- As Leeson's hidden losses mounted, he requested huge sums from head office to keep doubling down up to $5 million at a time. Barings management, barely understanding futures and believing in their star trader, they granted his requests and continued to grant future requests. - Every day that I make one of these requests for additional money, I never expect it to come.
But management's faith in Leeson's talent was unshakeable, and they dismissed these concerns. Barings' overconfidence in Leeson and Leeson's overconfidence in himself would be the bank's downfall. The figures are so big, it seems like the ultimate confidence trick, but there's a partial explanation for the delusion on both sides.
And that's particularly important nowadays when you need to do structural analysis of how receptors fit into molecules, and also, in the case of penicillin, creating barium and krypton. And what's most important is the vast amount of energy that's generated from this process.
One area where this has been exemplified, as always, finance is at the frontiers of globalization, is in the banking system. Barings Bank was established in 1762, and it existed for over 240 years, withstanding the most extraordinary technological, economic, and political transformations in the world, when one day, the management woke up and discovered that a kid using new technology had bankrupted them.
But, to head off any questions, let me go into the crystal for a couple minutes because it is actually cool physics. Barium borate comes in different crystalline forms.
Googler. And her ex-boyfriend is actually a well-known guy in the coffee world. So there are competitions. There are competitions between baristas for what's called the World Barista Championship. So this is Mike Phillips -- he's actually an American. What they do is they spend--. You might wonder, 'what is the World Barista Championship and what do they do?' So they have a 15 minute show. You can see these things on the web where they have to create
formed behind the man Min takes his money and hands him a small brown bag that holds his toffee bar and her fellow Barista has finished making his drink the man walks away from me bewildered and Hollow he is too disarmed and I am too right for him to be angry do mind says the next customer in line she has overheard the entire exchange she's in a
he's got this work ethic that just never stops and and he's kind of a major poit Baristas the barista are very much a part of this sort of Barista culture
But you have to use the, like, pronounce-it app. A barista would be better equipped mentally to make a daiquiri.
whole Artisan movement um they're a lot more traditional uh butchers especially because we ended up with horse meat all over our plates quite recently I think American Barista speak if you ever get a chance to to read it I think it was in the New York Times it's very very funny
It can be painful. Because baring your soul does not equal leadership and power.
other side late bloomers uh techies rising suns from japan gm's general managers baristas there's one missing but we'll get to that um pink hats they are the newest additions to the nation appearing in 2004 many people
And she was like, Ben, look at these cupcakes. And Cafe Bari had this little pick-up window that was attached to it, and that was our first retail location-- a bite-sized--
not only regional Italian cooking, but they understand the difference between the cooking of Puglia and the cooking of a town in Puglia called Bari . And then when you wanna talk about what really makes Bari interesting, is the kind of fish that they use there or the kind of sweet peppers they use in their fish stew and suddenly there's a whole level of sophistication that travel around and as we will all realize very quickly in the next ten years, when all content will become free, then we're gonna really see how that kind
The figures are so big, it seems like the ultimate confidence trick, but there's a partial explanation for the delusion on both sides. Leeson's and Barings' overconfidence was amplified by the complexity and unpredictability of the market and the trades he was making. It's sort of an issue of feedback.
I can't even put on my personality without a venti latte with oat milk, please. If the barista puts in whole milk, ooh, I'll be bitter at the barista with a capital B all day. And then you work from home, or you come into your Google offices.
And I've been in the group for about eight years. I'm first baritone or tenor with a cold. Hello, I'm Nick. I sing second baritone, so between the tenor with a cold and Jonny's luscious bass.
We are constantly sort of online, doing our bit. of the baritone 1 role before I hand it on to the next person to bring their sort of thoughts to the job.
And then the baristas have to actually figure out what coffee to water ratio is going to make the best cup of coffee and be the best representation
We have a barista here who you'll meet outside who's helping us with the roasting demonstration.
And rockstar baristas, we were super anti that.
so the barista of course.
In front of the barista, outside of Big Lebowski, that is our boardwalk.
We also have Phillip Baribeau, who is the director of "Charged," and previously the director of "Unbranded," another critically
It can be painful. If that means baring your soul and telling the world your story, go for it, right?
He's the best baritone in the business.
He now sings baritone.
But you're a barista.
I have been a barista.
coffee shop and your barista who makes your coffee has a Master's degree.
So there's a really, really good cafe in Athens. So I took people from SIGMOD to this wonderful cafe because there's the five time Greek Barista Champion is from this cafe. and he really sources the best beans in the world. And the guy says the Stephanos will be here soon, but I'm the Latte Art Champion of Greece. Okay. You're going to make coffee. And so, he was making coffee for all the SIGMOD people who were really enjoying this experience. This is one of his creations.
of coffee and two of them are identical and one is different. So the trick is to guess which one is different. So you have eight sets of a certified barista. It's actually really interesting to see the producers and the baristas are coming together.
physiology Endocrinology Bariatrics nutrition because that's the world I'm comfortable what I found what was
and all that Baristas or whatever whatever those people are have to do is just put the cap on sufficiently I guess
And she was like, Ben, look at these cupcakes. And it was part of Care Bari .
And she was like, Ben, look at these cupcakes. And David was a regular at Cafe Bari .
That if you are a barista at a place where you have a script, where you have to do everything the way
But you could also be a barista that works at a place where people are willing to go two or three doors farther to get their cup of coffee
And it may feel like you're baring much more of yourself in a very vulnerable state than you may want to share
People when they-- they're a barista, and if it's just that they want benefits and pay for school and they're out, there out.
And so I'm a baritone-- so I was able to bring my baritone voice to it.
You guys are not necessarily barista, coffee related.
The contrabass is an octave below the baritone.
whole Artisan movement um they're a lot more traditional uh butchers especially because we ended up with horse meat all over our plates quite recently I think they call it um actually Baristas were were really uh fascinating but very very
She was working as a barista and felt that she was under appreciated.
But, to head off any questions, let me go into the crystal for a couple minutes because it is actually cool physics. It's actually a crystal with barium borate.
Somebody who had actually worked on "Barista" magazine, the shirt that I'm wearing.
It was gonna be called Baricelliís Universe, but then the publishers, well, ìWhoís Baricelli, nobody knows?î So thatís why Turing got the title.
interactions are deeply ingrained around coffee, okay?And that led to one of my finest moments. After publishing many SIGMOD papers, I was invited to publish a paper in Barista Magazine. That was really -- and they heard I was going to Bosnia. The coffee in Bosnia isn't very good. The coffee people are not going there. But I published my paper about my trip to Bosnia in Barista It was one of my finest, finest, and proudest
from Vint Cerf. And I don't know if you can read it. But it is really well-said. And then, there's the World Barista Champion and the editor in chief of Barista Magazine. Male #13: No Italian.