how can you propose ideas to them without knowing what their appetite is ?
wondered the head of risk management at a major Wall Street firm.
As arbitrageurs,the partners tended to see every encounter as a discrete exchange,
with tallyable pluses and minuses.
Every relationship was a " trade"--renegotiable or revocable if someone else had a better price.
The partners' only close ties were within Long-Term, mimicking the arrangement
within their beloved group at Salomon.