eat what you kill

19 results back to index


pages: 77 words: 18,414

How to Kick Ass on Wall Street by Andy Kessler

Andy Kessler, Bear Stearns, Bernie Madoff, buttonwood tree, call centre, collateralized debt obligation, eat what you kill, family office, fixed income, hiring and firing, invention of the wheel, invisible hand, London Whale, margin call, NetJets, Nick Leeson, pets.com, risk tolerance, Silicon Valley, sovereign wealth fund, time value of money, too big to fail, value at risk

Don’t make up an offer. They are easy to check. Finally, when you’ve been at it long enough and really are an expert and a focused part of the business and a money maker for the firm, the real way to get paid is to take your talents to the buyside - to an investment fund or even to a hedge fund. There you eat what you kill. You make outsize returns in any given year and you’ll get paid for it. There is an even better reason to eventually move to the buyside. Then, finally, you can say ‘asshole’ before you hang up the phone. Read, Read, Read Warren Buffettt’s right hand man Charlie Munger said this at Berkshire Hathaway’s 2003 annual meeting: I have said that in my whole life, I have known no wise person, over a broad subject matter who didn’t read all the time – none, zero.


pages: 807 words: 154,435

Radical Uncertainty: Decision-Making for an Unknowable Future by Mervyn King, John Kay

"Robert Solow", Airbus A320, Albert Einstein, Albert Michelson, algorithmic trading, Antoine Gombaud: Chevalier de Méré, Arthur Eddington, autonomous vehicles, availability heuristic, banking crisis, Barry Marshall: ulcers, battle of ideas, Bear Stearns, Benoit Mandelbrot, bitcoin, Black Swan, Bonfire of the Vanities, Brownian motion, business cycle, business process, capital asset pricing model, central bank independence, collapse of Lehman Brothers, correlation does not imply causation, credit crunch, cryptocurrency, cuban missile crisis, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, demographic transition, discounted cash flows, disruptive innovation, diversification, diversified portfolio, Donald Trump, easy for humans, difficult for computers, eat what you kill, Edmond Halley, Edward Lloyd's coffeehouse, Edward Thorp, Elon Musk, Ethereum, Eugene Fama: efficient market hypothesis, experimental economics, experimental subject, fear of failure, feminist movement, financial deregulation, George Akerlof, germ theory of disease, Hans Rosling, Ignaz Semmelweis: hand washing, income per capita, incomplete markets, inflation targeting, information asymmetry, invention of the wheel, invisible hand, Jeff Bezos, Johannes Kepler, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Snow's cholera map, John von Neumann, Kenneth Arrow, Kōnosuke Matsushita, Long Term Capital Management, loss aversion, Louis Pasteur, mandelbrot fractal, market bubble, market fundamentalism, Money creation, Moneyball by Michael Lewis explains big data, Monty Hall problem, Nash equilibrium, Nate Silver, new economy, Nick Leeson, Northern Rock, oil shock, Paul Samuelson, peak oil, Peter Thiel, Philip Mirowski, Pierre-Simon Laplace, popular electronics, price mechanism, probability theory / Blaise Pascal / Pierre de Fermat, quantitative trading / quantitative finance, railway mania, RAND corporation, rent-seeking, Richard Feynman, Richard Thaler, risk tolerance, risk-adjusted returns, Robert Shiller, Robert Shiller, Ronald Coase, sealed-bid auction, shareholder value, Silicon Valley, Simon Kuznets, Socratic dialogue, South Sea Bubble, spectrum auction, Steve Ballmer, Steve Jobs, Steve Wozniak, Tacoma Narrows Bridge, Thales and the olive presses, Thales of Miletus, The Chicago School, the map is not the territory, The Market for Lemons, The Nature of the Firm, The Signal and the Noise by Nate Silver, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Bayes, Thomas Davenport, Thomas Malthus, Toyota Production System, transaction costs, ultimatum game, urban planning, value at risk, World Values Survey, Yom Kippur War, zero-sum game

Piece rates on automobile assembly lines were abandoned because they led workers to pursue quantity at the expense of quality – Toyota showed that superior products could be manufactured by encouraging groups of workers to take pride in the reliability of their output and to ‘stop the line’ if they believed that goal was in jeopardy. 3 Financial economics must take much of the responsibility for spreading the idea that senior executives could be treated as actors whose role was to respond to the incentives they were given tailored to maximise shareholder value. The results have seriously distorted corporate behaviour and led to an explosion of executive remuneration which has exacerbated social divisions. The introduction of ‘eat what you kill’ policies in law and accountancy – the primary driver of personal remuneration is your own revenue generation rather than the profitability of the firm – has eroded the professional ethos which historically characterised these activities. In the years before 2008, banks represented the closest approximation in the business world to organisations which treated both senior management and lowly employees as people whose interests were to be aligned with those of the company solely through incentive schemes.

