The Jolly Contrarian

The Jolly Contrarian Substack offers a critical exploration of financial, legal, and technological systems, emphasizing the importance of understanding and managing risks, regulatory complexities, and the interplay between innovation and tradition. It critiques modern governance, highlights systemic issues, and encourages practical, experienced-based decision-making over rigid frameworks.

Financial Systems Legal Analysis Regulatory Oversight Risk Management Innovation and Tradition Governance Technology in Business

The hottest Substack posts of The Jolly Contrarian

And their main takeaways

Frozen, lockdown valentine

19 implied HN points • 12 Feb 21
💼 Business Legal Technology Culture Emergence
  1. Software solutions for legal problems may look good in theory but can underwhelm in practice.
  2. Real-life legal problems are often unique and complex, making them challenging for chatbot resolutions.
  3. Cultural change within an organization is difficult due to emergence of properties not shared by individual components.

Weekly round up from the Jolly Contrarian

19 implied HN points • 31 Jan 21
📰 News
  1. The Jolly Contrarian provides a weekly round-up of content on their Substack.
  2. Readers can sign up to receive the first issue to catch up on new posts.
  3. Encouragement is given to readers to share the content with friends.

Reports of our death are an exaggeration Part 1

0 implied HN points • 17 Nov 23
🕹 Technology AI Tech industry Financial Services Regulation Banking
  1. Reports of our death being exaggerated, partly due to fears of technology replacing humans. However, humans excel in ambiguity and novelty that machines can't handle.
  2. In banking, big tech companies like FAANGS have superior technology and reputation compared to traditional banks. The main advantage banks have is in regulation and compliance, areas where tech firms struggle.
  3. Quality people and leadership remain crucial in industries like banking, where human qualities like improvisation and judgment set us apart from machines. Competing with machines on their strengths can lead to our downfall.

About that ISDA Pt 4(b): The qualities of a good ISDA

0 implied HN points • 01 Mar 24
💼 Business Negotiation Risk management Customer Relations Simplicity
  1. Consistency in contract terms is crucial for clarity and efficiency, especially in crises when quick decisions are needed.
  2. Template simplification is valuable; strive for plain, modern language in legal documents to aid understanding and reduce negotiation time.
  3. Challenging outdated organizational forms is possible and beneficial; offering to improve them can lead to positive changes and improve relationships with customers.

About that ISDA: Pt 2: Bilaterality

0 implied HN points • 02 Feb 24
💰 Finance Contracts Agreements Regulations
  1. The ISDA Master Agreement uses unique labels like 'Party A' and 'Party B' for swap participants instead of traditional labels like 'Lender' and 'Borrower'. This creates a more equal and symmetrical dynamic between the counterparties.
  2. The concept of bilaterality in the ISDA Agreement emphasizes fairness and equality in the swap trading relationship. It ensures that both parties are seen as equals rather than having a dominance-subservience dynamic.
  3. While 'Party A' and 'Party B' labels may seem generic, they play a crucial role in specifying roles and obligations within the agreement. Despite the equality, these distinctions are necessary for clarity and accountability in the trading relationship.
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Can’t we ask the regulator?

0 implied HN points • 19 Jan 24
💼 Business Regulation Finance Law Market Industry
  1. Regulations have evolved over time, transitioning from a state of free-will to well-structured governance to uphold power structures and maintain order.
  2. Rules and regulations should be clear, actionable, and easy to interpret to avoid confusion and unnecessary legal complications.
  3. Global regulation has become complex and burdensome, with regulators often reluctant to provide clear guidance, leading to confusion and potential legal risks for businesses.

Reports of our death are an exaggeration Part 2

0 implied HN points • 24 Nov 23
🕹 Technology AI Machine Learning Artificial Intelligence Natural Language Processing Data science
  1. Machines are best utilized for tasks where human capabilities fall short, not to replace human intelligence entirely.
  2. Creating a division of labor between human intelligence and machines can optimize productivity by focusing each on their strengths.
  3. Artificial intelligence should not be used to simplify or homogenize cultural diversity, but rather to enhance human creativity and uniqueness.

