Sublime

“This is crazy accounting. I don’t know why they put it in,” Einhorn told his staff. “It means that the day before you go bankrupt is the most profitable day in the history of your company, because you’ll say all the debt was worthless. You get to call it revenue. And literally they pay bonuses off this, which drives me nuts.”

“They wanted to fire me. Everyone at Lehman hated my guts during those months,” he says. “Every time I picked up the phone someone was screaming at me.”

The first thing you learn on the trading floor is that when large numbers of people are after the same commodity, be it a stock, a bond, or a job, the commodity quickly becomes overvalued.

Wall Street is the only place in the world where people who arrive to work by train and bus give advice to people who arrive by limousine and helicopter

It’s the rare asset that has been called too expensive at $1 and too cheap at $65,000 without significant changes in its fundamentals.