Charlie Munger, the chief brain behind Berkshire Hathaway, said High Frequency Trading 'Basically Evil'
He also said "You can't trust bankers to govern themselves. A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it."
Seeing parallels between Cyprus and Iceland, Munger called it "stark, raving mad" and added that "the bankers would have been doing even more if it hadn't blown up. I do not think you can trust bankers to control themselves. They are like heroin addicts."
Munger also said China is better than the U.S. at nipping crazy booms in the bud. "They're willing to step in and intervene. They're willing to take the punch bowl away right in the middle of the party," he said. "I like people like that."
Using data from the OECD's measure of purchasing power parity, The Economist's Big Mac Index and the Current Real Effective Exchange Rate (REER) as compared to its five-year average, HSBC found that Australia had the world's most overvalued currency …
Dollar the most overvalued currency
The Australian dollar is the most overvalued currency in the world, but there is little will to intervene, according to a global valuation.
Developers have to face the business people who hardly be satisfied and never be happy, and the application support guys who never like take over the ownership of application as coming to production soon. Both of them team together, scrutinising every corner of requirement document, ridiculing developers competence why can't do this, why that doesn't fit in the business case.
Tortured nearly for an hour, and coming to the end of showcase, one developer raises his voice.
"Every project takes its own risk. So that's why we have development guideline and professional practice. Developers have laid down application standards which encourage the discipline."
"Look, we are sitting in this meeting room which has 20 storeys above our heads right now. We don't sit here worrying about 20 storeys above crashing on us. Why? Because we trust the architect and the builders."
"Au même titre, in the same way in English. You should trust developers who worked hard for last six months on the application. You and customers could live with the application …"