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Zhao Ouza

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11月18日

market analyst

An interesting reading on insider trading offered me valuable insights on what a market analyst's life is like...
...
SEC accused Dirks of violating the antifraud provision of the federal securities laws for disclosing to investors material nonpublic information he received from insiders...
Court: A tippee does not inherit a duty to disclose material non-public information of which he has knowledge merely because he knowingly received such information. Such an imposition could adversely impact the continued existence of market analysts. An analyst must seek out information about publicly traded corporation’s practices and financial status and analyze the information. The analyst usually obtains his information by interviewing corporate officers and insiders. Analysts cannot help but obtain material, non-public information...
...
Besides the fact that what a market analyst does looks very fuzzy to me, besides the fact that words like "tippee" remind me of restaurants and taxi cabs, does it suck when you know that someone's decision may adversely impact your continued existence? Oh mine, the unbearable lightness of being a market analyst.
Moreover, SEC regulation FD creates a non-insider trading-based mechanism for restricting selective disclosure... Mah, translate it into everyday language: if you tip market analysts inside information, you need to disclose to the public too if you do not want the SEC sitting on you. So market analysts cannot trade on inside information...
At the end, they can still crunch numbers i guess...
11月3日

SEC

Most business law firms have two shops: shop1 includes the deal-making lawyers; shop2 includes the security lawyers, whose main job is to comply with SEC (Securities Exchange Commission) regulations. I am awed by the SEC regulations: it seems that we have the best security regulation system, well... at least on paper.
A friend at SEC told me that there is a problem of high "turn-over" rate at SEC: most people at the SEC are lawyers, and most of them are young and inexperienced. Once they get experience and get that line on their resumes, they leave SEC and go to large law firms. Then SEC has to train young, inexperienced lawyers again...
There is a rumor about the SEC: young lawyers are sent to Madoff's firm. Madoff would personally show them around. And once they are amazed by such personal attention from such a famous/rich man, they forget why they are there: i.e. they are there to check whether Madoff complies with SEC regulations. They never get to inspect Madoff's paperwork, instead, they submit their resumes to Madoff...
So even if we have the best security regulation system, it is not going to work if our private sector is so strong that it chokes up our regulatory system. A young lawyer at SEC makes around 70k to 80k a year, so who can blame them for leaving for private law firms that pay 250k+ a year? One solution is to drill in the concept of "public service"-- that lawyers must serve public good; Yet another solution is to follow the "China Model": you make the government so powerful that nothing can be done unless you bribe government officials. So if we say: you cannot list on NYSE unless you pay/eat/drink/sing with the SEC agent first, we can then be sure that SEC will not lose more lawyers to the private sector... sounds good?
10月12日

Turtles

Turtle-hunting in Central Park. There are lots of them! One was sun-bathing on a rock; one was climbing up a rock; and a bunch was just lying flat on the bank.
Apparently kcat and i did not come to New York with the same agenda. He wants to try good food whereas i want to remember old times... i bought him a nice overcoat-- I am now determined to dress him in New York style, since people said he looked nice in those lean and mean dress shirts.
New York now looks a little worn out: it still has all races of people on subway cars; it still has expensive restaurants on 22nd street; it still has huge crowds on 34th street. But it is quite strange for New York to look the same as half a year ago.
Kcat rowed our boat around the turtle rocks. No matter how close we got, the turtles do not move, as if they are enjoying eternal peace, as if New York City has reached its zen moment.  
9月29日

shorter days

I noticed shadows are getting longer on my way home. Days are getting shorter now.
Another friend chose to live far away from his gf because of his job. Kcat said people have different ways to prioritize things: some choose career first; some choose love first, some choose to waste time first.
I think he's somewhat right: if i only feed my pet fish once every two weeks, it dies. So my friend's gf has to be stronger than fish. Otherwise she'll die, too.
True love spans over distance. But i'd rather hold my close, this is my way of prioritizing things. 
9月17日

we are indeed a family

After several trips to family court in summer, i decided not to take on family cases again. Reason: too much drama. But now my skin itches... i miss drama. I think i am having a love affair with the family court itself: ups, downs, and dramas.
Whenever i tell people that i do family law, people always say: "Whoa! I have a friend... blahblahblah." I've never met a person who does not have a friend who is not undergoing a family crisis of some kinds. Ooops, that's double negative. Put it in another way: everyone has a friend who is undergoing some kind of family crisis. That's where the drama comes from: when a family case opens, you always ask: first, how much money you and your spouse have? second, what are the two worst things your spouse can say about you that are true? Then the drama starts...
The 3rd, and then most important: YOU MUST LOVE YOUR CHILDREN MORE THAN YOU HATE YOUR SPOUSE. This is not legal advise, this is life advise. All of us... have experience of: when people we love start hate each other, fight each other, throw things at each other, how do we feel? not very well, right?? For children, the people they love most are their mama and papa, they are seriously seriously hurt when mama and papa do not get along.
Every parent in court claims that he/she loves children. The common trick to test is, ask simple questions like: what is the shoe size of your child? what's your child's english teacher's name? when did you child last see a dentist? The sad thing is... many parents have no clue at all.
8月5日

small planet

This weekend i have one party to attend and one party to host. And then i will fly to California next monday.
The new apartment is taking shape: i bought bed, dresser, desk, couch, TV, TV stand coffee table, side table, dining table, chairs, etc. Next i will order small items: wall mirror, yoga mat, wireless keyboard, flowers/plants, and wine.
Several days ago while i was carrying boxes after boxes. A girl suddently came to me and declared: I KNOW YOU! I put down my new plants and looked: it's Destiny! We met in Beijing last year. And now we are living in the same apartment building.
After all, we live on a small planet.
 
7月23日

we are a family

Family lawyers are very very... rich. Once they get a client, he/she stay with them for 10 or 15 years: 2 years for a divorce, then 10 years or so for child custody and visitation. After several tryouts in family court, i ... really do not think it is for me. There are too many children involved and it makes me sad by the end of the day.
Today in court the judge spent about 40 min rendering a judgment, then 90 min or so lecturing the couple to get along: "Children, however young, have ability to sense tension between parents. So advise you, from the best interest of your children, to get along."
There are always lots of tears in family court. Sometimes we even advise our client (especially the wife) to cry a little in court. When it involves custody of children, everyone cries at the end: everyone includes the husband, the wife, the lawyers, the judge, the sheriff, and whoever happens to be in court room. One thing i really like about being a lawyer is... it seems that i am really close to people, their happiness, their pain.
Today i opened a new family case: the Husband took away all the wife's money and keys. She wants to get out of the house? She needs to call his secretary to ask for permission. It sounds mighty like a soap drama on TV. So i said to Kcat at home: "my dear i'll take all the money and your keys, and if you want to get out of the house, you need to contact my paralegal. " He said: "my dear i will purchase the house and the car under your name to make you happy, and then i'll refuse to talk to you and you'll have lots of debts and you'll have to come to me."
Well... i've seen too much hatred and malice among family members these days. I agree with the judge today: family law centers on the best interest of the children. If people can keep that in mind, maybe it'll help them get along a little better.