225 Korean War, 292 , 294 Korzybski, Alfred, 391 Krugman, Paul, 93 Kuhn, Thomas, 285 !Kung Bushmen, 216 , 217 , 325 Lampert, Eddie, 287–9 , 292 Lampson, Butler, 28 Landon, Alf, 240 , 390 Laplace, Pierre-Simon, 70 , 199 Lascaux cave paintings, 216 law: civil law and common law jurisdictions, 205–6 , 213–14 ; ‘eat what you kill’ policies, 409 ; legal reasoning, 194–5 , 196–8 , 205–7 , 210–14 , 410 , 415 , 416 ; presumption of innocence, 210 ; and probabilistic reasoning, 196 , 197 , 198–203 , 206–7 , 210–12 , 214 ; ‘the prosecutor’s fallacy’, 201–2 , 203 ; ‘reasonable doubt’ concept, 198 , 201 , 205–6 , 211–12 ; and ‘rodeo problem’, 206–7 ; search for ‘best explanation’, 211–14 ; and statistical discrimination, 207–8 Lawson, Nigel, 291 Leamer, Edward, 100 Leamon, Nathan, The Test , 268 Lee, General Robert E., 188 Leeson, Nick, 411 Lehman Brothers, failure of (2008), 5 , 36 , 158–9 , 267 , 410–11 , 412 Leonardo da Vinci, 219 , 421 , 428 LeRoy, Stephen, 74 , 78 Let’s Make a Deal (US quiz show), 62–3 , 65 , 69 Lewis, Michael, 135 , 215 ; The Undoing Project , 121 , 393–4 Libet, Benjamin, 171 LIBOR scandal, 192 Libratus (poker-playing computer), 263 life expectancy, 43 , 56 , 57 , 161 , 232–3 Lincoln, Abraham, 266 , 269 , 290 Literary Digest , 240 , 390 Livy (Roman historian), 54 , 186 , 187 Lloyds Bank, 325 Lloyd’s of London, 55–6 , 322–4 , 325 , 326 Loch Ness monster, 325 , 326 Loewenstein, George, 128–9 , 135 , 310 London School of Economics, 339 , 382–3 Long Term Capital Management, 153 , 309 Louis XIV, King of France, 411 Lucas, Robert, 36 , 92 , 93 , 338–9 , 341 , 345 , 346 , 348 , 354 Maa-speaking people of East Africa, 160–1 , 189 MacArthur, Douglas, 292–3 , 420 Macartney, Lord, 419 Mackay, Charles, Extraordinary Popular Delusions and the Madness of Crowds , 315 Malthus, Thomas, 253 , 358–61 , 362–3 Mandelbrot, Benoit, 238 Manhattan grid plan, 424–5 Manville, Brook, 374 Mao Tse-tung, 4–5 , 292 Markowitz, Harry, 307 , 308 , 309–10 , 318 , 320 , 332 , 333 , 366 Márquez, Gabriel García, 226 Marshall, Alfred, 276 , 381 , 382 Marshall, Barry, 284 , 306 Marshall, George, 292 Marxism, 220 Mary Celeste mystery (1872), 33–4 , 44 Mary Poppins (film, 1964), 306 mathematical reasoning, xiv , 12 , 19 , 42–3 , 47 , 53–4 , 93 , 343 , 401 , 404–5 ; appropriate use of, 383 ; fixed point theorems, 254 ; fractal geometry, 238–9 ; ‘grand auction’ of Arrow and Debreu, 343–5 ; and historical narratives, 188 ; small world applications of, 175–6 Matsushita, Konosuke, 410 Mauss, Marcel, The Gift (1925), 190–1 Max Planck Institute, Berlin, 152 maximising behaviour, xiv , 258 , 381–2 ; ‘ambiguity aversion’ concept, 135 ; and evolutionary rationality, 157 , 158 , 166–7 ; and greed, 127–8 , 409 ; limits to, xiv–xv , 41–4 , 152 , 171–2 , 310 , 345 , 382 , 400–1 , 435–44 ; maximising expected utility, 108 , 111–14 , 115–18 , 129–30 , 400 ; and utilitarian theory, 110–11 Maxwell, Robert, 312 , 313 May, Robert, 375 Maynard, John, 156 McHugh, Dodd, 425 McLaren racing team, 391 McNamara, Robert, 281–2 , 298–300 McRaven, Admiral William, 298 Meadow, Professor Sir Roy, 197–8 , 200 , 201 medicine, 22 , 32 , 39–40 , 88–9 , 383 , 384 , 387 ; computer technologies, 185–6 ; doctors’ decision-making, 184–6 , 194 , 398–9 ; HIV infections, 375–6 ; infectious diseases, 282–3 , 285 ; puerperal fever, 282–3 , 306 ; ‘randomised controlled trials’ (RCTs), 243–5 ; screening for cancer, 66–7 , 206 ; stomach ulcers, 284 , 306 ; twentieth century improvements, 57 ; and uncertainty, 44–5 mercantilism, 249 Mercier, Hugo, 162 , 272 , 415 Méré, Chevalier de, 53 , 59 , 60 , 61 Merton, Robert C., 309 Merton, Robert K., 35–6 , 309 MESSENGER (NASA probe), 18–19 , 26 , 35 , 218 , 394 meteorology, 23 , 43 , 101–2 , 406 Michelangelo, 421 , 428 Michelson, Albert, 430 Microsoft, 29 , 30–1 migration, 369–70 , 372 ; European to USA, 427 military campaigns and strategy, 3–4 , 24–6 , 292–3 , 294–5 , 298–300 , 412–13 , 433 military-industrial complex, 294 Mill, John Stuart, 110 , 429–30 ; System of Logic (1843), 70 Miller, Arthur, Death of a Salesman , 220 Ming emperors, 419 Mintzberg, Henry, 296 , 410 Mirowski, Philip, 388 MMR triple vaccine, 394 mobile phones, 30–1 , 38–9 , 257 , 344 models: appropriate use of, 376–7 ; of Canadian fisheries, 368–9 , 370 , 371–2 , 423 ; consulting firms, 180 , 182–3 , 275–6 , 365 , 370–1 , 405 ; EU migration models, 370 , 372 ; invented numbers in, 320 , 363–4 , 365 , 371 , 373 , 404 , 405 , 423 ; maps as not the territory, 391–4 ; microeconomic research, 382 , 392 ; misuse/abuse of, 312–13 , 320 , 368–76 , 405 ; at NASA, 373–4 , 391–2 ; policy-based evidence, 370–1 , 373–4 , 405 , 412–13 ; and public consultation, 372 ; reproduction of large/real-world, 390–2 ; role of incentives/targets, 409 ; stationarity as assumed, 333 , 339 , 340–1 , 349 , 350 , 366–7 , 371–2 ; as tools, 384–6 ; transport modelling, 363–5 , 370 , 371 , 372 , 396 , 404 , 407 ; WebTAG, 363–4 , 365 , 371 , 404 , 407 ; WHO HIV model, 375–6 ; see also economic models; small world models Moivre, Abraham de, 57–8 , 233 money supply, 96 Moneyball (film, 2011), 273 MONIAC (Monetary National Income Analogue Computer) machine, 339 ‘Monte Carlo simulations’, 365 Montgomery, Bernard Law, 293 Moore, Dudley, 97 Morgenstern, Oskar, 111 , 133 , 435–7 Moses, Robert, 425 Mourinho, José, 265 Mrs White’s Chocolate House (St James’s), 55 Murray, Bill, 419 Musk, Elon, 128 , 130 , 307 Mussabini, Sam, 273 mutualisation: in insurance markets, 325–6 ; and !


