By Janet M. Tavakoli
“Buffett, Tavakoli Flag Scheme larger Than Madoff’s” – Bloomberg News
"Full of anecdotes, info and personality sketches that upload depth...she understands her stuff, has powerful evaluations and turns a colorful quote." - Financial Times
“An first-class learn, loaded with information regarding the goings-on within the monetary area within the US…racy, laced with wit.” – Business Standard
"Tavakoli tugs vigorously on the possible disparate threads of the present monetary predicament, naming names, mentioning instances and leaving no schmuck — no matter if funding financial institution, credit standing service provider, monoline insurer, loan agents, regulators and their ilk — unspared. in keeping with greater than two decades within the derivatives area, and having served time at Salomon Bros, endure Stearns and Goldman Sachs, she understands that of what and who she speaks. should still somebody ever exhibit the slightest curiosity in criminalizing the criminals who led us down this course, a prosecutor may well do worse than ordering up copies for the grand jury." – Seeking Alpha
From the writer (John Wiley & Sons): Janet Tavakoli takes you into the area of Warren Buffett in terms of the hot personal loan meltdown. In correspondence and dialogue with him over 2 years, they either observed the writing at the wall, made transparent by way of the implosion of undergo Stearns. Tavakoli, in transparent and interesting prose, explains how the credits mess occurred starting with the personal loan lending Ponzi schemes funded by means of funding banks, the Fed bailout and its impression at the greenback. via her narrative, we pay attention from Warren Buffett and learn the way his enduring rules triggered him to determine the mess that was once coming good prematurely and stored him and his traders good out of how.
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Additional resources for Dear Mr. Buffett: What an Investor Learns 1,269 Miles from Wall Street
Spending was restrained. And, most important, there were positive tax moves: the capital gains levy was cut almost 29 percent. Capital gains taxes on homeowners’ primary residences were virtually eliminated and a moratorium on Internet taxation passed into law, which contributed enormously to its rapid development. S. economy from only 1 percent real growth to a 3 to 4 percent growth rate. S. economy alone exceeded the entire size of the Chinese economy. And guess what? Equities boomed, almost doubling from their lows of late 2002.
At the opposite extreme, if the correlation coefficient is equal to -1, then the two stocks are perfectly negatively correlated. If one goes up 10 percent, the other might fall 8 percent. If the first falls 10 percent, the second rises 8 percent. If held in a portfolio, they provide a perfect hedge because they always move in opposite directions and in perfect proportion with one another. Alternatively, if the correlation coefficient is equal to zero, the two stocks are perfectly uncorrelated. This means that knowing what one stock does provides no hint of what the other might do.
It also makes Buffett one of the few multibillionaires who got rich primarily from investing rather than from actually starting and running an individual company focused on a specific business. Much of Berkshire’s success is due to Buffett’s ability to use the float from its insurance businesses to finance the purchase of other profitable companies. Indeed, this is largely why Buffett is called a great investor rather than simply a great entrepreneur. Since there are dozens of books already written about Warren Buffett and Berkshire Hathaway, it is fair to ask why we need another.