~ Tom Engle, The Motley Fool, "Interview with Tom Engle: Investing Legend," Chris Reining blog, 2015
Showing posts with label trading. Show all posts
Showing posts with label trading. Show all posts
Jul 14, 2021
Dec 31, 2020
Jack Schwager on contrarian trading based on the word "despite"
One of the traders I interviewed, a fellow by the name of Jason Shapiro, is a real contrarian trader. One of the most useful things he said in that interview was his favorite word is "despite." "If you ever see the market went up today despite this news," he said, "that's a really bullish signal." Because when they can't even even explain why the market - they have to explain it went up despite opposite news, that itself is telling you something.
~ Jack Schwager, "Secrets of the Market Wizards with Jack Schwager," Stansberry Investor Hour, December 3, 2020
Jun 24, 2010
Joe Saluzzi on the weakness of the financial markets
We are one headline away from S&P 900.
~Joe Saluzzi, co-head of trading, Themis Trading, Bloomberg News, June 24th, 2010
~Joe Saluzzi, co-head of trading, Themis Trading, Bloomberg News, June 24th, 2010
Sep 22, 2008
Nassim Taleb on survival of the least fit traders
We tend to think that traders were successful because they are good. Perhaps we have turned causality on its head; we consider them good just because they make money. One can make money in the financial markets totally of out randomness.
Both Carlos (the economist) and John (the quant/statistician) belong to a class of people who benefited from a market cycle. It was not merely because they were involved in the right markets. It was because they had a bent in their style that closely fitted the properties of the rallies experienced in their market during the episode. They were dip buyers. That happened, in hindsight, to be the trait that was the most desirable between 1992 and the summer of 1998 in the specific markets in which the two men specialized. Most of those who happened to have that specific trait, over the course of that segment of history, dominated the market. Their score was higher and they replaced people who, perhaps, were better traders.
~ Nassim Taleb, Fooled by Randomness, 2nd Edition, pp. 89-90
Both Carlos (the economist) and John (the quant/statistician) belong to a class of people who benefited from a market cycle. It was not merely because they were involved in the right markets. It was because they had a bent in their style that closely fitted the properties of the rallies experienced in their market during the episode. They were dip buyers. That happened, in hindsight, to be the trait that was the most desirable between 1992 and the summer of 1998 in the specific markets in which the two men specialized. Most of those who happened to have that specific trait, over the course of that segment of history, dominated the market. Their score was higher and they replaced people who, perhaps, were better traders.
~ Nassim Taleb, Fooled by Randomness, 2nd Edition, pp. 89-90
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