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But when it comes to the Equity and Bond Markets, I consider myself a just a student.
Every now and then, I look and see who has linked to my blog, or re-posted something I've written. Most of the time it's other real estate professionals. I wrote a piece the other day that I hope explained why a new accounting rule (FASB 157) was important and how it was going to change the books on the big hedge funds, mortgage pools, and other equity derivative houses. I used the power of metaphor in hopes to better deliver the message.
Tim Abbott at "A Better Mortgage" thought it was worthy enough in the judging for the Carnival of Real Estate...
"Last but not least, the grand champion of them all:
The Busiest Beaver Award - Mike Mueller puts on his metaphor hat to explain some new accounting rules that will play a significant role in the coming days on Wall Street, and some of the firms to watch."
WOW! Thanks Tim! Obviously, Tim's a mortgage guy too. Was it really worthy of Grand Champion status? I humbly didn't think so. But I love the Dundie! LOL
What really surprised me was to find the Finance Guys thought it was something of value too:
"Exodus" on the Market Ticker Forums thought it was a "decent explanation of Level 3 and FASB stuff for the average Joe."
"dasweise" on Yahoo's Message Boards said, "Check out this link for the basic understanding. http://www.patagoniafinance.com/2007/11/..."
I know, they used words like decent and basic, but coming from Finance Guys - Those are pretty strong words! 
How cool is that?
So now, when you see news reports like yesterdays, "Citigroup faces $15 bln writeoff", and you read quotes like "Banks have announced more than $50 billion of write-downs tied to the U.S. housing slump, as defaults soared and the value of mortgages that investors deemed too risky plummeted." You too can sound cooler than snot around the water cooler.
"Yeah, that was due to the recent FASB 157 ruling, don'cha ya know..."
This post brought to you courtesy of Mike Mueller.
Feel free to ReBlog or ReTweet as you like as long as you credit the source (him).
Did you know? He's for hire! He builds Blogs, Graphic Images and Widgets and Facebook Pages and besides… He knows lots of really cool stuff.
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Mike,
Thats the thing, we do learn more ourselves everyday, and Yet everyone thinks they know the Mortgage Business better than us. I am just like you, I have years under my belt, but i'm like a sponge just as well, soaking it all in.
Tom Weiss
Linda - I wish I was smart. Right now I'm working on being "aware". Have a wonderful T-Day too!
I had two posts back to back that day. One was fun, the other was about this serious issue.
Here's my "stats". Is that because people might be afraid to comment on the bigger issues?
Charlie - I liken it to anything else, the more you know the more you realize how much you don't know. I'd love to get your inside take on this.
Tom - Being a sponge is a good thing (except in the case of a toxic waste spill).
Jeanean - You are too kind. For me, the best way to understand complex issues is through the use of metaphor. (hence my taxi company).
LOL - that's like the difference between seeing a "funny, fluffy" movie or seeing a documentary...guess which one will win out! People don't like to be challenged I guess.
The mortgage industry intimidates me, but I have to know a little about it since I'm a REALTOR. The more familiar I can be with the wording and programs the smarter I will look...even though I don' know beans. I like to be informed and know where to find the answers. It's all about confidence and knowing who to refer to that has what my client needs! LOL
Linda - They say the best leaders are not those that "know everything" but those that know who to ask "who know everything".
I know nothing when it comes to real estate - I leave that up to you. But I do know who to ask...
Mike,
Your a funny guy! Hey your Stats look like mine :0) I just call it out though.
Tom Weiss