pages: 177 words: 56,657

Be Obsessed or Be Average by Grant Cardone

Albert Einstein, eat what you kill, Elon Musk, fear of failure, job-hopping, Mark Zuckerberg, Silicon Valley, Snapchat, Steve Jobs, telemarketer, white picket fence

#BeObsessed @GrantCardone The world thought I had been obsessed before? No—now I was obsessed. I was alive again. I was on fire again. I was 120 percent into my businesses, pushed by the threat of not surviving. I was back at the beginning and there was no sense of entitlement. Instead I was waking up every day with an “Eat what you kill” mentality. Seize all of the business; take no prisoners; be ethical but never fair; push, shove, and knock down walls if necessary. It was time to expand while others contracted. It got me busy doing what I had been doing when I started my first business: making myself known to people who didn’t know me.


pages: 252 words: 70,424

The Self-Made Billionaire Effect: How Extreme Producers Create Massive Value by John Sviokla, Mitch Cohen

Bear Stearns, business cycle, Cass Sunstein, Colonization of Mars, corporate raider, Daniel Kahneman / Amos Tversky, eat what you kill, Elon Musk, Frederick Winslow Taylor, game design, global supply chain, James Dyson, Jeff Bezos, John Harrison: Longitude, Jony Ive, loss aversion, Mark Zuckerberg, market design, old-boy network, paper trading, RAND corporation, randomized controlled trial, Richard Thaler, risk tolerance, self-driving car, Silicon Valley, smart meter, Steve Ballmer, Steve Jobs, Steve Wozniak, Tony Hsieh, Toyota Production System, young professional

Of course, he gave himself by far the biggest slug of the firm. Everybody left. What we’ve always tried to say is we want to flow through the actual economics. So if you’re creating value, we want to give you your share of what you actually created. Now you’re going to get your share—not in the future. Eat what you kill. If you do it, you get it. This deal is not just about money. This is about being partners and working together and sharing the same values.” Steyer expects his deal making—with his investors and with his people—will see Farallon into the next era of growth, which will involve more presence in environments where the rules of engagement are less defined.


pages: 258 words: 71,880

Street Fighters: The Last 72 Hours of Bear Stearns, the Toughest Firm on Wall Street by Kate Kelly

bank run, Bear Stearns, buy and hold, collateralized debt obligation, corporate governance, corporate raider, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Donald Trump, eat what you kill, fixed income, housing crisis, index arbitrage, Long Term Capital Management, margin call, moral hazard, quantitative hedge fund, Renaissance Technologies, risk-adjusted returns, shareholder value, technology bubble, too big to fail, traveling salesman

Meanwhile, Bear’s executives lay low in public. Most managers at Bear thought the system made perfect sense. They quietly kept to themselves, preserving the firm’s clubby mystique. Bear was like a place where you could get rich if you found a profitable niche for yourself—a culture often described as “eat what you kill.” It was the opposite of a place like Goldman, which was a far more “franchise”-driven culture, where the brand name superseded individuals in importance. And Bear employees liked it that way. Bear’s insular mentality was emphasized to new hires. In an annual lecture to the fixed-income division’s summer interns, for instance, Paul Friedman liked to talk about something he referred to as “C-1 risk.”


