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Arbitraging JapanDreams of Capitalism at the End of Finance$
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Hirokazu Miyazaki

Print publication date: 2013

Print ISBN-13: 9780520273474

Published to California Scholarship Online: September 2016

DOI: 10.1525/california/9780520273474.001.0001

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PRINTED FROM CALIFORNIA SCHOLARSHIP ONLINE (www.california.universitypressscholarship.com). (c) Copyright University of California Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CALSO for personal use.date: 25 June 2022

Trading on the Limits of Learning

Trading on the Limits of Learning

(p.70) Chapter 3 Trading on the Limits of Learning
Arbitraging Japan

Hirokazu Miyazaki

University of California Press

This discusses the way in which Sekai Securities traders read Wall Street securities analyst Jack D. Schwager's book Market Wizards: Interviews with Top Traders (1993). Generally, discipline is a popular term in the world of trading, but in the Sekai Securities trading room, it was explicitly related to Schwager's book. Indeed, discipline is one of the most important lessons Schwager draws from his interviews with highly successful U.S.-based traders. The chapter argues that Sekai traders' interest in the idea of discipline in Schwager's book points to their paradoxical fascination with their American counterparts as those from whom they simultaneously need to learn and differentiate themselves. It draws particular attention to Sekai traders' collective experience of learning—a celebrated virtue and a dominant modality of being in the Japanese corporate world—as a hindrance to arbitrage operations and the discipline they demanded. Confronting the limits of learning as a modality of engagement with the market, the Sekai arbitrageurs who participated in this study began to apprehend America as a signifier of a new form of subjectivity.

Keywords:   Sekai Securities, derivatives traders, Jack D. Schwager, discipline, learning, arbitrage, Japanese arbitrageurs

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