If money can't buy you happiness then you probably aren't making enough.
Ziad K. AbdelnourA lot of men have lost money chasing women. But no man has ever lost women chasing money.
Ziad K. AbdelnourFunny how so many rookies out there still judge condition of the US economy on the rigged "stock market". I frankly find it hilarious.
Ziad K. AbdelnourI do not believe in supporting bailouts without strong
ramifications. It is a fool’s fantasy to think we can live in a globally
connected economy and never have a situation arise where the government
prudently steps in to prevent a failure that might lead to
catastrophic ramifications. In most cases, I believe it would be much
better to let bailed-out companies fail when they have mismanaged
themselves, rather than waste taxpayer money propping up greedy
idiots who are trying to salvage their own bonuses; however, there
are exceptions to almost every rule. The wiser course would be to
penalize the CEO or board of directors who drove the company
to the brink of failure. The most obvious punishment would be the
elimination of any “golden parachutes” or bonuses for the executive
and seizure of all company-derived assets, including any attempts to
hide company assets in the spouse’s name. When C-level executives
come to the realization that managing a company is not a game and
that there are serious consequences for their actions, we will see fewer
instances of requests for bailouts.
I do not believe in the power of brand names or in emulating
any of the brand name investors out there. It is a fact that all—if
not at least most—of the biggest names in American finance and
industry out there today have proven after the 2008 crisis to be some
of the most incompetent people there are. Starting with the untouchable
Goldman Sachs, who was bailed out by over $5 billion from
Warren Buffett, to AIG and Citibank, who were bailed out by the
hundreds of billions of dollars from the Troubled Asset Relief Program
(TARP), having a name and a history does not make you the brightest
and the best. All it takes is one nincompoop with a huge ego or a
board of directors who think they are smarter than everyone else to
destroy what has taken generations to build.
Too many people today on Wall Street go for the quick
buck at the expense of their reputation and client satisfaction, the
rationale being “let’s make the money while we can and retire early
in the sun.” For me, this is not a sprint but a marathon, besides the
fact that, in my definition, overnight success is 15 years. Anyone who
does not understand the basic tenets of this philosophy is not someone
I can or will do business with.
I strongly believe in the fact
that there’s still plenty of money and plenty of private equity capital
available around the globe. What are in short supply are great entrepreneurs
and great teams. A trading opportunity or a company’s biggest
challenge is and has always been the team behind it. There’s enormous
change under way in every facet of the world. Some is technology
driven, some is market driven. All that change creates unprecedented
opportunity, but to take full advantage of such opportunities I mostly
focus on the team. The right teams and right people behind those
opportunities always win. There is no secret sauce. Trading and investing
has, in my experience, boiled down to building relationships and
exchanging value. It consists of striking the right balance between
backing and interacting with the right teams with the right business
model at the right time and with the right amount of money.
I strongly believe that the best economic policy
for any administration is the one that seeks to produce more entrepreneurs,
not just more minimally educated college graduates with
nowhere to go. Nothing against recent college graduates, but many
of today’s best universities are no longer providing the basics of a
classical liberal education.
That is why the single most important economic issue of our
time—and one that impacts the poor and middle class alike—will be
how we treat the entrepreneurs and wealth creators among us, from
both the government and the private-sector viewpoints.
Commerce is considered by classical economists to be a positive-sum
game. The act of selling and buying always benefits both the seller
and the buyer. It is unfortunate that popular culture has propagated
the Marxist myth that one person gains in business at the expense of
another, that capitalism is evil because it is a zero-sum game—somebody
wins while someone else loses. When liberals make the argument
that capitalism is the cause of all of our problems, they are either
speaking out of abject ignorance or being totally disingenuous to
protect their interests. We have not had true free-market capitalism
in this country on any wide scale. Where we have had economic
successes in this nation’s history, it has been those times when people
have done something outside of the government’s involvement. Every
time the federal government has been involved, it has created chaos,
waste, and corruption.
People succeed or fail on the merits in America, not on who they
know or whose reelection campaign they supported. This absolutely
American principle must be reestablished and permanently fortified.
There can be no more “too big to fail.” If you are reckless, greedy,
and arrogant, the American taxpayer should not bail you out.
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