Interesting and Humour - page 4480
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Turns out the "invisible hand on the stock market" not only has a specific name, but also a workplace in an extremely powerful organisation.
Here's a quote:
On the ninth floor of the Federal Reserve Bank (FRB) in New York is the so-called "Market Group" of 400 people, which manages the Fed's portfolio of more than 20,000 different securities worth $3.8 trillion. It is often unofficially called the "Collapse Protection Team" because it is rumoured to be the buyer of last resort during market crashes.
In the summer of 2012, the team was headed by Simon Potter, who performed miracles of stock market management, causing the stock market to float above the ground with virtually no noticeable drawdown. His main strategy, which later became one of the most popular on the market, was selling VIX volatility futures. By suppressing volatility, Mr Potter ensured that stock indices rose permanently, and everyone seemed happy about it.
But something unexpected happened in May 2019: Simon Potter, arguably the most important trader in the world, who ran the world's most important trading desk, suddenly announced his retirement from the New York Fed. What's more, the second most important person in the Market Group, Richard Dzina, who headed the Financial Services Group, also decided to leave with him.
..
The FRB of New York is the "eyes", "ears" and "hands" of the Fed on Wall Street. It is also the only regional bank with permanent voting rights at meetings of the Federal Open Market Committee (FOMC). Therefore, the appointment of John Williams, a theoretical economist who clearly lacks experience in the financial industry, to the post of head of the Fed of New York was very surprising to many. As head of the San Francisco Fed from 2011-2018, he often stressed his reluctance to pay too much attention to short-term market dynamics.
Turns out the "invisible hand on the stock market" not only has a specific name, but also a workplace in an extremely powerful organisation.
Here's a quote:
On the ninth floor of the Federal Reserve Bank (FRB) in New York is the so-called "Market Group" of 400 people, which manages the Fed's portfolio of more than 20,000 different securities worth $3.8 trillion. It is often unofficially called the "Collapse Protection Team" because it is rumoured to be the buyer of last resort during market crashes.
In the summer of 2012, the team was headed by Simon Potter, who performed miracles of stock market management, causing the stock market to float above the ground with virtually no noticeable drawdown. His main strategy, which later became one of the most popular on the market, was selling VIX volatility futures. By suppressing volatility, Mr Potter ensured a permanent rise in stock indices, and everyone seemed happy about it.
But something unexpected happened in May 2019: Simon Potter, arguably the most important trader in the world, who ran the world's most important trading desk, suddenly announced his retirement from the New York Fed. What's more, the second most important person in the Market Group, Richard Dzina, who headed the Financial Services Group, also decided to leave with him.
..
The FRB of New York is the "eyes", "ears" and "hands" of the Fed on Wall Street. It is also the only regional bank with permanent voting rights at meetings of the Federal Open Market Committee (FOMC). Therefore, the appointment of John Williams, a theoretical economist who clearly lacks experience in the financial industry, to the post of head of the Fed of New York was very surprising to many. As head of the San Francisco Fed from 2011-2018, he often stressed his reluctance to pay too much attention to short-term market dynamics.
and f... with them !
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