The Saturday morning long run is in the bank. But what now when there’s no basketball or golf on the telly? My plan is to read, nap, read some more, nap some more. Basically, I’m morphing into a dog, except for the reading part.
I’m enjoying Kolhatkar’s Black Edge. Traders on Wall St. refer to “white edge” as any information about publicly traded companies that is widely available. “Gray edge” is information about companies that is only known by industry insiders right as quarterly earnings are reported. “Black edge” is illegal inside information about companies that is learned before earnings are reported through targeted, intentional conversations with medical researchers, corporate executives, and other people knowledgeable about a stock’s probable rise or fall.
Thanks to “black edge”, Steve Cohen, a hedge fund manager, earned $10b. The book is about the government’s efforts to prosecute him. Googling “Steve Cohen SAC hedge fund manager” reveals he’s worth $15b today, so we know who “wins”.
People are incredibly misguided to think that poor people of color are more prone to criminal activity. Cohen and his co-workers have no regard for the law. The differences are the scale of their crimes and the fact that they mostly get away with them.