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Making decisions (Short Thread)
One day in late Oct, when we were waiting for EOD reports, the head trader swung around and asked,
“How many of you signed up for the supplemental life policy?”
2/3 of us (the older married ones) raised their hand.
One day in late Oct, when we were waiting for EOD reports, the head trader swung around and asked,
“How many of you signed up for the supplemental life policy?”
2/3 of us (the older married ones) raised their hand.
He went on,
“Of those with their hands up, how many signed up for the LTD policy?”
Only one hand stayed up.
He said, “If the rest of you think that your family will need the money more when you’re dead than when you’re a cripple in bed for the rest of your life, you’re fucked.”
“Of those with their hands up, how many signed up for the LTD policy?”
Only one hand stayed up.
He said, “If the rest of you think that your family will need the money more when you’re dead than when you’re a cripple in bed for the rest of your life, you’re fucked.”
He turned around and continued,
“I don’t know why I trust you with millions of dollars (PL), when you morons are unable to make such a simple decision “.
I went back to the benefits election form. LTD cost about 1/4 of what the supplemental life did. I clicked it.
“I don’t know why I trust you with millions of dollars (PL), when you morons are unable to make such a simple decision “.
I went back to the benefits election form. LTD cost about 1/4 of what the supplemental life did. I clicked it.
It was one of the best decisions I ever made.
Today, I see people I respect talk about non trading issues (Coronavirus, masks, etc) and I am so stunned, I wonder about their ability to reason, questioning their market calls.
Logic, like risk, is consistent across the board.
Today, I see people I respect talk about non trading issues (Coronavirus, masks, etc) and I am so stunned, I wonder about their ability to reason, questioning their market calls.
Logic, like risk, is consistent across the board.
LTD = Long Term Disability
I had a severe auto accident less than a year later and haven’t worked since.
I had a severe auto accident less than a year later and haven’t worked since.
The same head trader fired a desk head for padding his expense report by 50c/day for the WSJ which was provided free by the hotel. His logic, “If you steal pennies from under my nose, how can I trust you not to steal millions behind my back? Either I can trust you or I can’t.”
