The Fed Beige Book describes an economy slipping into depression not recovering...

The harsh reality of the report is knowing friends and family that have been left without jobs and are now in economic lurches. The other harsh reality is knowing nit-wits who are still employed and should have gotten the axe (versus your friends and family who are more qualified and educated)

I know plenty of guys with graduate level degrees unemployed while others with seemingly no education or value seem to grind away still employed.
 
Quote from Port1385:

The harsh reality of the report is knowing friends and family that have been left without jobs and are now in economic lurches. The other harsh reality is knowing nit-wits who are still employed and should have gotten the axe (versus your friends and family who are more qualified and educated)

I know plenty of guys with graduate level degrees unemployed while others with seemingly no education or value seem to grind away still employed.
More...

Some of the dumbest people I know have advanced degrees, and some of the brightest have no degree at all. Too much reliance is put on the ability to get a piece of paper and in that paper itself. I am not suprised at what you wrote.
 
The Great Depression was a economy which followed the bursting of a credit bubble known as "The Roaring 20s".

Our current mess is also from the bursting of a credit bubble... one many times larger as a percent of GDP than in '29.

Hopefully we won't have a renewed dust bowl nor plagues of locusts... but don't be surprised if the financial situation is no less devastating than 80 years ago. And with all the debt we carry, it has the potential to be MUCH worse and longer lasting... regardless of what the Talking Heads claim.
 
PR

Methinks you are taking the media hype at face value.

Your post could have been written about SARs but look what happened.

As usual total hype by the media and that gets everyone going.

In fact the media won't like it one bit if this very minor pig flu problem doesn't turn into a major one :) But then perhaps some other circus will have come to town within a few weeks.
 
Quote from AK100:

PR

Methinks you are taking the media hype at face value.

Your post could have been written about SARs but look what happened.

As usual total hype by the media and that gets everyone going.

In fact the media won't like it one bit if this very minor pig flu problem doesn't turn into a major one :) But then perhaps some other circus will have come to town within a few weeks.
More...

If you look back in 2004 right when the markets were recovering we had the Bird Flu, this had the media stirring. Well here we sit trying to recover and PRESTO pig flu.

It's so phoney it makes me puke. It's a ginned up bunch of crap. There is no telling how long this pig flu has been in the population it's just now that its a concern, please.
 
Getting that "piece of paper" is indeed a challenge. There are several tests, reading and lots of studying...at least 4 years worth. Oftentimes I find those without a degree lack basic English and other skills.

Those with a college degree are oftentimes easier to work with then those without...its difficult training someone who lacks knowledge of word, excel, basic english, organization, math skills etc...


Quote from PAPA ROACH:

Some of the dumbest people I know have advanced degrees, and some of the brightest have no degree at all. Too much reliance is put on the ability to get a piece of paper and in that paper itself. I am not suprised at what you wrote.
More...
 
Quote from Port1385:

Getting that "piece of paper" is indeed a challenge. There are several tests, reading and lots of studying...at least 4 years worth. Oftentimes I find those without a degree lack basic English and other skills.

Those with a college degree are oftentimes easier to work with then those without...its difficult training someone who lacks knowledge of word, excel, basic english, organization, math skills etc...
More...

This article reminded me about this conversation.......

http://finance.yahoo.com/insurance/article/107029/Business-Musings-From-Woodstock-for-Capitalists

Messrs. Buffett and Munger on Math and Theories

Messrs. Buffett and Munger made clear their complete disdain for the use of higher-order mathematics in finance.

"There is so much that's false and nutty in modern investing practice and modern investment banking, that if you just reduced the nonsense, that's a goal you should reasonably hope for," Mr. Buffett said. Regarding complex calculations used to value purchases, he said: "If you need to use a computer or a calculator to make the calculation, you shouldn't buy it."

Said Mr. Munger: "Some of the worst business decisions I've ever seen are those with future projections and discounts back. It seems like the higher mathematics with more false precision should help you, but it doesn't. They teach that in business schools because, well, they've got to do something."

Mr. Buffett said: "If you stand up in front of a business class and say a bird in the hand is worth two in the bush, you won't get tenure....Higher mathematics my be dangerous and lead you down pathways that are better left untrod."
 
Quote from PAPA ROACH:

This article reminded me about this conversation.......

http://finance.yahoo.com/insurance/article/107029/Business-Musings-From-Woodstock-for-Capitalists

Messrs. Buffett and Munger on Math and Theories

Messrs. Buffett and Munger made clear their complete disdain for the use of higher-order mathematics in finance.

"There is so much that's false and nutty in modern investing practice and modern investment banking, that if you just reduced the nonsense, that's a goal you should reasonably hope for," Mr. Buffett said. Regarding complex calculations used to value purchases, he said: "If you need to use a computer or a calculator to make the calculation, you shouldn't buy it."

Said Mr. Munger: "Some of the worst business decisions I've ever seen are those with future projections and discounts back. It seems like the higher mathematics with more false precision should help you, but it doesn't. They teach that in business schools because, well, they've got to do something."

Mr. Buffett said: "If you stand up in front of a business class and say a bird in the hand is worth two in the bush, you won't get tenure....Higher mathematics my be dangerous and lead you down pathways that are better left untrod."
More...

Same goes for trading. A chart is a calculator, you point at x and it tells you y, you can generate meta data from it like volatility, beyond that, forget the math... unless you are MAESTRO of course :D
 
Quote from Port1385:

Getting that "piece of paper" is indeed a challenge. There are several tests, reading and lots of studying...at least 4 years worth. Oftentimes I find those without a degree lack basic English and other skills.

Those with a college degree are oftentimes easier to work with then those without...its difficult training someone who lacks knowledge of word, excel, basic english, organization, math skills etc...
More...

Sure, and I recall that when I was in Engineering we had an intern program. The 4.0 guys would not obey the rules of the lab, some would not work at all, and often when they did it was sort of apparent that they weren't really that great. The 3.0 guys would work, learn, etc. and we usually hired them when they graduated and were glad we did. I was a lab supervisor and noticed the trend, we made it official policy to not even seriously interview the 4.0's, they needed to find a place that would worship them for their innate abilities and not try to get them to be productive..
 
You must log in or register to reply here.
Back
Top