Economics In One Lesson

I was told that if one so chose to read just one book on economics in his or her life, Henry Hazlitt’s classic Economics In One Lesson should be it. Indeed, I really enjoyed reading this book.

IMHO, certain parts of this book are worth of learning by heart, for “those who are ignorant of the past are condemned to repeat it…”

The entire book is made available online at http://jim.com/econ. I’m glad that I came across this book before embarking on my own MBA journey next month… J

Hall of Shame

For those of us in software project management, here is a list of organizations and the amount of money they lost on failed or struggling IT projects – what has been referred by IEEE as “software hall of shame”. Not surprisingly, many enterprise system projects seized top ranking positions…

Source: http://spectrum.ieee.org/images/sep05/images/failt1.gif

 

GMAT, a tough exam

I took GMAT for the first time yesterday, and scored 700. Given the limited time and effort I put in for test review, I am quite content with the test result. Finally, the 1.5-month intensive study paid off. Admittedly, this exam was tough, and I probably will never take it again – hopefully not.

Quote of the Day – Swimming Naked When the Tide Goes Out

“When the economic tide goes out, you find out who is swimming naked” is a colorful quotation that’s often attributed to investor Warren Buffett. Buffett did use the phrase by at least 1993, but it was spoken by Comptroller of the Currency Robert L. Clarke in 1988.

The phrase is often used in bad economic times (such as 1929, 1997, and 2008…) – “when the tide goes out” – and financial scoundrels are exposed. When everyone is enjoying good times, you don’t know who has taken on excessive risks. Now that many mortgages are going bad, it’s harder to borrow money, and a few hedge funds have failed, it’s becoming apparent a few “swimmers” will have a tough time staying afloat.

10 Years in Singapore

I prepared this short video clip in celebration of a special date – 26 Nov, 2008.

It’s for a bunch of old friends who spent the past decade here with me. After all these ups and downs we’ve been through together, I just wanna say – time passes by, friendship remains. Wherever you are now, all the best!

New Definitions for Old Finance Terms

CEO	Chief Embezzlement Officer.
CFO	Corporate Fraud Officer.
BULL MARKET	A random market movement causing an investor to mistake himself for a financial genius.
BEAR MARKET	A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry, and the husband gets no sex.
VALUE INVESTING	The art of buying low and selling lower.
P/E RATIO	The percentage of investors wetting their pants as the market keeps crashing.
BROKER	What my broker has made me.
STANDARD & POOR	Your life in a nutshell.
STOCK ANALYST	Idiot who just downgraded your stock.
STOCK SPLIT	When your ex-wife and her lawyer split your assets equally between themselves.
FINANCIAL PLANNER	A guy whose phone has been disconnected.
MARKET CORRECTION	The day after you buy stocks.
CASH FLOW	The movement your money makes as it disappears down the toilet.
YAHOO	What you yell after selling it to some poor sucker for $240 per share.
WINDOWS	What you jump out of when you’re the sucker who bought Yahoo @ $240 per share.
INSTITUTIONAL INVESTOR	Past year investor who’s now locked up in a nuthouse.
PROFIT	An archaic word no longer in use.