Sunday, May 17, 2009

paper, paper, paper.

so last week, i went to this "debate" hosted by a news channel. there is top security in entering and leaving the building. you get badged before and after you leave. The speakers were all affiliated with some hedge funds, universities (ie professors of finance at prestigious universities) and had some book deals going on ecetra ecetra ecetra. the moderator himself was one of the channe'ls top gun.

i really thought it was going to be like the vice presidential debate. i think it was american reality tv at its best. the topic of discussion the current crisis.

it was not. it was quite dry as you would expect as any mathematicians lecture to be. a personality hazard, if i may so myself. me included. the moderator was great and tried to move it along. letting each speaker his 5 mins, ok scratch that, 15 mins of speech. and literally two of them did that, not stopping for a breather. imagine talking 15 mins nonstop, with not a single pause.

i zoned out after 5. my friend sitting next to me fell asleep and the lady sitting next ot me started filing her nails (i think she was a journalist meant to be covering the event). the only excitement in the debate was when people started asking questions. the first question was are the banks now trustworthy? do we trust the banks? followed by more evasive answering. bottom line no, but we can't say. where will everyone put their money then. second question, this was met with pin drop silence. who are hedge fund investors? for a moment all speakers were zapped. the guy asking the question takes a moment to clarify, i dont mean names, in general. basic question: were hedge funds responsible for the crisis? basic answer: god knows.

all in all an interesting debate of unanswered questions. brings me back to what i have been saying all along. no one and i mean no one knows what the hell is going on. and if you wait long enough the efficient market hypothesis will hold. and markets will move back to where they should be.


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