| trader220 |
12-03-2009 07:04 AM |
Quote:
Originally Posted by competentone
(Post 5035822)
You may take your work more seriously than others in your profession do.
You'll have a hard time convincing me that the hundreds of billions lost (and now mostly taken over by the Federal Reserve or insured by the FDIC) that was being managed by the major investment banks (we all know their names) was being handled by people with an ounce of concern about losses. As long as they got their take, they didn't give a s**t about what happened with the money since it wasn't theirs if lost.
They may have had some concerns about being pushed off the "gravy train" if they had too significant losses, but now, with the new Fed's "no failures ever again" policy (at least for the politically connected firms), you can be sure that there is a whole lot of trading/investment taking place with virtually no concerns about losses.
The new institutional mantra seems to be: "Recklessness rules!"
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You're pretty clear here what you believe about people who handle others money. There was no comment in the quote above that narrowed the field, it’s a pretty broad statement about the business.
Anyway enough about opinions... You sounded pretty pumped that you felt you found a really great trade. Why close it out for small so soon?
What changed fundamentally in the trade which made you cover so soon? At one point in this thread you were pretty adamant not even closing the trade out for a quarter and insisted “time” was on your side.
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