Highlights from the NY Times article:
1.) Macau, whose population is half a million, feels like China amplified and miniaturized. It is animated by the same formula of ambition and speed and risk, but the sheer volume of money and people passing through has distilled the mixture into an extract so potent that it can seem to be either the city’s greatest strength or its greatest liability.
2.) In 2010, high rollers in Macau wagered about six hundred billion dollars, roughly the amount of cash withdrawn from all the A.T.M.s in America in a year.
3.) Chinese casino gamblers tend to view bets as investments and investments as bets. The stock market and real estate, in the Chinese view, are scarcely different from a casino. The behavioral scientists Elke Weber and Christopher Hsee have compared Chinese and American approaches to financial risk. In a series of experiments, they found that Chinese investors overwhelmingly described themselves as more cautious than Americans. But when they were tested the stereotype proved to be a fallacy, and the Chinese took consistently larger risks than Westerners of comparable wealth.
4.) The files of the God of Gamblers case can be read as a string of accidents, good and bad: Siu’s run at the baccarat table; Wong’s luck to be assigned an assassin with a conscience; Adelson’s misfortune that reporters noticed an obscure murder plot involving his casino. But the tale, viewed another way, depends as little on luck as a casino does. It is, rather, about the fierce collision of self-interests. If Las Vegas is a burlesque of America—the “ethos of our time run amok,” as Hal Rothman, the historian, put it—then Macau is a caricature of China’s boom, its opportunities and rackets, its erratic sorting of winners and losers.
5.) But he said that, ultimately, “there is so much cheating going on. How can you know the truth?
Commandments of Trading Highlights:
1.) You have to be confident in yourself as a trader to know there are an infinite amount of opportunities in the markets and that you can capitalize on them. That gives you the ability to let the losers go.
2.) Trade less make more – Be picky about your trade setups and only take the best ones.
*Scattered lines from stuffs I’ve read on magazines, or elsewhere.
1.) Fundamental Truth- One couldn’t depend on things being what they seemed to be.
2.) Money is as important as love.
3.) Sustainable Farming –
4.) The scariest things, once harnessed can also become the most powerful.
5.) Put your personal life on hold. You never actually own it. You merely look after it for the next generation. (Reflecting upon the Patek Philippe ads— how gloomy this ad feels. Prison-ly prince and princesses and dynastic monarchies, sounds a lot like January Jones’ character in Madmen too)
6.) Money is and forever will be the lifeblood of global finance. (just reality)
7.) Something well bought is half sold.
8.) Trade with the firm.
9.) High fliers crash to earth.
10.) Rachel Weisz looks nowhere near 42. Perhaps Daniel Craig is treating her right.
– Faceless Trader