It took years and years (we started here 10 years ago) for a reclusive corner of the academic world to come to the conclusion I came to 10 years ago: that accounting and earnings fraud is pervasive in America and goes, for the most part, undetected.
From NYT”
Dyck is a professor of finance at the University of Toronto, who just published a provocative new study on the pervasiveness of corporate fraud. The study has been passed around in the world of academia in recent weeks, and has become a fascination among general counsels, corporate leaders and investors.
It suggests that only about a third of frauds in public companies actually come to light, and that fraud is disturbingly common. Dyck and his co-authors estimate that about 40 percent of companies are committing accounting violations and that 10 percent are committing what is considered securities fraud, destroying 1.6 percent of equity value each year — about $830 billion in 2021. Dealbook, January 14th, 2023
“What people don’t get is how widespread the problem of corporate fraud is,” Dyck said about his study, which was published in the Review of Accounting Studies this month. Dealbook, January 14th, 2023
A professor from the University of Ontario did this study this month…It’s not about Sam Bankman-Fried…It’s about the hundreds of them out there no-one knows about…
The post Fraud everywhere first appeared on Wall Street Financier: Notes from High Altitude©.]]>“Most charge $5,000 or less in annual dues, plus a smaller sign-up fee though those at the top end can charge considerably more..
WSJ
Becoming a member at these clubs might take some time. Zero Bond [a 22,000 square foot private membership club in the heart of Noho] relies heavily on recommendations from current members in adding to its membership roll. Mr. Sartiano declined to say how many members he has but said Zero Bond has about 8,000 members on its waiting list.
NeueHouse earns about 35% of its revenue from membership fees, with the rest coming from brand partnerships, private events and its restaurants and bars, according to Chief Executive Josh Wyatt.
Kate King, WSJ
Zoom fatigue ? Do you really need a private club to go out for drinks and dinner ?
On the wheel of full-throttle snobism, here at Wall Street Financier: Notes from High Altitude, I am the only one seeking refuge from the vagaries of this vane and empty world. I stand alone, as I always stood, firm in my ancestor’s- Spartacus place.
And now a word from Sadhguru, the Indian mystic
The post Clubbing first appeared on Wall Street Financier: Notes from High Altitude©.]]>When you have some spare time, I invite you to listen to this talk
“If you are going to be an expert archer,
You must shoot before you think.
Otherwise I’ll be too late.”
Alan Watts
Meanwhile, in investment banking… Steve McLaughlin of Financial Technology Partners LP is “comfortably the highest paid investment banker in America [WSJ, Dec. 5th, 2021]
The post Wisdom from the giants first appeared on Wall Street Financier: Notes from High Altitude©.]]>We will be featuring paid content more often from now on. Friendly reminder that subscriptions are only $8.95 a month (full access to archives included) or $1.99 per article. To show your support subscribe to support this publication that continues to offer most of its content free to the world since 2013.
The post It’s Elon Musk first appeared on Wall Street Financier: Notes from High Altitude©.]]>2. Participate in conferences, developers forums, seminars and strategy forums. The more involved you are in your profession and the more you know about verticals the better. Speak to and meet your peers and avantgarde leaders.
3. Whatever your last employer, your best chances are to get hired by a competitor. This doesn’t change regardless of your industry and profession.
4. If you haven’t bought the Book of the Underdog yet, buy it. It is the best, life changing book on personal and professional development of the last decade. Now, 3 years later and into a new decade, the book still holds as the gold standard.
5. Pivot if you have to. Read the 15 Invalubale Laws of Growth by John C. Maxwell and The Big Pivot: Radically Practical Strategies for a Hotter, Scarcer, and More Open World by Andrew S. Winston.
All amorous relationships in your life need to be dynamic. We have numerous posts here on relationships from the male perspective: do a search for 2019 and 2020 and you’ll be floored with relationship advice. We don’t follow the mainstream advice on “working in relationships” because once a relationship needs “work” (other than minor corrections) I believe the relationship should be curtailed. Things to bear in mind:
-People naturally grow apart.
-Monogamy is a myth and all the happy couples that I know have or have had, multiple lovers.
-All relationships end in breakups, hopefully the breakup is gracious and well-choreographed, eg. you have a prenup and a postnup.
-The way you got into that relationship the same way you will split up.
-I don’t recommend marriage for men. If you get married you need to clearly spell out your economic arrangement with the woman. No ambiguity. (The honeymoon phase usually ends in 6 months).
-If you’ve made the mistake of getting married and have kids, you need to obtain 50/50 custody. That is for the kids since they need both a father and a mother in their lives.
The post How to deal with rejection first appeared on Wall Street Financier: Notes from High Altitude©.]]>
SPACS Lord Chamath is portrayed in the first June issue of The New Yorker.
Of hedge-fund managers: “Let them get wiped out. Who cares? They don’t get to summer in the Hamptons? Who cares?” (He made both proclamations after he had become a venture capitalist and started a hedge fund; he has yachted off the Italian coast.)
"In 2019, when he was trying to persuade investors to support his first spac—for the space-tourism company Virgin Galactic—he met in New York with a group of mutual-fund managers and gave a dazzling speech about helping mankind reach for the heavens. It went unmentioned that Virgin Galactic had burned through nearly a billion dollars, and that in its fifteen-year history it had missed every major deadline that it had set for itself. Instead, Palihapitiya proclaimed that the company would likely earn enormous profits—and change the world." -The New Yorker
What else is there to say ? That this Joker slides on slime ?
“Having a great story, and knowing how to tell it, can be a quick way to get rich. “
The New Yorker
And now a quote from me:
People are stupid. You can always bet on people’s stupidity.
