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Spunky- I read the IB page and it says you "can never borrow" in an IRA account, but you can day trade and trade in multiple currencies.

$Cost- Thanks for sharing the Dodge & Cox spread sheet. Do you use software to help you create these? It looks like a lot of work to type in all of the information manually from the SEC filings :>) gs

$cost- Thanks for your comment. I bought 200 shares at 15.15. Just a "toe in the water" at this point. It went lower after I bought it, but is recovering nicely with the market now.

$cost- What do you think of ERS at 15.14? gs

Excessive litigation is the biggest risk facing this country- IMO more serious than terrorism. It is the main reason why small caps have out-performed large caps over the past few years. The tort attorneys don't bother suing the little guys.

Mahras I just discovered your thread which is quite interesting. I had a few questions about your backtesting procedures and live testing. 1) Survivorshop bias- Have you double-checked to see whether stocks like Enron or Worldcom have been totally removed from your historical data or...

Brian- Your best bet might be to trade retail out of a prop shop. For example, I think Schonfeld offers retail accounts where you could trade your own capital from a room with other traders to share ideas, and even get lower rates than the OPUS traders. Your leverage is limited to 4-1...

James- I would recommend at least $250,000 in trading capital before you give up your day job. Your biggest risk is simply that your strategy/edge will stop working. Since you have been able to trade while working, why not just continue doing so until you have built up your capital base. It...

Abby Cohen never goes bearish. She always predicts the S&P will go up from 8-10% a year. For this she gets paid big bucks from Goldman Sachs. I give her credit for scamming Goldman Sachs management.

$Cost- Congrats on your hedging moves! I thought Dimensional Funds were just index funds. Which Dimensional Fund is based on earnings plays? GS

$Cost- Congrats on your Derby bets. I'm pretty ignorant of the horse racing industry. Why would DDE and CHDN gap up Monday if an underdog won the Derby? I thought the track "vig" is the same whether a favorite or underdog wins.

$Cost- I discovered your thread over the weekend and am quite impressed!. I'm retiring soon and would like to learn from your experience. I had a few questions- 1) Are most of your funds in IRA's? I wonder how you handle taxes. Based on your amazing success in building your assets, you may be...

I never try to predict 6 months out, except maybe for fun. Predicting stock market movement is similar to weather prediction. Anything longer than 3 days involves a lot of guesswork. Once you reach three weeks or more, it is close to random. That is why nearly all mutual funds have trouble...

I'm more worried about the Japan bond yield curve which has not inverted. When it does, it means the end of the carry trade and the summer of 1998 all over again.

Unless you are willing to spend a lot of time on your portfolio, I would avoid individual equity investing. Stick to a portfolio of good no-load mutual funds. Here is a spreadsheet with some good mutual funds to choose from. Pick out a few in different categories for diversification...

www.underthecounter.net hedge fund/investment bank street gossip

Thanks, Hans. Actually I'm quite experienced in mutual fund investing and know about the Dimension funds. In fact, I currently own some DFIVX in my 401K plan. But I've been looking beyond mutual fund investing because of all of the trading restrictions and exit redemption fees.

I just discovered a (free) web site with info on CTA's and managed futures- www.iasg.com I'll probably start with their info, but I would imagine the marhedge data is more comprehensive. Most likely I'll buy their report later.

Thanks, Hans! A single edition of the Managed Futures report for $325 should give me enough CTA contact info to get started. My major concern is that the overall expense overhead may be too high to make this approach worthwhile. But I'll have a better idea after talking to some CTA's. I...

I'm really looking more for diversification, not just a straight hedge. The idea is to try to get positive alpha on all of the investment capital. In general, selling short equities is a loser's game with negative alpha. Also I want to move beyond just equities. Futures can provide...