Do What I Say, Not What I Do

My wife pointed out after being told my argument in this post, that I’ve been asking to be paid in equity rather than cash for years. This is true.

I’m reminded of the difference between investing and speculating, as explained by a trader friend: if you make money it’s investing, if you lose money it’s speculation.

There are several points to be made here re asymmetrical risk, the nature of the firm and why certain tasks are outsourced in the first place, and the no-arbitrage theory of finance. But all I can say is that I’m glad we don’t live in that alternate universe where I was unlucky. I’d never hear the end of it.