That's what happens when you're thirty-seven years old: you do the things you always did but the result is somehow different.

Yet another hedge fund manager explained Icelandic banking to me this way: you have a dog, and I have a cat. We agree that each is worth a billion dollars. You sell me the dog for a billion, and I sell you the cat for a billion. Now we are no longer pet owners but Icelandic banks, with a billion dollars in new assets.

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

If you're the kind of kid who thinks that all that's important in life is making money, Wall Street is probably still the place to go, especially now that Trump's elected.

Managers tend to pick a strategy that is the least likely to fail, rather then to pick a strategy that is most efficient," Said Palmer. " The pain of looking bad is worse than the gain of making the best move.

Those who know don't tell and those who tell don't know.

As idiotic as optimism can sometimes seem, it has a weird habit of paying off.