pages: 247 words: 74,612

For the Love of Money: A Memoir by Sam Polk

Bear Stearns, carried interest, Credit Default Swap, eat what you kill, fixed income, hiring and firing, Northern Rock, nuclear winter, Rosa Parks

It’s impossible to overstate how often Wall Street traders think about their bonuses. Those thoughts drive every trade, meeting, client dinner, and ball game. The carrot at the end of the stick. One of the reasons you think so much about it is because you don’t have much control over it. It’s a great paradox on Wall Street, where you supposedly “eat what you kill,” that your bonus is entirely at your boss’s discretion. The more trading profits you make, the bigger your bonus will likely be. But there are other variables—how profitable the firm is, seniority, what competitors are paying. You just don’t know. It was especially true for me that year.


pages: 269 words: 83,307

Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits by Kevin Roose

activist fund / activist shareholder / activist investor, Basel III, Bear Stearns, cognitive dissonance, collateralized debt obligation, Credit Default Swap, credit default swaps / collateralized debt obligations, discounted cash flows, Donald Trump, East Village, eat what you kill, eurozone crisis, fixed income, forward guidance, glass ceiling, Goldman Sachs: Vampire Squid, hedonic treadmill, jitney, knowledge worker, new economy, Occupy movement, Plutocrats, plutocrats, Robert Shiller, Robert Shiller, selection bias, shareholder value, side project, Silicon Valley, Skype, Steve Jobs, tail risk, The Predators' Ball, too big to fail, two and twenty, urban planning, We are the 99%, young professional

There were promises of real-world responsibility, vague hints of the immense workload that was expected of first-year analysts, and talk of “exit opps” after the two years were up. As usual, there was no mention of the money a first-year analyst stood to make—only generalities about the “generous” compensation package and “eat what you kill” pay philosophy. But there was something new, too—a set of questions about morality and ethics that hung in the air, just out of reach. No students asked the Goldman recruiters, flat-out, if working on Wall Street was immoral. (To do so would be the quickest way to talk yourself out of a job.)


pages: 274 words: 81,008

The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything by Jason Kelly

activist fund / activist shareholder / activist investor, barriers to entry, Bear Stearns, Berlin Wall, call centre, carried interest, collective bargaining, corporate governance, corporate raider, Credit Default Swap, diversification, eat what you kill, Fall of the Berlin Wall, family office, fixed income, Goldman Sachs: Vampire Squid, Gordon Gekko, housing crisis, income inequality, late capitalism, margin call, Menlo Park, Occupy movement, place-making, Rod Stewart played at Stephen Schwarzman birthday party, rolodex, Ronald Reagan, Rubik’s Cube, San Francisco homelessness, Sand Hill Road, Savings and loan crisis, shareholder value, side project, Silicon Valley, sovereign wealth fund, two and twenty

Part of making the case for teamwork was to remind each employee of the firm’s pay structure. Kravis described the experience at Bear Stearns as formative in a number of ways, including how the founders decided they would pay their employees. Like many Wall Street firms, Bear Stearns had an “eat what you kill” culture whereby your compensation was largely based on what business you brought in. Kravis described a culture where you locked your office or your desk when you went home at night so no one took clients or business ideas. The KKR founders decided that everyone would have a piece of the firm, however small.


Work Less, Live More: The Way to Semi-Retirement by Robert Clyatt

asset allocation, backtesting, buy and hold, delayed gratification, diversification, diversified portfolio, eat what you kill, employer provided health coverage, estate planning, Eugene Fama: efficient market hypothesis, financial independence, fixed income, future of work, independent contractor, index arbitrage, index fund, lateral thinking, Mahatma Gandhi, McMansion, merger arbitrage, money market fund, mortgage tax deduction, passive income, rising living standards, risk/return, Silicon Valley, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, transaction costs, unpaid internship, upwardly mobile, Vanguard fund, working poor, zero-sum game

For information on which form of business to use—sole proprietorship, limited liability company (LLC), or another type of corporation—see LLC or Corporation? How to Choose the Right Form for Your Business, by Anthony Mancuso (Nolo). Dealer, Agent, or Broker For the semi-retiree who has sales or business development skills, working as a dealer, agent, or broker can be the perfect match. Some call this the “Eat what you kill” approach to business. If you put together a chapter 6 | Do Anything You Want, But Do Something | 279 deal, you get paid; otherwise, nothing. Examples include working as a boutique investment banker, business broker, or real estate agent, or in commission-only business development. You use the relationship networks gained on your former job to find people who need investors, clients, business relationships, or contacts that will bring buyer and seller together.


