The Absurdity of Banking Capital

Paul and Jay Isaac, who has arbiter partners, sent me a picture of the interest rate and currency program in Japan. It's just amazing when you talk about the quantum of losses now despite the fact 10-year yields about 4%. And it yielded just 15% back in 1981, under 16%. In a way this is ancient for me as I am 76 years old; I got into the business as a clerk when I was 20 years old. But I'm no longer with McDonoughlin & Co., nor do I want to be.