The Orderly Liquidation Authority prescribed by Dodd-Frank should be repealed and replaced by an amendment to the U.S. Bankruptcy Code which would operate to prevent cross-default provisions from impacting derivatives books so long as mark-to-market payments are being made in a timely fashion.
Governments need to be authorized to provide 'open bank assistance.' The convolutions of Dodd-Frank aimed at 'avoiding' this tactic are ludicrous and will prove to be extremely costly to the system.
Credit ratings and risk weightings must undergo a thorough process of review and revision. No security or instrument on the planet should have a zero risk weighting.
Derivatives trading should be standardized and as much as possible moved to clearinghouses.
The starting point of my career in money management in 1973-74 was the time of the only true bear market any living non-Japanese investor has seen in major markets. Equities, real estate, you name it, everyone got run over.
You have got to welcome and embrace complexity.
I know people who are always freeriders and will never get into a fight.
The Congo is very wealthy from oil money but is not paying its debts and at the same time is applying for special status at the World Bank. That's shocking and disingenuous.
There is no more reason to believe that Bitcoin will stand the test of time than that governments will protect the value of government-created money, although Bitcoin is newer, and we always look at babies with hope.
Stability is not the way of the world.
America is a place where the freedom to be who you are shouldn't be a barrier to your ability to get a job and provide for your family.
Successful hedge funds will be entrepreneurial; it is the essence of the craft.
There is no safe haven in today's markets.
I'm rarely optimistic.
My concern as a citizen and as a money manager is, Oh my God, at what point does a 'whoa' moment happen to these people who own $30 trillion fixed income instruments?
So many people, including stark conservatives, have family members and close friends who are gay.
It is impossible to understand the financial health of big financial institutions and their potential impact on the market. They don't even understand it themselves.
There's a feeling among some people that the Republican party is harsh on some things.
Capital is kind of a banking concept.
Margin is a customer concept.
