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Not really.

Cash is not as volatile as a stock, and obviously, it was not a mistake from TD since he notified them and both parties agreed to selling the stocks. "On the next business day which was April 17, I contacted TD and we decided first to sell all shares of the fraudulent transaction to minimize...

Do you know of many other cases like this?

And here's an advice for you Michael B.: Never give legal advice unless you are a lawyer. Under no circumstances does exiting the position will break the victim's case. Financial transactions are recorded. Not exiting the position can only hint that the victim did want to buy the stocks...

You got the definition right for agency risk. However, I do not agree with you on the points you made. IMHO, the likelihood that traders will risk it all is much higher in a prop shop than a conventional hedge fund. As fund managers, prop shoppers do not share (most of) the downside with the...

I was reading parts of the previous thread regarding hedge fund startups. I would just like to raise a question, most specifically targeted at Mr. Bright, regarding his position on people starting hedge funds vs joining prop shops. What's the difference exactly between starting a 40M fund...

That's pretty much it, yes. Depending on how much data you use. First you get octave to wait on a dl-function listening on a fifo (or whatever equivalent under windows). If your trading strategy is high-frequency and does not depend on data beyond a short time frame, what you can have is your...

If interested in algorithmic trading, you should also look this thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=54055

For numerical computing, you should look at Matlab. A cheaper, less functional but still useful alternative: http://www.octave.org/ "GNU Octave is a high-level language, primarily intended for numerical computations. It provides a convenient command line interface for solving linear and...

Very well said. Good luck to you too for year 2006, Steve.

Not necessary. I just went through his "The treacherous path to $200k a year" journal. Very funny. Now I know what he meant by "bullshit walks".

Relation between performance and social recognition is in your head. Relation between well being and social recognition, however, is another business. Money can't buy respect, admiration, or true friends. That is, if you discern those from hypocrisy, envy and suckers, respectively.

Amen to that. Many investment bankers are millionaires. But the road to that is quite difficult, and risky, if you consider the fact that many are laid off in route because they are not at par with the expectations. However, that is also true for entrepreneurs. For every forbes listed...

Stern is definitely first tier in finance, right behind Chicago and MIT. Keep in mind that they have the largest finance faculty in the United States, and that they produce *lots* of research. They also have very good professors, and have an excellent math department. Columbia is very good...

Quite true. However, the markets also create their share of rich, dumb people.

Never read this book. However, I think there is a difference in that it concerns market mechanics, while market microstructure studies equilibrium theories regarding information, volumes, etc. Market microstructure is a subfield of financial economics, not a simple characterization of how...

Very important for scalping.

Market microstructure mostly is about information, orders, and volumes. It is highly theoritical, not intuitive, and sometimes wrong or relies on strong hypothesis. However, some microstructure theories are important if you truly want to understand what trading is about, and differenciate...

And so do I when buying into a fund with a good past track record. Only difference is the fund will be discounted taking into account this past performance (and thus past performance will not give you any information on how the share you buy in will perform in the future), while with the...