The inability to envision a certain kind of person doing a certain kind of thing because you've never seen someone who looks like him do it before is not just a vice. It's a luxury. What begins as a failure of the imagination ends as a market inefficiency: when you rule out an entire class of people from doing a job simply by their appearance, you are less likely to find the best person for the job.

When the last history of high-frequency trading is written, Hunsader, like Joe Saluzzi and Sal Arnuk of Themis Trading, deserves a prominent place in it.

The arrangement bore the same relation to actual finance as fantasy football bears to the NFL.

The CDO was, in effect, a credit laundering service for the residents of Lower Middle Class America. For Wall Street it was a machine that turned lead into gold.

the lesson of Buffett was: To succeed in a spectacular fashion you had to be spectacularly unusual.

My client loved risk. Risk, I had learned, was a commodity in itself. Risk could be canned and sold like tomatoes.

Some coaches believed they could judge a player's performance simply by watching it. In this they were deeply mistaken. The naked eye was an inadequate tool for learning what you needed to know to evaluate baseball players and baseball games. Think about it. One absolutely cannot tell, by watching, the difference between a .300 hitter and a .275 hitter. The difference is one hit every two weeks. The difference between a good hitter and an average hitter is simply not visible-it is a matter of record