So Twenty Four is growing and going ahead with the times to a new location for future developments. Future articles, including “Wealthy Wheats: Price Discovery with Dicey Scarcity” will be appearing at this new site first. You can now reach us at the following address:


I hope to keep you hooked on future developments and, as always, please feel free to drop me a line if you would like any further offline online discussion.

With Best Regards and many thanks for your ongoing support,

Tariq Scherer

The Brand New Link:
Twenty Four Something

September 8th and 9th, both Fannie Mae and Freddie Mac topple over, the Government steps in to secure the two mortgage giants, by the 10th, markets are in free-fall and liquidity is evaporating – money simply isn’t showing up. Lehman Brothers, in particular, stands out.

Pre 15th of September

Pre 15/09/08

One of the world’s largest broker dealers, a 1 trillion dollar a day turnover giant, suddenly faces shortfalls in managing its daily book. JP Morgan stands by its broker-dealer arm, going as far as ensuring intra-day funding requirements above and over ordinary requirements, but the parent company is still scrambling to match-off its cash requirements. Merrill Lynch, the charging bull, is taken over by BofA and Lehman is left with one less suitor in the mix. By September 15th, the game is over – Richard ‘Dick’ Fuld files for chapter 11 protection and the world changes – brutally so.

post 150908

post 15/09/08

By the next day, Reserve Primary, one of the largest money market funds in the US, ‘breaks the buck’ and equity markets suddenly implode.

The recent Financial Crisis Inquiry Commission hearings in the United States have sought to bring back some of the key actors to these events in the same room for a frank discussion over what went wrong and why. The discussion was hard to listen to live. Fuld believes the bank was solvent, the Fed believe they did everything they could, the JP Morgan risk experts believe they were already operating beyond their means prior to the event, and no-one can really say how to avoid this next time around. More worrying to hear were the small anecdotes behind the event.

Continue Reading »

BrainsA recent article in McKinsey Quarterly, confronts the critical decision points that arise for us all and, in particular, the conflict between ‘feelings’ and ‘reasons’ that may develop when we decide to address these issues.

As it turns out, the article is on to something. Humans do have a separate nervous system to the brain, with its own dopamine production and transmission mechanism, located, you guessed it, somewhere in the lower gut.Guts

This enteric nervous system (ENS), though still deeply interconnected to the autonomic nervous system, is capable of autonomous actions: one notable observable response relates to the high levels of dopamine within this area.

So Brains or Guts?

Campbell and Whitehead propose four quick rules of thumbs to double-check your feelings whilst not ignoring their stimuli. Continue Reading »

I was researching some information on commodity forward delivery contracts when I came across a document detailing the traditional hand signals. These signals, still in use today for active trading pits, were codified to facilitate communication and rapid dissemination of information. Considering how long it would take for someone to type some of the information listed below, even with the use of shortcut keystrokes, I wonder if these signals still maintain a slight competitive edge in terms of speed and reaction compared to electronic screen trading. Not to mention the old skills of “smelling the trade” that can only really be applied over in the pit.

» 1.) Speed and efficiency
Hand signals enable fast communication over what can be long distances (as much as 30 or 40 yards) between the pits and order desks and within the pits themselves.
» 2.) Practicality
Hand signals are more practical than voice communication because of the number of persons on the floor and the general noise level.
» 3.) Confidentiality
Hand signals make it easier for customers to remain anonymous, because large orders do not sit on a desk, subject to accidental disclosure. Continue Reading »

We’ve all heard or seen it before (or at least Guy Kawasaki has): a small start-up that had a promising product gets approached by a venture capitalist and suddenly has millions of dollars but no clear plan on how to spend it. Next thing you know, the headquarters move from the backyard garage over to the all glass penthouse/loft. The small accounting excel spreadsheet that was enough to cover the five founders Ramen noodles expenditure gets replaced by an MBA minted financial manager, and his PA and double espresso. And hey, presto, the venture capitalist wants some return for all that cash, Continue Reading »

Teamwork, the holy grail for any business venture and, in many cases, sporting achievement. But what does it entail and how does leadership relate to it? A recent article published by McKinsey Quarterly addresses the issues involved in good leadership and insightful bosses. Indeed, the potential for leadership to shine a team’s achievements and to protect its work during hard times is critical for the outcome of a good project, however large or small. Continue Reading »

Having just come out of a financial institution it has certainly been interesting to see the occasional disconnect that occurs between the general public perspective of financial institutions and what really occurs behind their doors. Perhaps in some ways it is less scary or exciting than most people presume and perhaps in other ways it is even more than most people expect. Continue Reading »


Get every new post delivered to your Inbox.

%d bloggers like this: