The Master Agreement
Emanuel Derman recently discovered this draft of a proposal between one Master of the Universe and another
Article 1 No major declines in the net trading gains of my Desk until I acquire an equity stake in the profits of the entire firm; then, after some years, eventual loss of position, if it occurs, not by layoff, scandal or firing but by apparent retirement to spend more time with my family.
Article 2 Each year, no more than three down months, no more than two of them consecutive. My marks are never questioned.
Article 3 Net losses on my Desk
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