pages: 831 words: 98,409

SUPERHUBS: How the Financial Elite and Their Networks Rule Our World by Sandra Navidi

activist fund / activist shareholder / activist investor, assortative mating, bank run, barriers to entry, Bear Stearns, Bernie Sanders, Black Swan, Blythe Masters, Bretton Woods, butterfly effect, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, cognitive bias, collapse of Lehman Brothers, collateralized debt obligation, commoditize, conceptual framework, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, diversification, East Village, eat what you kill, Elon Musk, eurozone crisis, family office, financial repression, Gini coefficient, glass ceiling, Goldman Sachs: Vampire Squid, Google bus, Gordon Gekko, haute cuisine, high net worth, hindsight bias, income inequality, index fund, intangible asset, Jaron Lanier, John Meriwether, Kenneth Arrow, Kenneth Rogoff, knowledge economy, London Whale, Long Term Capital Management, longitudinal study, Mark Zuckerberg, mass immigration, McMansion, mittelstand, Money creation, money market fund, Myron Scholes, NetJets, Network effects, offshore financial centre, old-boy network, Parag Khanna, Paul Samuelson, peer-to-peer, performance metric, Peter Thiel, Plutocrats, plutocrats, Ponzi scheme, quantitative easing, Renaissance Technologies, rent-seeking, reserve currency, risk tolerance, Robert Gordon, Robert Shiller, Robert Shiller, rolodex, Satyajit Das, shareholder value, Silicon Valley, social intelligence, sovereign wealth fund, Stephen Hawking, Steve Jobs, The Future of Employment, The Predators' Ball, The Rise and Fall of American Growth, too big to fail, women in the workforce, young professional

However, those rewards require sacrifices and trade-offs, and the negative risks are dizzyingly high. The tough culture behind the sparkly facade of financial firms manifests itself in phrases popular in the financial world such as, “You are only as good as your last deal,” “What have you done for me lately?” and “You eat what you kill.” Recruiters give promising young professionals the star treatment and seduce them with prestigious and high-salaried job offers. Initially, the stimulating environment is invigorating, and the strong culture and camaraderie provide a sense of community, purpose, and importance. However, the unpredictability of staying on call 24/7—without any control or ability to set boundaries—eventually takes a toll.


pages: 303 words: 100,516

Billion Dollar Loser: The Epic Rise and Spectacular Fall of Adam Neumann and WeWork by Reeves Wiedeman

Adam Neumann (WeWork), Airbnb, barriers to entry, Burning Man, call centre, carbon footprint, coronavirus, corporate governance, Covid-19, COVID-19, cryptocurrency, Donald Trump, dumpster diving, East Village, eat what you kill, Elon Musk, fear of failure, Gordon Gekko, housing crisis, index fund, Jeff Bezos, Lyft, margin call, Mark Zuckerberg, Maui Hawaii, medical residency, Menlo Park, mortgage debt, Network effects, new economy, prosperity theology / prosperity gospel / gospel of success, ride hailing / ride sharing, Sand Hill Road, sharing economy, Silicon Valley, Silicon Valley startup, Skype, Snapchat, software as a service, sovereign wealth fund, starchitect, stealth mode startup, Steve Jobs, Steve Wozniak, the High Line, Tim Cook: Apple, too big to fail, Travis Kalanick, Uber for X, uber lyft, WeWork, zero-sum game

Having lived a disjointed life, marked by divorce, displacement, and a perpetual sense of feeling left out, he had finally discovered a community that filled some of those gaps only to find it lacking. The Neumanns spent just a few years at Nir Am, but when Adam began building WeWork, he said that he had learned some foundational lessons from his time there. WeWork would be “a capitalist kibbutz,” he said. “On the one hand, community. On the other hand, you eat what you kill.” * * * AFTER HIGH SCHOOL, Adam surprised his classmates by enrolling in the Israeli Naval Academy, an officer training program that typically requires at least six years of military service rather than the usual three. Adam’s fellow cadets remember him as a talented sailor who seemed to treat officer school as a game, bucking protocol to do whatever he wanted.


pages: 303 words: 100,516

Billion Dollar Loser: The Epic Rise and Spectacular Fall of Adam Neumann and WeWork by Reeves Wiedeman

Adam Neumann (WeWork), Airbnb, barriers to entry, Burning Man, call centre, carbon footprint, coronavirus, corporate governance, Covid-19, COVID-19, cryptocurrency, Donald Trump, dumpster diving, East Village, eat what you kill, Elon Musk, fear of failure, Gordon Gekko, housing crisis, index fund, Jeff Bezos, Lyft, margin call, Mark Zuckerberg, Maui Hawaii, medical residency, Menlo Park, mortgage debt, Network effects, new economy, prosperity theology / prosperity gospel / gospel of success, ride hailing / ride sharing, Sand Hill Road, sharing economy, Silicon Valley, Silicon Valley startup, Skype, Snapchat, software as a service, sovereign wealth fund, starchitect, stealth mode startup, Steve Jobs, Steve Wozniak, the High Line, Tim Cook: Apple, too big to fail, Travis Kalanick, Uber for X, uber lyft, WeWork, zero-sum game

Having lived a disjointed life, marked by divorce, displacement, and a perpetual sense of feeling left out, he had finally discovered a community that filled some of those gaps only to find it lacking. The Neumanns spent just a few years at Nir Am, but when Adam began building WeWork, he said that he had learned some foundational lessons from his time there. WeWork would be “a capitalist kibbutz,” he said. “On the one hand, community. On the other hand, you eat what you kill.” * * * AFTER HIGH SCHOOL, Adam surprised his classmates by enrolling in the Israeli Naval Academy, an officer training program that typically requires at least six years of military service rather than the usual three. Adam’s fellow cadets remember him as a talented sailor who seemed to treat officer school as a game, bucking protocol to do whatever he wanted.