From the pages of the Jolly Contrarian Law Reports

0 implied HN points • 27 Oct 22
🎭️ Culture Legal case Art Gallery Protest Humor
  1. The Jolly Contrarian Law Reports discuss a hypothetical legal case of common assault with an edible weapon involving soup throwing incident in a gallery in the UK.
  2. The appellant in the case argued that the complainants' behavior granted him a license to act, justifying his actions based on their self-righteous attitudes and provocative conduct.
  3. The court ruled in favor of the appellant, stating that by loudly announcing their stance and behaviors, the complainants essentially allowed others to act similarly towards them, leading to the assault being deemed justified.

Sumer is icumen in?

0 implied HN points • 28 May 21
📚 Literature Poetry Translation Interpretation Artistic expression Music
  1. Meaning doesn’t live in words. It exists beyond the form and is created through shared cultural conventions. Interpretation is a creative act.
  2. The value of informal interactions in organizations often outweighs formal structures. The real potential emerges at the edges of the present state, known as the adjacent possible.
  3. Interactions, rather than structure or composition, determine outcomes in organizations. It's the informal interactions that lead to unforeseen possibilities and successes.

Shhh don’t tell anyone

0 implied HN points • 26 Feb 21
🎭️ Culture Art Music Literature Technology History
  1. There's a push for an industry-standard non-disclosure agreement led by Electra Japonas and the Law Boutique.
  2. The challenge is in convincing legal professionals to agree on a 'pedantry amnesty.'
  3. Uncanny Valley, a concept from 1970, explains the discomfort with avatars that look almost human, rooted in an evolutionary instinct to be wary of deformities.

Organisation charts and what they don’t tell us

0 implied HN points • 28 Oct 23
💼 Business Organizational Structure Management Communication Decision-making Work dynamics
  1. Organisation charts often do not reveal the actual functioning and dynamics within an organization, focusing more on formal structure than substance.
  2. Formal communication channels, like reporting lines, do not necessarily represent how work truly gets done in an organization; informal communications and interactions are crucial for progress.
  3. Management should trust and empower subject matter experts by minimizing formal impediments and recognizing the importance of informal networks and interactions within the organization.

On apples

0 implied HN points • 20 Jan 23
💼 Business Risk management Regulation Organizational Structure Risk Assessment
  1. Bad apples can be difficult to identify and may exploit vulnerabilities in complex systems
  2. The concept of good bad apples highlights the challenge of spotting certain types of bad apples
  3. Process-driven governance may hinder the ability to uncover concealed bad apples; alternative approaches could be more effective in surfacing risks

About that ISDA Pt 6(b): Section 2(a)(iii): the problems

0 implied HN points • 23 May 24
💰 Finance Derivatives Legal Risk Regulation Market
  1. Section 2(a)(iii) in the ISDA agreement is flawed and has caused confusion and litigation since 1987
  2. There are no specific triggers for Section 2(a)(iii) in ISDA, leading to uncertainty and challenges in determining when it is actually activated
  3. Section 2(a)(iii) may not be relevant in modern times due to changes in how swap exposures are managed, making the clause potentially unnecessary

About that ISDA Pt 6(a): Section 2(a)(iii): the theory

0 implied HN points • 08 May 24
💰 Finance Risk management
  1. Section 2(a)(iii) of the ISDA Master Agreement outlines conditions that need to be met for each party's obligations in a transaction, including no default events against the other party.
  2. Assets in financial agreements need to have continuity in time and space to maintain their value, and flawed assets can cause issues during insolvency proceedings.
  3. The ISDA's flawed asset clause allows a non-defaulting party to suspend obligations if the defaulting party fails, avoiding crystallizing a mark-to-market loss but compromising the defaulting party's asset.

The future of work: Pt 2

0 implied HN points • 10 Nov 23
💼 Business Workplace dynamics Remote work Future Predictions
  1. COVID forced a shift to remote work, revealing a new way of working that was previously not fully embraced.
  2. The office model has evolved over time with various innovations shaping how we collaborate.
  3. Young people entering the workforce will likely prioritize physical presence in the office to demonstrate energy and commitment.

The JC goes ninja premium: a new phase

0 implied HN points • 22 May 23
🕹 Technology Legal Newsletter
  1. The Jolly Contrarian is introducing a premium 'ninja' tier for specialized legal analysis, doubling down on its existing direction.
  2. There will be a regular 'blue' JC with free access and a new 'ninja' tier requiring subscription for specialist content, aimed at legal eagles.
  3. The site will gradually move specialized content to the new 'ninja' tier and offer additional features such as podcast versions of key content for premium subscribers.

