beginning to make their move on Larry. Jeff would save Larry. Jeff would confess his
hubris
to the Gods, agree never to challenge their domain over the future again, and make money for BB&P by cheating – the way every great American had made his success.
He had phoned the certain person for the first time two months before Larry’s papa problems had come crashing down on him. He made his first trade based on insider information two weeks later. It had involved going short the Japanese yen the day before the US balance of trade figures were to be released. Since BB&P already were short some yen contracts Jeff was able to use his discretion to triple the position. The next day the BB&P Fund had its best profit in more than a month, and Larry had gloated that maybe their little slump was over.
Three weeks later Jeff had scored a smaller coup when ‘X’ had given him advance information on an FDA approval of an anti-Aids drug that would make a certain biotech stock soar. Jeff had quietly bought shares of the stock for various of his managed accounts and some call options also, mostly in his Aunt Mildred’s account. He’d mildly recommended the shares to Brad Burner, but not in a pushy way and Brad had ignored it. When the biostock shot up after the FDA approval of its drug, Jeff himself didn’t make any money – in fact he lost some since he had to give 20 per cent of his profits in cash to ‘X’ – but his personal stock with Brad and his clients rose considerably. For a few mad moments Jeff almost relaxed.
Now Jeff was considering a new trade based on his third surreptitious phone call to his certain person. The information he’d been given was simple: at 10 A.M . the following Wednesday, an hour and a half after bond futures trading started, the government would release the beige book report on the state of the American economy. That report, so the certain person indicated, would show that the nation’s economy was much weaker than expected. The bond market would rally. Bond futures might even soar. Jeff planned, over the next three trading days, to quadruple the long position in bond futures in the BB&P Fund and accumulate at least a million dollars of long-term government bonds for his clients and the house bond fund. In five days, if things were announced as thecertain person said they would be, bond prices would rise sharply. So would bond futures.
Thus, humbly asking the Gods not to send an earthquake, revolution or presidential assassination between Friday and the following Wednesday at ten and thus mess up the works, Jeff promised the Gods to take his profits that day at noon. Far be it from him to predict what the market would do on its own without any advanced news from an insider.
FROM LUKE’S JOURNAL
Socrates once won first prize in an Athenian quiz game by answering that he knew nothing, but his answer has won few prizes since. Men continue to be ignorant of their ignorance, illuded by illusions. Playliving begins with the assumption that men are fools and the wisest man is he who plays the role to the hilt. Men’s lives are based 90 per cent on lies; about the other 10 per cent we don’t yet know enough to be sure.
Illusion and inconsistency are the two great enemies of Truth and Honesty, those twin deities of Western man which have caged him in the house of boredom. Both are basic to man’s fulfilment and happiness.
In living life freely any insight held more than the moment appropriate to it becomes an illusion and a snare. For every name, idea, insight applied over any period of time deadens that part of the universe it touches. To name is to experience. To name a part of the flow always the same way is to experience it always the same way and thus to die to life. To live freshly entails continually re-creating experience, continually unlearning, continually destroying the old names, the old truths, and creating a new world and fresh experience by giving to the flow new
William Manchester, Paul Reid