pages: 452 words: 110,488

The Cheating Culture: Why More Americans Are Doing Wrong to Get Ahead by David Callahan

1960s counterculture, affirmative action, business cycle, corporate governance, corporate raider, creative destruction, David Brooks, deindustrialization, East Village, eat what you kill, fixed income, forensic accounting, full employment, game design, greed is good, high batting average, housing crisis, illegal immigration, income inequality, job satisfaction, mandatory minimum, market fundamentalism, McMansion, microcredit, moral hazard, new economy, New Urbanism, offshore financial centre, oil shock, old-boy network, Plutocrats, plutocrats, postindustrial economy, profit maximization, profit motive, RAND corporation, Ray Oldenburg, Robert Bork, rolodex, Ronald Reagan, Savings and loan crisis, shareholder value, Shoshana Zuboff, Silicon Valley, Steve Jobs, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, War on Poverty, winner-take-all economy, World Values Survey, young professional, zero-sum game

Starting salaries went up dramatically for associates during the 1980s and 1990s—soaring from $18,000 in 1977 to $85,000 in 2000 and then higher—but this money often purchased little in pricey urban areas and a terrible toll was exacted in the billablehours requirements. The lucky few lawyers who do make partner aren't immune to the stresses of the new bottom line. The old seniority system of equity sharing was rejected in the '80s at most firms in favor of an "eat-what-you-kill" approach. Partners who brought in new clients made big money; those who didn't were marginalized. At top law firms, partners began gunning for colleagues who weren't pulling their weight, and the unquestioned security that came with being partner turned into a thing of the past in many places.


pages: 413 words: 117,782

What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and Its Unintended Consequences by Steven G. Mandis

activist fund / activist shareholder / activist investor, algorithmic trading, Bear Stearns, Berlin Wall, bonus culture, BRICs, business process, buy and hold, collapse of Lehman Brothers, collateralized debt obligation, commoditize, complexity theory, corporate governance, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, disintermediation, diversification, eat what you kill, Emanuel Derman, financial innovation, fixed income, friendly fire, Goldman Sachs: Vampire Squid, high net worth, housing crisis, London Whale, Long Term Capital Management, merger arbitrage, Myron Scholes, new economy, passive investing, performance metric, risk tolerance, Ronald Reagan, Saturday Night Live, Satyajit Das, shareholder value, short selling, sovereign wealth fund, The Nature of the Firm, too big to fail, value at risk

Stewart, “Common Sense: At UBS, It’s the Culture That’s Rogue,” New York Times, September 24, 2011, www.nytimes.com/2011/09/24/business/global/at-ubs-its-the-culture-thats-rogue.html?pagewanted=all. 18. B. Groysberg and S. Snook, “Leadership Development at Goldman Sachs,” Case 9-406-002 (Boston: Harvard Business School, 2007). 19. I. Ross, “How Goldman Sachs Grew and Grew, Fortune, July 9, 1984, 158. 20. Milton C. Regan (Eat What You Kill: The Fall of a Wall Street Lawyer [Ann Arbor, MI: University of Michigan Press, 2004], 86–87) provides a concise account of the short-lived Water Street Corporate Recovery Fund. 21. C. D. Ellis, The Partnership—The Making of Goldman Sachs (New York: Penguin, 2008), 304. 22. “As a long-time employer of choice for elite undergraduates and MBAs, Goldman was able to select from a broad array of talented applicants for the traits it preferred” (see B.


Hedgehogging by Barton Biggs

activist fund / activist shareholder / activist investor, asset allocation, backtesting, barriers to entry, Bear Stearns, Bretton Woods, British Empire, business cycle, buy and hold, diversification, diversified portfolio, eat what you kill, Elliott wave, family office, financial independence, fixed income, full employment, hiring and firing, index fund, Isaac Newton, job satisfaction, margin call, market bubble, Mikhail Gorbachev, new economy, oil shale / tar sands, paradox of thrift, Paul Samuelson, Ponzi scheme, random walk, risk free rate, Ronald Reagan, secular stagnation, Sharpe ratio, short selling, Silicon Valley, transaction costs, upwardly mobile, value at risk, Vanguard fund, zero-sum game, éminence grise

Now they are telling their clients that the best, safest place to invest is with smaller, investor-owned investment management boutiques or with hedge funds. Herb understands all this, and he is worried his compensation will fall. On the other hand, he doesn’t want to take the risk of leaving for a boutique or a hedge fund where you eat what you kill.You might say you don’t feel sorry for Herb since he is still outrageously overpaid compared to other sectors of the real economy, and you would be right. Compensation levels in the investment-management business are bound to decline.We were all blessed by the great bull market! Anyway, Herb sounded off at me, as though it was my fault, with a diatribe that went something like this: “Our profitability has been drained by layers and layers of senior management, compliance, proxy, product development, and human resource people.We even hired our own public relations team and a firm historian.


