| THE SAGES Warren Buffett, George Soros, Paul Volcker, and the Maelstrom of Markets Charles R. Morris New York: PublicAffairs, June 2009 |
Rating: 5.0 High |
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| ISBN-13 978-1-58648-752-2 | ||||
| ISBN-10 1-58648-752-3 | 199pp. | HC | $23.95 | |
| Page 4: | "His reading interests centered on philosophy and about 1951, he discovered, and was deeply impressed by, Karl Popper's The Open Society and its Enemies." |
| Extra/missing comma: S/B either "and about 1951 he discovered, and was deeply impressed by," or "and, about 1951, he discovered, and was deeply impressed by,". |
| Page 8n: | "The congeries of theories [...] now include..." |
| Number error: S/B "includes" since congeries is singular. |
| Page 14: | "Boom-and-bust cycles almost always involve credit, and normally don't get underway in the absence of fundamental misperceptions about credit." |
| Missing space: S/B "under way". |
| Page 14: | "Reflexivity and the frequency of bubbles, plus the fact that they can grow to explosive scale, exposes the fatuity of Chicago School dogma..." |
| Number error: S/B "expose". |
| Page 19: | "Soros opens the diary with a brief assessment of the investing climate. He is happy with James Baker as the new Treasury secretary, since he appears to understand the dangers of the Imperial Circle. The indications are that he is trying to chart a 'soft landing' scenario that might involve an orderly decline in the dollar..." |
| I assume "he" in the highlighted phrase refers to James Baker, but it's not totally clear. It could be that Soros, anticipating these measures from Baker, is trying to plot a way to profit from them. |
| Page 50: | "Work is underway to move CDS to exchanges..." |
| Missing space: S/B "under way". |
| Page 51: | "In general, therefore, the asymmetry of the payoffs between the longs and the shorts favors the longs—which tends to adduce to market stability." |
| Vocabulary: S/B "add to" or "augment". |
| Page 66: | "Buffett was buying a compelling growth story, which is the opposite of value-investing logic." |
| I do not grok this. A company which is bound to grow will add value to its stock. |
| Page 117: | "Volcker was the field general in charge of America's international monetary policy during most of unwinding of Bretton Woods..." |
| Missing word: S/B "most of the unwinding". |
| Page 157: | "The committee's narrow terms of reference was to lay out the mission for the official anticorruption function." |
| Number error: S/B "were". |
| Page 165: | "I started with the 1997 report, released early in the year, when the dot-com boom was well underway." |
| Missing space: S/B "under way". |
| Page 178: | "The capitalist masters of the universe want fewer restrictions on trading, on leverage, on antitrust restrictions." |
| Wording: S/B either "on antitrust" or "fewer antitrust restrictions". (Wanting fewer restrictions on restrictions is like a double negative such as "You don't know nothing"; in a roundabout way, it equates to more regulation.) |
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