the falsely high-grade CDO chorus. Everyone loves to posit that the collapse of the two Bear hedge funds in 2007 was what led to the fall of Bear Stearns. But Bill was too good an investigative reporter to make such an obvious and simple leap. He spent the time and went to the trouble of interviewing many people and learning about the underlying cause of the collapse of the Bear hedge funds.


Alpha Waves: Road Warriors in the Transparency Wars

Jan 31, 2011

In February 2008, I was hired as a strategic consultant by Eileen Murray, the ex-COO of Morgan Stanley, the then President of Duff Capital Advisors and the present "COO" (my definition, not Ray Dalio's, since he tends to avoid such titles) of Bridgewater.


Alpha Waves: The Pebble in The Pond

Jan 20, 2011

I teach a course at Cornell’s Johnson School of Business called In Search of Alpha. Hardly an original name but a topic intended to attract interest from both aspiring money managers and capital markets students.

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