Okay, I know I am launching into a flurry of OMS postings, but between my computer being down, a little vacation, a few crises here and there, and getting buried in 450 to 500 emails...  I'm now working through those emails, so of course I'm finding things that I should have read already.
 
This is one that I read last night just before going to bed, and it made me laugh out loud. It's from Tama Churchouse, son of Peter Churchouse, in Hong Kong. Peter and Tama hosted Shane and me last year at the Hong Kong Yacht Club and then took us around the harbor. Peter is one of the smartest, most insightful (not to mention extremely successful) investors that I know and has been on Asia scene for a very long time. He writes a newsletter that I always read, because about half the time I learn something completely new and random.
 
For whatever reason, his son Tama wrote this letter. I decided to give him the benefit of the doubt for the first 3 or 4 paragraphs, and then he had me hooked.
 
He wrote this sentence: "I remember drafting the product term sheet. I christened it a “Bermudan Callable Three Times Leveraged Inverse HIBOR In-arrears Resettable Step-up Snowball Note.”
 
He then goes on to describe the whole investment-banking creation of derivatives schemes from the inside, and in addition to making us chuckle a few times, he does give us some very good advice.
 
Those of you in the business you might note the irony implicit in the disclaimer at the end (it's in the form of a PS), given the content of the letter. That may be a little too inside-baseball for most readers, but it caused me to smile. Anything that makes me laugh at 10 o'clock at night is a good thing.