pages: 513 words: 141,153

The Spider Network: The Wild Story of a Math Genius, a Gang of Backstabbing Bankers, and One of the Greatest Scams in Financial History by David Enrich

Bear Stearns, Bernie Sanders, call centre, centralized clearinghouse, computerized trading, Credit Default Swap, Downton Abbey, eat what you kill, Flash crash, Goldman Sachs: Vampire Squid, information asymmetry, interest rate derivative, interest rate swap, London Interbank Offered Rate, London Whale, Long Term Capital Management, Nick Leeson, Northern Rock, Occupy movement, performance metric, profit maximization, Savings and loan crisis, tulip mania, zero-sum game

When Hayes got his mind set on something, he wouldn’t let it go. When Tradition was planning to dismiss a broker he liked, Hayes intervened, proclaiming that if the broker wasn’t given a generous exit package, Hayes would sever his relationship with Tradition’s Tokyo unit. The threat worked. In the eat-what-you-kill finance industry, it was a rare example of someone using his own leverage to benefit someone else. The broker’s mistreatment offended Hayes’s sense of justice: There was a difference between right and wrong, and this was wrong, and Hayes had the power to make it right. But while Hayes was loyal to those he considered to be his friends, others were terrified of his propensity for unpredictable blowups and retribution.


pages: 484 words: 136,735

Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis by Anatole Kaletsky

"Robert Solow", bank run, banking crisis, Bear Stearns, Benoit Mandelbrot, Berlin Wall, Black Swan, bond market vigilante , bonus culture, Bretton Woods, BRICs, business cycle, buy and hold, Carmen Reinhart, cognitive dissonance, collapse of Lehman Brothers, Corn Laws, correlation does not imply causation, creative destruction, credit crunch, currency manipulation / currency intervention, David Ricardo: comparative advantage, deglobalization, Deng Xiaoping, eat what you kill, Edward Glaeser, Eugene Fama: efficient market hypothesis, eurozone crisis, experimental economics, F. W. de Klerk, failed state, Fall of the Berlin Wall, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, foreign exchange controls, full employment, George Akerlof, global rebalancing, Hyman Minsky, income inequality, information asymmetry, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, Kickstarter, laissez-faire capitalism, Long Term Capital Management, mandelbrot fractal, market design, market fundamentalism, Martin Wolf, Modern Monetary Theory, Money creation, money market fund, moral hazard, mortgage debt, Nelson Mandela, new economy, Nixon triggered the end of the Bretton Woods system, Northern Rock, offshore financial centre, oil shock, paradox of thrift, Pareto efficiency, Paul Samuelson, peak oil, pets.com, Ponzi scheme, post-industrial society, price stability, profit maximization, profit motive, quantitative easing, Ralph Waldo Emerson, random walk, rent-seeking, reserve currency, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, Savings and loan crisis, shareholder value, short selling, South Sea Bubble, sovereign wealth fund, special drawing rights, statistical model, The Chicago School, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, too big to fail, Vilfredo Pareto, Washington Consensus, zero-sum game

Politicians forced to support private banks with public money could no longer deny that government safety nets are a natural and necessary feature of social reality, whether in financial markets, or fire fighting, or the provision of defibrillators in public places.5 Banks driven to the brink of failure could no longer pretend that their reckless disregard for risk and “eat what you kill” bonus culture was purely a private matter between their shareholders, directors, and employees. Investors ruined by relying on theories of efficient and rational financial markets could no longer pretend that market-based financial regulations and accounting rules were always more reliable than political and regulatory judgments.6 The upshot was that the market fundamentalist opposition between government and private enterprise could no longer be seriously maintained.


pages: 1,025 words: 150,187

ZeroMQ by Pieter Hintjens

AGPL, anti-pattern, carbon footprint, cloud computing, Debian, distributed revision control, domain-specific language, eat what you kill, factory automation, fault tolerance, fear of failure, finite state, Internet of things, iterative process, premature optimization, profit motive, pull request, revision control, RFC: Request For Comment, Richard Stallman, Skype, smart transportation, software patent, Steve Jobs, Valgrind, WebSocket

Infinite Property One of the saddest myths of the knowledge business is that ideas are a sensible form of property. It’s medieval nonsense that should have been junked along with slavery, but sadly it’s still making too many powerful people too much money. Ideas are cheap. What does work sensibly as property is the hard work we do in building a market. “You eat what you kill” is the right model for encouraging people to work hard. Whether it’s moral authority over a project, money from consulting, or the sale of a trademark to some large, rich firm: if you make it, you own it. But what you really own is “footfall,” participants in your project, which ultimately defines your power.


pages: 477 words: 144,329

How Money Became Dangerous by Christopher Varelas

activist fund / activist shareholder / activist investor, Airbnb, airport security, barriers to entry, basic income, Bear Stearns, bitcoin, blockchain, Bonfire of the Vanities, California gold rush, cashless society, corporate raider, crack epidemic, cryptocurrency, discounted cash flows, disintermediation, diversification, diversified portfolio, Donald Trump, dumpster diving, eat what you kill, fiat currency, fixed income, friendly fire, full employment, Gordon Gekko, greed is good, interest rate derivative, John Meriwether, Kickstarter, Long Term Capital Management, mandatory minimum, mobile money, Modern Monetary Theory, mortgage debt, pensions crisis, pets.com, pre–internet, profit motive, risk tolerance, Saturday Night Live, shareholder value, side project, Silicon Valley, Steve Jobs, technology bubble, The Predators' Ball, too big to fail, universal basic income, zero day

