So, he's "learned" from prior failures? Doubt it. (I'm not sure it's a matter of "learning", but more of "psycho makeup".) Psychologically, he's likely still prone to "making a big play AND violating stop discipline" at some point... same result.
He indeed can sell ice cubes to Eskimos. The 80s guys in Solomon were and still are among the best sales men on the planet.
Doesn't that argue for the stupidity of buyers? "Life is hard. Harder if you're stupid" -- John Wayne
He is my Hero! Never give up, never surrender! "The fund is expected use the same strategy as both LTCM and JWM to make money: so-called relative value arbitrage, a quantitative investment strategy Mr Meriwether pioneered when he led the hugely successful bond arbitrage group at Salomon Brothers in the 1980s." Seriously, as long as idiots give you money, which one of us would deny such a request?