About that ISDA: Pt 1: Three aims of an ISDA

0 implied HN points • 24 Jan 24
💼 Business Finance Legal Derivatives Contracts Risk management
  1. Understanding the ISDA Master Agreement is important for trading swaps and managing risks in the financial market.
  2. The ISDA Master Agreement serves as a relationship contract, a credit risk management tool, and a capital optimization tool for counterparties in derivative transactions.
  3. Over time, the ISDA has grown from a simple means of expediting trades to a complex bureaucratic process, but its core importance remains in facilitating OTC derivative transactions.

From the ISDA annals: employment derivatives

0 implied HN points • 26 Apr 24
💰 Finance Financial Instruments Risk management
  1. Employment derivatives were created to manage the risk of employment variability, but interest in them waned due to selling practices.
  2. The concept of hedging employment rate risks with swaps was proposed, allowing companies to manage the unpredictability of their workforce.
  3. Observable measures like PIBOR were introduced to gauge prevailing startup insanity and credibility spreads, contributing to the financialization of the employment relationship.

Stakeholder capitalism

0 implied HN points • 09 Jun 23
💼 Business Economics Management Corporate Governance Ethics Social Responsibility
  1. Shareholder capitalism emphasizes maximizing profit for shareholders as the primary goal of corporations.
  2. Stakeholder capitalism has gained popularity, shifting focus towards considering the interests of all stakeholders, not just shareholders.
  3. The conflict between shareholder and stakeholder capitalism lies in prioritizing monetary interests over ethical values, and the need for corporations to stay focused on generating profits.

Checking you have access to the premium JC

0 implied HN points • 23 May 23
💼 Business Media
  1. Make sure to check your access to the premium content on the new site mentioned in the post.
  2. The sign-up process for the premium site may require manual intervention if the automated email with login details didn't work.
  3. Consider subscribing to The Jolly Contrarian for a 7-day free trial to access the full post archives.

The Christmas holiday fiction issue

0 implied HN points • 22 Dec 21
📚 Literature Fiction
  1. The story revolves around Eagle Squadron Commander Opco Boone, LLB, and his team's heroic efforts against a threatening convoy.
  2. There is a tense showdown involving strategic operations, gunships, and high-stakes decisions as part of a gripping narrative.
  3. The plot features a mix of action, suspense, and camaraderie among the characters, leading to a heartwarming ending as they rally together.

They’re burning morons.

0 implied HN points • 12 Mar 21
💰 Finance Market Trends Investing Cryptocurrency Behavioral Economics
  1. The market shows signs of being in a precarious situation, with unusual trends and behaviors reminiscent of past financial crises.
  2. Unconventional financial practices like tokenizing art and creating NFTs are gaining popularity, despite their questionable intrinsic value and ironic nature.
  3. Concepts like side letters in agreements and the use of cocktail napkins to seal deals highlight the complexities of legal and business negotiations, often blurring lines between formality and practicality.

Inhouse history part 2: cost and waste

0 implied HN points • 01 Dec 21
💼 Business Management Regulation
  1. The rise of the premium mediocre machines in the legal industry has led to a focus on regulatory matters and cost control.
  2. In legal processes, waste is harder to identify than cost, and the concept of 'delivery' becomes crucial for efficiency.
  3. The agency problem complicates efforts to address inefficiencies within legal teams, as individuals tend to protect their own processes despite acknowledging broader inefficiencies.

How the JC works

0 implied HN points • 20 Apr 24
🚌 Education Navigation Content Knowledge Management
  1. The main role of the Substack newsletter is to publicize content on the Jolly Contrarian and serve as a way to charge for access to the premium site.
  2. The Jolly Contrarian has free and premium versions, with premium content focusing on master trading agreement 'Owner's Manuals' and more detailed commentary.
  3. The Jolly Contrarian uses MediaWiki, like Wikipedia, for organizing information, but has a different structure and content with additional material on the premium site.

Podcast news - DangerMouth meets blabbermouth

0 implied HN points • 25 May 24
🎙 Podcasts News Interviews Industry
  1. The podcast 'DangerMouth' delves into systems, contracts, and the Legal Establishment.
  2. Topics include being lazy, overengineering in contracts, lawyers ignoring systems theory, and more.
  3. The Jolly Contrarian podcast episode 'We fought the law and the law won' explores various intriguing subjects.