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Bethany McLean

Bethany McLean Books

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“They believed that the market was the ultimate judge of their work and their worth. The market created a true meritocracy: you either made money because you made good trading decisions or you lost money because you made bad ones. Enron traders didn't concern themselves with ethics or morality apart from the unyielding judgment of the markets. Maximizing profit was not inconsistent with doing good, they believed, but an inherent part of it, and the judge of good and bad was the immediate consequence of a split-second trade. The highest compliment a trader could pay a colleague was to call him intellectually pure. The worst insult was to accuse someone of making a deal that wasn't economic.”

WealthMoralityEconomicsGreedMeritDecision Making
Book:The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron
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“... skepticism about past returns is crucial. The truth is, much as you may wish you could know which funds will be hot, you can't - and neither can the legions of advisers and publications that claim they can. That's why building a portfolio around index funds isn't really settling for average. It's just refusing to believe in magic.”

KnowsBelieveMayPastWishMagicBuildingReturnTruth IsClaimsHotInvestingAverageSettlingFundCrucialSkepticismWish YouPublicationAdviserLegionPortfoliosIndex Funds
Author:Bethany McLean
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“So Merrill Lynch has launched its first campaign in years to advertise the accomplishments of its investment banking business. The ads feature things like Merrill's recapitalization of Sierra Pacific. I guess including "helping Enron achieve its earnings goals in 1999" might be a little awkward given that Merrill Lynch bankers are currently on trial in Houston for that "accomplishment."”

YearsFirstsLittlesHelpingMightGivenGoalAchieveInvestmentIncludingCampaignsTrialsFeaturesAccomplishmentAdsAwkwardEarningBankingBankersPacificHoustonSierraEnronInvestment Banking
Author:Bethany McLean
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