Jun

13

In a nice chapter on Morse in 50 Years On Wall Street, Clews talks about how people followed him even after he was down and out, before my dad's predecessors had to retrieve the body from the Bowery for the morgue and pay off the debts. It reminds one of the changes in tempo and forms that plague us now with the interventions of flexionic nature et al.

But he did ruin the chronic bear Little even when he had two feet in the grave.


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3 Comments so far

  1. Jeff Watson on June 14, 2010 10:14 am

    I re-read Clews at least twice a year and the lesson he reinforces is that “The more things change, the more they stay the same.”

  2. douglas roberts dimick on June 14, 2010 10:03 pm

    If what Jeff says is true, then what does this article mean, to wit:

    “Capital Commitment Makes a Comeback from Crisis Lows, By Michael Scotti; Despite access to an ever-growing menu of electronic trading toys with greater sophistication, some money managers are finding that there is still room in their repertoire for the tried and true of block trading: capital commitment…

    In fact, among the biggest clients on the Street, their usage of capital trades rose 11 percent in 2009, according to a recently released Greenwich Associates report. This tier-one group of clients–greater than $50 million in annual commissions–traded 29 percent of their dollar volume with broker capital.

    Brokers report that the death of capital commitment has been greatly exaggerated. That’s not only true for Greenwich’s top tier, but also the next group, which pays $20-to-$50 million a year in commissions. This group saw a 20 percent rise in its capital trades, to 12 percent from 10 percent, Greenwich reported. Still, many traditional long-onlys say they have been weaned off capital as electronic trading tools have supplanted much of their interaction with sales traders and their high-touch services.”

    Has there been a systemic change, yes or no?

    dr

    See http://www.tradersmagazine.com/news/capital-citi-merrill-lynch-bank-of-america-105903-1.html?ET=tradersmagazine:e606:54049a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=tm_xtra_061410

  3. Richard Funkhouser on June 15, 2010 1:36 pm

    Rereading often does change the meaning one found the first time, but not Henry Kaufman’s On Money and Markets.

    Damn him for being so prescient, and me for not being more.

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