Trader Sam's Quotes

You laugh!” said the trader, with a growl. “Lord bless you, Mas’r, I couldn’t help it now,” said Sam, giving way to the long pent-up delight of his soul. “She looked so curi’s, a leapin’ and springin’ — ice a crackin’ — and only to hear her, — plump! ker chunk! ker splash! Spring! Lord! how she goes it!” and Sam and Andy laughed till the tears rolled down their cheeks.

During his time working for the head of strategy at the bank in the early 1990s, Musk had been asked to take a look at the company’s third-world debt portfolio. This pool of money went by the depressing name of “less-developed country debt,” and Bank of Nova Scotia had billions of dollars of it. Countries throughout South America and elsewhere had defaulted in the years prior, forcing the bank to write down some of its debt value. Musk’s boss wanted him to dig into the bank’s holdings as a learning experiment and try to determine how much the debt was actually worth. While pursuing this project, Musk stumbled upon what seemed like an obvious business opportunity. The United States had tried to help reduce the debt burden of a number of developing countries through so-called Brady bonds, in which the U.S. government basically backstopped the debt of countries like Brazil and Argentina. Musk noticed an arbitrage play. “I calculated the backstop value, and it was something like fifty cents on the dollar, while the actual debt was trading at twenty-five cents,” Musk said. “This was like the biggest opportunity ever, and nobody seemed to realize it.” Musk tried to remain cool and calm as he rang Goldman Sachs, one of the main traders in this market, and probed around about what he had seen. He inquired as to how much Brazilian debt might be available at the 25-cents price. “The guy said, ‘How much do you want?’ and I came up with some ridiculous number like ten billion dollars,” Musk said. When the trader confirmed that was doable, Musk hung up the phone. “I was thinking that they had to be fucking crazy because you could double your money. Everything was backed by Uncle Sam. It was a no-brainer.” Musk had spent the summer earning about fourteen dollars an hour and getting chewed out for using the executive coffee machine, among other status infractions, and figured his moment to shine and make a big bonus had arrived. He sprinted up to his boss’s office and pitched the opportunity of a lifetime. “You can make billions of dollars for free,” he said. His boss told Musk to write up a report, which soon got passed up to the bank’s CEO, who promptly rejected the proposal, saying the bank had been burned on Brazilian and Argentinian debt before and didn’t want to mess with it again. “I tried to tell them that’s not the point,” Musk said. “The point is that it’s fucking backed by Uncle Sam. It doesn’t matter what the South Americans do. You cannot lose unless you think the U.S. Treasury is going to default. But they still didn’t do it, and I was stunned. Later in life, as I competed against the banks, I would think back to this moment, and it gave me confidence. All the bankers did was copy what everyone else did. If everyone else ran off a bloody cliff, they’d run right off a cliff with them. If there was a giant pile of gold sitting in the middle of the room and nobody was picking it up, they wouldn’t pick it up, either.” In

Far distances and language barriers never stopped traders, he argued. Who could deny that? So the missionary must not be stopped either. Hunger would rarely be an obstacle, insisted William. The missionary could farm, fish and hunt. But nevertheless the missionary must be resolved to face poverty, poor housing and unrelenting hard work. And yes, he may also face hatred, intimidation, imprisonment, torture and even death. His

A trader named Chuck Zion took an interest in Sam. Known as Brown Bear, Zion showed Israel how to be a “paper trader.” Following a matrix of three hundred companies, Israel learned to track the price movement of shares so that he could recognize characteristics. “Brown Bear made sure I was doing it every day, not being lazy and wasting his time,” Sam recalled. “He was giving me a gift. Once you know the price range of a share, you get a chart in your head. You know if the stock is streaking. You know if it is tanking. Each stock has characteristics in the way it trades. Knowing the price of a stock was like dating a girl. How well do you know her? What does she like to do? What’s her mood today?

Sam’s Club, Trader Joe’s, and other discount stores that sell cheap supplements should not be your source for SAMe. Instead, look at GNC, local natural-food stores, or the Internet. You get what you pay for, and cheap SAMe doesn’t work. If the SAMe you’ve tried in the past wasn’t effective, don’t give up; try a different brand, preferably one recommended by a functional medicine doctor. SAMe is highly unstable and needs to be enteric coated and kept in a moderate-temperature storage facility. To take SAMe, start with 400 mg. on an empty stomach (thirty minutes before or ninety minutes after eating). If you don’t see an improvement in your mental and physical energy, increase your dose by 400 mg. each day—up to 1,200 mg.—until you do. I find it is best to take SAMe all at once, thirty minutes before breakfast. The method allows you to get a substantial morning boost that will often last through the day. You can take SAMe in divided doses if needed, but always on an empty stomach. Don’t take it past 3:00 p.m., as it may interfere with your sleep.

Over the years, Ellis had dealt with many eccentric hedge fund traders. A shockingly large number were given to wild mood swings and nutty investment theories.

Wash trading, as it was called, would have been illegal on a regulated US exchange, though the sight of it did not bother Sam all that much. He thought it was sort of funny just how brazenly many of the Asian exchanges did it. In the summer of 2019, FTX created and published a daily analysis of the activity on other exchanges. It estimated that 80 percent or more of the volume on the second- and third-tier exchanges, and 30 percent of the volume on the top few exchanges, was fake. Soon after FTX published its first analysis of crypto trading activity, one exchange called and said, We’re firing our wash trading team. Give us a week and the volumes will be real. The top exchanges expressed relief, and gratitude for the analysis, as, until then, lots of people assumed that far more than 30 percent of their volume was fake. Sam was less surprised that Binance was wash trading than by how badly they were doing it. “They were doing a B-minus job at market manipulation,” he said. One Binance bot would make a wide market in Bitcoin futures, and another Binance bot would enter and lift its high offer. If, to keep the numbers simple, the fair value of bitcoin was $100, the first Binance bot would insert a bid at $98 and an offer at $102. No normal trader would trade against either—why sell for $98 or buy for $102 on Binance what you could buy or sell on some other exchange for $100? But then, at regular and predictable intervals, the second Binance bot would enter the market and buy at $102. It looked as if a trade had occurred between two different parties, but it hadn’t. It was simply Binance buying from Binance.

Opium was likely our first drug as agricultural civilizations formed near rivers. Mesopotamians grew the poppy at the Tigris and Euphrates. The Assyrians invented the method, still widely used today, of slicing and draining the poppy’s pod of the goo containing opium. “The Sumerians, the world’s first civilization and agriculturists, used the ideograms hul and gil for the poppy, translating it as the ‘joy plant,’” wrote Martin Booth, in his classic Opium: A History. The ancient Egyptians first produced opium as a drug. Thebaine, an opium derivative, is named for Thebes, the Egyptian city that was the first great center of opium-poppy production. Indians also grew the poppy and used opium. So did the Greeks. Homer and Virgil mention opium, and potions derived from it. The expanding Arab empire and later the Venetians, both inveterate traders, helped spread the drug.

The investigator Sam Dash* chronicled the rise of corporate espionage involving bugging and wiretapping during the early twentieth century in his classic book The Eavesdroppers. He found corporate spying in small towns and in the nation’s capital. In Toledo, Ohio, in 1932, for example, investigators came across an extensive wiretap setup in a hotel room next to the headquarters of an agricultural group, the Farmers’ Producers Association. This group had been discussing boosting the price of milk, and the evidence showed that the room had been bugged for days.