Archive for December, 2014

Going Nowhere

When I started my career in the financial markets in 1985 at Daiwa Europe Ltd, market knowledge and experience were very limited. Veterans were 26 years old with 3 years experience trading Eurobonds. As raw recruits new to the industry, the 5 minute executive decision that determined whether you were to be on the sales or trading desk was farcical in today’s eyes. I was last in the queue to have my career path chosen by Kiyokawa-san. “You trade US treasuries………!” Ok, great, so I got to sit over in the bond corner, splendid. Long before the days of Bloomberg and the internet, your ONLY real reference point was Marcia Stigum’s ‘The Money Market’, still in print today. 

 

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Bubbleology – The Science of Bubble Money

 

On the 12th November 2014 – some 10 years after it was launched – lander module Philae which accompanied the Rosetta spacecraft touched down on Comet 67P/Churyumov-Gerasimenko (67P) to begin extra-terrestrial scientific observations. The on-board telemetry communicated back to Earth some 28 light-minutes away revealed that the lander had bounced twice off the surface of 67P. The first bounce may have lasted two hours and over 1 kilometre and is considered the largest space bounce in history which we would put it on a par with the incredible bounces in the US and Japanese stock markets this past month!

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