Victor Higani

I think we kind of felt guilty about it at the time, but it was like giving an outlet to risk taking so that if you kind of like to take risk, it was good to take the risk here and be very risk averse in what we were doing for the firm. So it was an interesting and fun example of risk taking and risk not taking.

I just always felt that, you know, this was all just sort of too good to be true. It was amazing. I was so happy. I was so grateful and so on.

I just always felt that, you know, this was all just sort of too good to be true. It was amazing. I was so happy. I was so grateful and so on.

I just always felt that, you know, this was all just sort of too good to be true. It was amazing. I was so happy. I was so grateful and so on.

But finding something cheap actually means finding two things. If we were going to buy something that was cheap, we had to find something that it was cheap relative to. Otherwise, it didn't mean anything.

But finding something cheap actually means finding two things. If we were going to buy something that was cheap, we had to find something that it was cheap relative to. Otherwise, it didn't mean anything.

But finding something cheap actually means finding two things. If we were going to buy something that was cheap, we had to find something that it was cheap relative to. Otherwise, it didn't mean anything.

Relative to something else, yeah.

Relative to something else, yeah.

Relative to something else, yeah.

You had to explain it like, okay, why is this the case? And then you had to decide whether the reasons that were causing it were going to get stronger and make it go further apart or whether they were going to dissipate over time and whether there would be a convergence. In many cases, the idea was just to hold it long enough so that they had to converge.

You had to explain it like, okay, why is this the case? And then you had to decide whether the reasons that were causing it were going to get stronger and make it go further apart or whether they were going to dissipate over time and whether there would be a convergence. In many cases, the idea was just to hold it long enough so that they had to converge.

You had to explain it like, okay, why is this the case? And then you had to decide whether the reasons that were causing it were going to get stronger and make it go further apart or whether they were going to dissipate over time and whether there would be a convergence. In many cases, the idea was just to hold it long enough so that they had to converge.

And then you use leverage to try to give yourself a good return on investor capital.

And then you use leverage to try to give yourself a good return on investor capital.

And then you use leverage to try to give yourself a good return on investor capital.

Well, leverage means that you're borrowing money so that you can have more of the trade on than just investing the capital that you have.

Well, leverage means that you're borrowing money so that you can have more of the trade on than just investing the capital that you have.

Well, leverage means that you're borrowing money so that you can have more of the trade on than just investing the capital that you have.

I forget who said that relative value trading is like picking up nickels in front of a steamroller. Nickels because these are teeny tiny opportunities to profit.