The problem with investment bank balance sheets is that on the left side nothing is right and on the right side nothing is left. - Anonymous

Got to grade the exam that I administered last week to freshmen…It is already 3AM..have been postponing the activity since 2 weeks….conducting an exam is easy, the grading is the boring part !!.. I always find something that takes priority over grading..and here I am now facing the deadline after all..I have to grade it by today and I have absolutely no energy to do it..Partly because, the activity itself is meaningless.

Notional in $B Market Value in $B

Paul Graham in his new essay says good economy/bad economy is like rounding off error when compared to the people who are involved in the startup. However bad economy might just be a shade better than a good one! Link

Via Maulik : Taleb said the “use of probabilistic methods for the estimation of risks did just blow up the banking system.” Risk Expert Calls For LTCM Pair To Lose Nobel Prize