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Monday Morning Quarterback: One Foot in Front of the Other


In terms of tangible results, the G-20 summit was anticlimactic.


Good morning and welcome back to the flickering pack. With 45 sessions left in the year, the world is counting the days until we put this prickly period behind us.

2008 will forever be etched in the annals of history as the year of Wall Street extinction, credit comeuppance, watershed deflation, socialization, dislocation, societal acrimony, moral hazard and an election desperate for change at the eleventh hour.

In many ways, it played out precisely as it was scripted, although that hardly made it easier to digest.

Most folks are trying to forget the fret as they cast an eye towards greener pastures. We, on the other hand, believe that that only difference between a lesson and a mistake is the ability to learn from it. Those that don't learn form the past, as the saying goes, are destined to repeat it.

There aren't any magic wands to be waved as we edge into the new world order. If you're not part of the solution, you're part of the problem and that equation seems to be back-end loaded as social mood shifts and people fend for themselves. Indeed, after scribing what I believed was realistic and optimistic vibe last week, the pushback was palpable in cyberspace.

If that venom is voluminous in online circles, you can imagine how angry folks who don't have access to a computer or the time to chime must be. All of this, of course, is happening before unemployment dives deep into double digits or global friction escalates into an entirely more disturbing dynamic.

With Thanksgiving on deck next week, we would be wise to remember that gratitude is latitude and we have much to be thankful for. Among our blessings is the benefit of this community, one that is determined to help ye faithful find their way to easier days and better ways.

We'll get there, Minyans, one step at a time and with that, we step into a fresh five-session set:

  • The takeaway from the Gee-20 summit?

    • It was anticlimactic in terms of broad-based solutions (read: every nation has their own interests at heart).

    • The financial industry (and the investors and profits thereof) should bear the brunt of recrimination.

    • Policy makers were culpable (as we've been saying all along).

    • A new global financial architecture is needed (ya think?).

    • Smoother earning cycles will eventually evolve through so-called dynamic capital rules.
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Position in crude proxies, RIMM, DXO

Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at

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