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Their source of profits lay in maximizing the difference between the costs of their liabilities and the earnings on their assets, without reducing reserves to such an extent that the bank became vulnerable to a run – a crisis of confidence in a bank’s ability to satisfy depositors, which leads to escalating withdrawals and ultimately bankruptcy:
... See moreNiall Ferguson • The Ascent of Money: A Financial History of the World: 10th Anniversary Edition
Social Finance
Bowen Macy • 3 cards
- Low interest rates and the intentional birth of the American consumer.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
The Intelligent Investor boiled Graham’s philosophy down to three words—“margin of safety.”24 An investor, he said, ought to insist on a gap—a big gap—between the price he was willing to pay and his estimate of what a stock was worth.
Roger Lowenstein • Buffett: The Making of an American Capitalist
Alistair Moncur
@amoncur
With no way to cover their shorts, firms up and down Wall Street faced bankruptcy, as did the banks who had been financing their positions; Harriman had no choice but to back off the fight, so Morgan and Schiff could unwind their positions and forestall a crash.
Charles R. Morris • The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy
Schultz formed a strategic hypothesis—the Italian espresso experience could be re-created in America and the public would embrace it.