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  • nri shared from My Life as a Quant: Reflections on Physics and Finance by Emanuel Derman
    Ten years later, as a postdoctoral researcher at Oxford in 1976, I experienced a minor epiphany about ambition’s degradation. At age 16 or 17, I had wanted to be another Einstein; at 21, I would have been happy to be another Feynman; at 24, a future T. D. Lee would have sufficed. By 1976, sharing an office with other postdoctoral researchers at Oxford, I realized that I had reached the point where I merely envied the postdoc in the office next door because he had been invited to give a seminar in France. In much the same way, by a process options theorists call time decay, financial stock options...
  • nri shared from City Water, City Life: Water and the Infrastructure of Ideas in Urbanizing Philadelphia, Boston, and Chicago by Carl Smith
    For those who were able to pay for them, the bathtub and the toilet became the most intimate spaces in the home, removed from the buzz and hum of the world outside, although it was a connection to city water that made this separation from urban life possible.108 Indoor plumbing was a sign of status and success, a way not just to distinguish but also to distance oneself from other city people, especially the immigrant working poor, who still had to get their water from the promiscuous public hydrant and relieve themselves in rank and overflowing outhouses. Ellis
  • nri shared from City Water, City Life: Water and the Infrastructure of Ideas in Urbanizing Philadelphia, Boston, and Chicago by Carl Smith
    Anti-immigrant commentators used a water-related figure of speech that became commonplace also in xenophobic discourse of the late nineteenth and early twentieth century. The term “flood of immigrants” (and similar language) took on a life of its own, revealing and reinforcing a view of a major social development as a natural catastrophe that threatened to overwhelm the urban body. The most zealous nativists charged that foreign governments were taking advantage of America’s receptivity and generosity to newcomers by inundating the nation’s cities with their own undesirables as a matter...
  • nri shared from Slapped by the Invisible Hand: The Panic of 2007 (Financial Management Association Survey and Synthesis Series) by Gary B. Gorton
    The difficulty is that entry into banking by non-banks may have occurred more on the asset side of bank balance sheets than on the liability side. In most countries, banks still have a monopoly on demand deposits and the payments system, even if they have lost market share in lending. This means that banks have access to an enormous pool of resources, but not necessarily any place to invest unless they engage in riskier activities.
    Note: cc @davidschawel
  • nri shared from Slapped by the Invisible Hand: The Panic of 2007 (Financial Management Association Survey and Synthesis Series) by Gary B. Gorton
    Without limited entry into banking, restrictions, such as capital requirements, will not be acceptable to market participants who must supply the capital to banks. After all, non-banks can engage in most of the same activities as banks and avoid the costs associated with regulatory restrictions.
    Note: #ABS #CLO #greatincrediblepaperchase

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