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The Money Game by Adam Smith

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16. LUNCH AT SCARSDALE FATS’

With all that money in so relatively few hands, it was inevitable that someone would get the hands together on an informal basis, just as a pleasant, tension-relieving gesture. The gentleman who is the Madame de Staël of the institutional investment business is called Scarsdale Fats, and he really does exist. He exists, he gives lunches, and everybody comes. Lunch on Wall Street is working time, and what started at Scarsdale’s informally has developed to such a point that the lunch guests bone up beforehand and take notes.

On any given day, the lunch guests at Scarsdale’s are likely to represent a couple of billion dollars in managed money. Now, when you handle this kind of money, you are, believe me, welcome almost ...

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