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The Money Game by Adam Smith

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17. LOSERS AND WINNERS: POOR GRENVILLE, CHARLEY, AND THE KIDS

The trouble with instant communications and a market that responds momentarily is that there is always somebody who doesn’t get the word. I have a friend, Charley, who is a master gunslinger running a very aggressive fund. Charley’s fund is so aggressive that brokers love it, because an aggressive fund can churn up commissions bigger than those of great insurance companies. Charley’s turnover rate must be 500 percent. At the trading desk in Charley’s fund they move so fast that the man at the wall end of the desk sometimes ends up buying what the guy at the window end has been selling. Consequently brokers offer Charley their houses in Jamaica, their boats in Maine, their golf clubs ...

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