Monday, December 12, 2011

In Euro Era, Opening Bell Is a 2:30 A.M. Alarm

This is the title of a recent NYT article. It opens with the following observation: "As the European debt crisis roils the markets, American traders who once awoke at dawn are now rising in the dead of night to gain an edge when business begins in London, Paris and Frankfurt." After hastily rubbing their eyes, traders start their "workday" in front of the computer monitors (up to six of those) many of them have installed right in their bedrooms. No doubt, this chronic sleep deprivation will do wonders for their ability to gauge risk and make sound investment judgments. These are some of the benefits of competition, thanks to the megaincentives only a global marketplace can porovide!