Daily Speculations

The Web Site of Victor Niederhoffer & Laurel Kenner

Dedicated to the scientific method, free markets, deflating ballyhoo, creating value, and laughter;  a forum for us to use our meager abilities to make the world of specinvestments a better place.



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The Leopard and the Mistress by Victor Niederhoffer

"Suddenly amid the group appeared a young woman, slim in brown traveling dress, with a straw hat which could not hide the sly charm of her face. She slid a little suede gloved hand between on elbow and another of the weeping kneelers, apologized, drew close. It was she, the creature forever yearned for, coming to fetch him, strange that one so young should yield to him' the time for the trains departure must be very close. When she was face to face with him, she raised her veil, and there modest, but ready to be possessed, she looked lovelier than she ever had when glimpsed in stellar space". Chapter 7 Finale from The Leopard by Giuseppe Tomasi di Lampedusa, a pleasant occupation to read the novel and see the movie now playing at Film Forum in New York, and reflect on the balance sheet of one's experiences in the market as the Leopard did before meeting the market mistress when he was ready to die. I count like him on the left side, the counting I have done as one of the great assets, and the good partners, I have had, ( I am talking about the market, people like Susan, Dan, Mr. Wis, the Collab, Dr. Lorie and MFM Osborne who taught me, Miss Pam who gave me the opportunity to write the love story about my father, the loyal Mr. Git , Drs Lorie and Osborne, Paul DeRosa ( the greatest speculator, the time the Sultan of Spec asked me to engender a bear raid on the whole market, and the muse of this list. to be continued...

Dr. Alex Castaldo replies:

The most famous line in the novel and the movie is when the younger nobleman Tancredi turns to the older one (the prince) and says: "You see Uncle, everything must change, so that everything will remain the same". The prince dislikes that remark, which suggests that the momentous political changes in Sicily are only on the surface and amount to less than meets the eye.

But it seems highly applicable to accounting rule changes for options. Accounting rules are conventions agreed upon, how can a change (especially when implemented across all US companies) possibly cause the downfall of the economy or affect it in any way over the long run. And why should a valid motivational device (options) require bad accounting to be effective?