If you wanted to buy a fancy car, for example, and you went to Billy Salomon and said, ‘Can I have some money from my capital account? I really want to buy this car,’ he’d laugh at you. ‘First,’ he’d say, ‘we’re keeping the money in the partnership. And second, we don’t want our partners living like that.’” But the transition to a public corporation gave Meriwether the opportunity to instill an “eat-what-you-kill” bonus structure, as he fiercely protected his crew of mathematicians and former Ivy League professors who became his arbitrage specialists. Before Paul Mozer was moved to the government securities desk, he had been part of Meriwether’s team, so while the proprietary traders’ personal bank accounts were bursting at the seams over the decade, Mozer began to feel as if he’d been cast out and left behind.


pages: 827 words: 239,762

The Golden Passport: Harvard Business School, the Limits of Capitalism, and the Moral Failure of the MBA Elite by Duff McDonald

activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Albert Einstein, barriers to entry, Bayesian statistics, Bear Stearns, Bernie Madoff, Bob Noyce, Bonfire of the Vanities, business cycle, business process, butterfly effect, capital asset pricing model, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collateralized debt obligation, collective bargaining, commoditize, compensation consultant, corporate governance, corporate raider, corporate social responsibility, creative destruction, deskilling, discounted cash flows, disintermediation, disruptive innovation, Donald Trump, eat what you kill, family office, financial innovation, Frederick Winslow Taylor, full employment, George Gilder, glass ceiling, global pandemic, Gordon Gekko, hiring and firing, Ida Tarbell, impact investing, income inequality, invisible hand, Jeff Bezos, job-hopping, John von Neumann, Joseph Schumpeter, Kenneth Arrow, Kickstarter, Kōnosuke Matsushita, London Whale, Long Term Capital Management, market fundamentalism, Menlo Park, new economy, obamacare, oil shock, pattern recognition, performance metric, Peter Thiel, Plutocrats, plutocrats, profit maximization, profit motive, pushing on a string, Ralph Nader, Ralph Waldo Emerson, RAND corporation, random walk, rent-seeking, Ronald Coase, Ronald Reagan, Sam Altman, Sand Hill Road, Saturday Night Live, shareholder value, Silicon Valley, Skype, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, survivorship bias, The Nature of the Firm, the scientific method, Thorstein Veblen, Tragedy of the Commons, union organizing, urban renewal, Vilfredo Pareto, War on Poverty, William Shockley: the traitorous eight, women in the workforce, Y Combinator

Fouraker was a master of raising money, but beyond that, he was the living, breathing fruition of any anti-HBS Harvard faculty member’s worst fears: a proudly anti-intellectual corporate glad-hander who was selling Harvard’s good name out the side door for pennies on the dollar. Wealthy businessmen the world over were attending sessions that could be as short as one week, paying corporate big bucks in exchange for a Harvard degree. Harvard’s president couldn’t even get his hands on those monies, either, as Harvard’s individual schools operate on an eat-what-you-kill basis, keeping any and all monies raised to themselves. That makes it all the more ironic that the older, supposedly more business-savvy dean was dispatched by Harvard’s president in what amounts to nothing less than a classic case study of modern organizational jujitsu. Bok’s 1978 annual report was mostly given over to a finely grained analysis of the Business School.


pages: 468 words: 233,091

Founders at Work: Stories of Startups' Early Days by Jessica Livingston

8-hour work day, affirmative action, AltaVista, Apple II, Bear Stearns, Brewster Kahle, business cycle, business process, Byte Shop, Danny Hillis, David Heinemeier Hansson, don't be evil, eat what you kill, fear of failure, financial independence, Firefox, full text search, game design, Googley, HyperCard, illegal immigration, Internet Archive, Jeff Bezos, Joi Ito, Justin.tv, Larry Wall, Maui Hawaii, Menlo Park, Mitch Kapor, nuclear winter, Paul Buchheit, Paul Graham, Peter Thiel, Richard Feynman, Robert Metcalfe, Ruby on Rails, Sam Altman, Sand Hill Road, side project, Silicon Valley, slashdot, social software, software patent, South of Market, San Francisco, Startup school, stealth mode startup, Steve Ballmer, Steve Jobs, Steve Wozniak, web application, Y Combinator

Without even realizing what a risk they were taking, the new management said, “Programmers are only good at programming. They shouldn’t do anything but program. So we’ll hire salespeople to sell, and not have programmers try to sit with the customer.” At the time, Anderson Consulting (now Accenture) didn’t have any salespeople. They always had the people who were executing the project sell it. “You eat what you kill” was the phrase at Accenture. You don’t have a salesperson go out and tell the customer, “We can do this,” making promises and then handing it off to a programmer. So they ignored the wisdom of Accenture and the history that we had of profitability, and they said, “We’ll hire professional salespeople to sell.