power on wall street | Wall Street Financier: Notes from High Altitude©

Direct Listings on NYSE get a Green Light

Max Cantor — Sun, 30 Aug 2020 20:36:44 +0000

This past week two significant developments I would like to bring to the attention of you finance guys.

One is NYSE getting the green light to direct listings, which is what Palantir Technologies will use as early as next month.

“The Council of Institutional Investors, a group of pension funds and other big money managers, asked the SEC to reject the plan…
Unlike an IPO in a direct listing there is no bank acting as a ‘stabilization agent’ to prop up the stock if it falls sharply after its debut…
Nasdaq has a similar proposal on the table.”
The Wall Street Journal, Aug. 26, 2020

Another one is the SEC expanding its definition of accredited investors.

“Previously, to qualify as accredited investors, individuals need to have a net worth of at least $1m excluding the value of their primary residence, or an annual income of at least $200k for the last two years [300k if married and filing jointly] . Now, many more people may be able to make those investments, if they can prove that they are knowledgeable enough, including employees of investments firms or governmental bodies.
SEC Commissioner Hester Pierce tweeted Wednesday: “Americans shouldn’t have to ask the SEC for permission to invest, but today’s accredited investor rule at least offers people a path to ask permission based on their education, rather than simply telling them ‘no, unless you’re rich.’”
WSJ, Aug. 26, 2020

“The Commission indicated that it preliminary expected that the initial Commission order accompanying the final rule would include the following certifications or designations administered by the Financial Industry Regulatory Authority, Inc. (FINRA): the Licensed General Securities Representative (Series 7), Licensed Investment 14 Adviser Representative (Series 65), and Licensed Private Securities Offerings Representative (Series 82).”

Change, please ?

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Influence: The Power of Suspense

Max Cantor — Sun, 04 Dec 2016 06:08:00 +0000

I write this blog for those who want to win at life, for those who are already winners and want to improve, as well as for those who are building themselves up.

Unpredictability has long been singled out of a source of power: look at both Eastern and Western traditions.

It is worthwhile to notice how Donald Trump has used suspense, surprise and dissimulation to win, I found it uncommon in recent history.

Many will recall the third Debate: (“Will you accept the results on Election Day ?” -“I’ll let you know then.” -he answered.) Or, more recently, on a day he was scheduled for a press conference at the NYT, he cancelled (gave no reason, to my knowledge). Then same day abruptly, rescheduled and happily showed up. Was it a bluff, the cancellation ? Yes, and it also signaled what I call one of the rules of thumb in [any] negotiation: You need me more than I need you. So, let me restate the two powerful things seen here:

I’ll let you know then.

This statement carries more power than if you said, Yes! wholeheartedly. When you use it and how you use makes a big difference, too. It is a great power shifter.

You need me more than I need you.

Negotiations rarely if ever are between equals. If you hear about a merger of equals it isn’t: even if the companies in question appear to be the same market-size or otherwise. Someone is patching up a soft spot, the market dynamics have changed, there are headwinds that a business is facing. In the personal life -marriage, same thing happens. Women look for a higher utility value [than themselves] in men. Men don’t know what they are looking for. [They’re really looking for company. ]

Does this thing work both ways ?

Suppose you had the dinner with your [insert here] boss or prospect. You feel you had a frank, warm conversation. BTW a conversation is always warm if you wet your throat. You think you sold him. Your spirits are high. What do you do [before you leave] ? Or better, what do you say ?

Boss: I’m impressed. I think you’re the man [or woman]. You’ve got it covered.

You: I got you. I’ll let you know [then].

The suspense suddenly shifts the balance of power.

"Succumb to #overconfidence " Isn't overconfidence one the #keyfactors in #success? #SuccessFactors #generating #alpha #redpillwisdom #ican https://t.co/5sS8OpqvZ8

— Max Cantor (@FinancierGuru) December 13, 2016

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Attaining great function in life

Max Cantor — Sat, 05 Nov 2016 20:16:00 +0000

The great book “The Book of Family Traditions on the Art of War” by samurai Yagyu Munemori gives a shrewd account of what attaining great function is:

“When marvels come forth immediately and naturally at the appropriate time because the potential is always there within, this is called great function.”

“Encountering someone with the great potential ia like a mouse running into a cat.” In the warrior’s view, the mouse is mesmerized by the cat.

Have you ever encountered someone with great charisma, with stalking power?

Not talking about physical beauty and prominent features here, but that someone with an aura of seducing strength, warmth and comfort. Someone that’s still in your mind long after they’re gone. Where does that come from ? That comes from “great functionality” and the samurai tells us “All the great positions, grabbing a blade, kicking someone down, are great function when you attain independence, beyond what you have learned.”

In the battlefield, “It is the swordless art of not getting killed when you have no sword.”

If you have no sword, than what do you have ? You do have your mind, presumably. What kind of mind ?

“It is the mind,

That is the mind,

Confusing the mind,

O mind,

To the mind.” -P. 101

This riddle of “no mind” can also be described as the flow mind or non-attached mind. “If your mind stops and stays somewhere, you will be defeated in martial arts.”-page 105

Do you have the “quiescent” sword ?

“When you stabilize the spirit in situations where swords are quiescent, thereby all sorts of marvels appear in the hands and feet, causing flowers to bloom in battle.

The spirit is the master of the mind. The spirit resides within, employing the mind outside. This mind, furthermore, employs psychic energy. Employing psychic energy in external activities for the sake of the spirit, if this mind lingers in one place, its function is deficient.

Therefore it is essential to make sure that the mind is not fixated on one point.”

It seems the mesmerizing mind is the “no-mind”, not fixed to any particular destination, outcome or spatial thing. Can this be applied in today’s world ?

If you read Jeffrey Pfeffer book “Power: Why Some People Have It—and Others Don’t”, power in the corporate world needs to be taken decisively, with self promotion and engaging networking effects as tools. Since we live in an ultracompetitive world, I tend to agree with that. The question is, can the “mesmerizing”, unmovable mind of the samurai help to attain that power in society and life in general ? Moreover, since [most] people are not trained in martial arts and are certainly not living in the killing fields of ancient Japan, is it possible to develop the “no mind” functionality described in the ancient text ?

I want to have that “no mind” power if it can advance my career. More on that: Part 2 is for email subscribers only: subscribe to my newsletter to get it.

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