Insider tour of New York Federal Reserve

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We were fortunate enough to begin the morning of May 17 with a speaker from Waterfall Asset Management–the visit had been rescheduled from Monday. The incident that had occurred on Monday was able to serve as an interesting case study of sorts for us. Our speaker had placed a bid for a product, but his bid had been only the second- highest submitted. He explained to us both the positive and negative lessons to be learned from this incident. The first lesson is that, in certain instances, being second best only signifies that one is the best loser. He did clarify, however, that this does not always hold true. To paraphrase him, the person who graduates last from medical school is still referred to as “Doctor.” The second lesson is that it is sometimes advantageous to lose. The entity that had outbid him for the product had done so by a wide margin. As this was the case, the entity should probably reassess the risk profile of the product that they purchased. As no other entity thought it was even close to the value as they did, it is probably riskier and worth less than what was paid for it.
Most importantly, we learned about the mindset that finance professionals should approach their careers with. The speaker stressed the significance of humility and gratitude and how those virtues remain the guiding lights that have allowed him to achieve both great professional and personal success. It was inspiring to see that there truly are those who maintain such strong moral fiber in a profession which is so often (and sometimes falsely) accused of being bankrupt.

Finance professionals rely on objective and timely information to make significant investment decisions in their business. We were honored to hear from a journalist from The Wall Street Journal, the most popular and probably most profitable …

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