Xiang Ji’s Bookshelf

The better the party, the worse the hangover. The pain is only starting…

“There are cases where people who failed can suddenly make a go of it. In the U.S., you can get your second or third chance. In business school, we say that’s one of the virtues of this country.”

– Richard Sylla, economic and financial historian at New York University’s Stern School of Business, commenting on UBS former banker John Costas and Michael Hutchins starting a new bank after losing $3 billion in their previous venture Dillon Read Capital Management.

Chuck Prince is talking about tightening control on derivatives and bank regulation. Wow, everyone old comes back new again.

John Arnold announced his opposition on the issue, in an argument that’s too familiar to many of us. Glass-Steagall will drive banks to foreign countries; more regulation will force institutions to find other loopholes, etc…

Chinese media seems to give this dialogue much more attention than their counterpart in the U.S. Why? Media coverage is a reflection of the public’s interests, and at least now, the American people are still living in their own dream world while the Chinese are looking outward to redefine their identity.

Liberty Media’s chairman John Malone’s insightful talk with the FT, on the future of the media and being friends with Rupert Murdoch.

After reading his book, Peter Peterson impresses in person.

It’s that time of the year again in Sun Valley. Buffett is there and talks to someone from CNBC other than Betty Quick.

“Our business model is different that we don’t expect to pay down financing by generated revenue, but by selling assets.” – Wow, how unique is that? Every company from AIG, Citi, GM to Sumner Redstone is selling assets. And good luck on that.