A blatant rip-off

It's the fourth of July, and Macro Man is sadly lacking in inspiration. Perhaps it's the incessant rain here in the UK, which seemingly has sapped his will to live. Regardless, he is struggling to say anything particularly interesting today.

He will therefore take his inspiration from fellow blogger (and frequent poster on this site) Cassandra, who recently posted an amusing dictionary of new terms to enter the hedge fund lexicon.

Macro Man liked this post so much he decided to rip it off (imitation is indeed the sincerest form of flattery) and come up with some of his own terms, many of which he posted in the comments section of Cassandra's blog:

"Kung pao'ed"- Making any (inevitably losing) trade on the basis of price action in Chinese equities

"Shanghaied" - Similar to kung pao'ed, it's when one of your positions loses money because some other guy sells due to price action in Chinese equities

"Hot Cioffi"- Any investor in subprime CDOs before his inventory gets marked to market

"Cold Cioffi"- That same investor after his portfolio gets marked to market

"Bucketshop.com" - Future owner of the NYSE ticker BSC

"May the Schwartz Be With You"- The official motto of China's new state investment vehicle

"Beijing Hilton" - New name of a famous socialite after Blackstone bought a certain hotel chain

"Caned" - Losing money on a long (short) oil position due to a mild (severe) hurricane season

"Whistling DXY"- An activity performed by dollar shorts when Voldemort decides he has some diversifyin' to do

"ARS-wipe" - The person responsible for the systematic understatement of Argentinian inflation to reduce the payouts on ARS-denominated inflation-linked bonds

"COP/RUB"- The favoured EM carry trade amongst chikans

"Am IBOVerred?"- Catchphrase of young emerging market traders who've never experienced a bear market

"The Wizard of Oz" - A popular comic book in Japan about a housewife who trades AUD/JPY online

"Risk premium" - An ancient belief system that evidently went out of style at a similar time as Zoroastrianism, Manicheaism , and the Greek pantheon

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Click here for comments
July 4, 2007 at 5:40 PM ×

No worries! Satire & word play, in any event, are an acquired taste, and vastly under-supplied to the financial markets (something I am personally trying to redress). With sell-side research chock-full-o-shite , not to mention over-earnest and overflowing with thoroughly worn-out euphemisms, (and the odd mixed-metaphor), any help - whether original or derivative - is welcome.

Also, it occured to me that the biblical scribes might have got it wrong when they wrote (quoting Jesus)in Mathew 5:9 "¶ Blessed are the peacemakers: for they shall be called the children of God."

You know He just might have been saying "Blessed are the piece-makers...." foretelling those on Wall Street who cynically sliced, diced and packaged this stuff into CDOs. My prediction: If Bear Stearns can claim with a straight face (as they did before a judge in the Henryk de Kwiatowski FX trading lawsuit)that former Fed Gov. Wayne Angell is (quote) "An entertainer", whose advice is meant for amusement and should not be followed, then perhaps it is inevitable that before this fiasco is over, they will use "The Biblical Defense" of a mis-transcribed line in Matthew 5:9. Just a thought...

July 5, 2007 at 1:13 AM ×

MM - you forgot these two Chinese delicacies!

"Dim sum" - low or negative market return.

"Mu shu" - Market is all shook (shredded) up.

Asian Man