Don’t blame Chamath that he possibly is worth more than Michael Milken (whose net worth is $3.7 Bn). Blame yourselves and your own stupidity. At least Michael Milken is a genius. Chamath is the Joker of Silicon Valley.
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The post Power first appeared on Wall Street Financier: Notes from High Altitude©.]]>
I’ve picked up some good moves from the episodes and some non-sense you should stay away from…when dealing with women. Of course the producers and consultants of the show don’t have the life experience that I and many of my readers have.
St. Patrick’s asks his mistress, Angela: What’s wrong, baby ?
I guess naming the nightclub St. Patrick opened “Truth” is one thing, actually knowing you never covet to a woman is another. It is interesting Tasha, St. Patrick’s wife, knows all about his drug dealings, while his law-enforcement mistress sleeps with him to discover who he is…but he discovers who she is first.
In this case, mothers know best. If you have a girl who loves you, that’s the “love” of a woman.
At least that answer to women’s shit “I love you” is right.
St. Patrick, it seems, continues sleeping with Angela the government lawyer instead of cutting it off.
That sounds like my advice, and of many others, of how to best be with a woman. I say see her once or twice, a week. (Friendly reminder, the best post of 2020 was Goldman’s Socks 69 Rules of Being a Man)
Holly Molly. Nobody does.
Let’s see how Kanan rolls, since he’s looking to take St. Patrick out. We’ll keep you updated as we dig more interesting facts from the show.
Until next time,
Your Man,
Max Cantor
The post The Power Show (Starz) first appeared on Wall Street Financier: Notes from High Altitude©.]]>It is time that someone wrote a real guide not only for the men working in the investment industry but for all men who aren’t jokers. I mean, you can listen to the Joker (Boris Brejcha) which I do even in this post. But don’t make your life a caricature. So this list was born. There aren’t 99 Rules in this list, but we’d like to aim for a good-measure number (69 would do it).
In the past decade, marriage has has become the rawest, worst deal for men in America and the West altogether. Marriage is an outdated institution with laws giving women the upper hand, no man with some self-esteem should walk that dark alley. (70% of divorces are initiated by women, and that number climbs higher, to 90% for college-educated women).
Not worth it !
You can fill in the blanks…from __, ___.__
You will stand out if you don’t drink at a party.
Your girlfriend must know where you come from.
You’re slowly descending into mediocrity and you know it, what do you do ? The clock is running: tick-tock-tick. Your pal suggests you try a threesome…should you ? Would you ? Yes. Threesomes are in. MFF. Three is a magic number. There are three in the Holy Scripture. “Friends, Romans, Countrymen” -three in William Shakespeare’s Julius Caesar. Mind, body and spirit -three.
You give it a treat when he behaves and withdraw attention when he misbehaves. For more info, make sure you get your BOU (The “Alpha Male Bible” ).What does is look to be at the top of your game ?
Your own time away from everybody. As you get older and wiser, so do the “unreachable” times are getting larger.
Women know this instinctively, as demonstrated by their propensity to pursue taken men. A man that’s taken -married or not- is seen more attractive to them than a single man.
Well, if you’re married, say: “Tell that to my wife”, then hand over your phone to the boss. If you’re not married, say: “It’s not easy being green.”
So this happened: the new decade swooped in… and we have to make it to 69. Let’s get some more music in before we do that…
Did you write that on your office whiteboard yet ?
And by sampling I don’t mean food, I mean flings. I’ve had flings hailing from 18 different nations and four continents. To some that’s a low diversity number. Well, put me to shame. As far as I can tell, the farther they are from your original ethnicity, the more interesting things can get. Hop on the diversity bandwagon.
Sometimes Cads become Dads. These are the sad bunch. Score +1 Women to -1 Men. Very rarely do Dads become Cads. Women really hate that.
41. The most useful text message in the book of texting:
They key here is to send this texting sequence hours apart…It make the hamster go full 5200 rpm.
What are you sad about, then ?
Ah, what about crocodile tears, I heard… Did you get a lighter and threaten to burn up her shoes ? Are you telling me those tears aren’t real ?
Both men and women know that instinctively.
Examples: A pretty woman will, in all likelihood, cheat. A smart person..will cheat. That doesn’t mean that ugly ones and dumb people don’t cheat, however.
Women see their SMV (Sexual Market Value) plummet as they age (around 35 although some say is even earlier) while men’s, generally speaking, is on an upswing.
The geniuses who have daughters plus half of China are now going to think they fall under the “attractive” category. Don’t hold your breath.
Also, drop the monogamy garbage to the site curb where it belongs.
Both men and women agree to it or they feign disagreement.
It is mostly the women who have everything…
And put out some Lady Gaga lyrics:
“I can’t wait to smoke them all
Whole pack like Marlboro
Blow it in your face, blow it in your face
Blow it in your, blow it in your face
I can’t wait to rev you up
Faster than you can say Ferrari
Tearin’ up the gravel, watch you unravel
Now it’s a party…” -Source: Lady Gaga, A-Yo song, Joanna album
Their fallout is inevitable because beauty is perishable. That’s why we don’t invest in beauty with marriage.
You: What are you thinking ? Her: This, that.
You: Good, because I don’t have you thinking about my crotch all the time.
Few will understand this. Is that hamster splitting atoms by now ?
With the abundance of geniuses who are also triathletes and meditators, rowers and God-knows-what, it’s become extremely difficult to stand out. Fortunately you have the backhanded compliments.
Poll
Disclaimer: “Goldman Socks” does not in any way refer to, allude to or personalizes the firm or character of banking firm Goldman Sachs.
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