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Neidehoffer blew up several hedge funds and now tweets drival on a daily basis. There is no excuse for blowing up two funds filled with millions of other peoples money- and charging high fees along the way to these disasters.

Very Strongly Agree.

Ummm... the strongest ideas usually come from winning traders. Serriously... this is a good rule of thumb In most areas of life. But of course not an absolute. World champion chess players have coaches who have won in professional competition as do most pro fighters. Losing traders and losers...

Risk management is not what is typically thought of as an edge- positive expectation on bets/trades. Risk management deals with variance. Without "positive expectancy" on your bets/trades, you will be a long-term loser. Exaple: A. Every dollar bet is worth 1.01 B. Every dollar bet is worth...

Not true at all for top firms. Many, many firms have made fortunes with automated algos. Renaissance is up tens of billions. But for amateurs, mom and pop, and those late to the party, it is not the easiest task.

I knew sports bookmakers who let select winning players bet within limits so they could follow along and bet big on those picks, as well as adust their own lone a bit.

Exactly. Renaissance Technologies has never hired a Wall Street type: MBA, Finance, Economics, etc. Renaissance has hired: science, math, computer, even a code breaker and a speech therapist who had high pattern recognition skills. For manual trading, some firms like SIG give big bonus...

Agree. We will not buy an online system, plug it in, and become wealthy! On the institutional level, however, Renaissance Technologies has made tens of billions with totally automated trading. ... but they had one sharp and very brief downswing where they almost temporarily "pulled the plug"...

The US state of Hawaii will be enactimg one, so we can follow that one as well and see how things go. Obviously, we are awash in abundance and if technology displaces too many... I agree with Buffett that we should embrace free trade and technology while looking for ways to help those who are...

In HFT, yes. In moSt situations, yes. ETA for AI to do almost everything better than people keeps being downsized. One day AI will be capable of writing a bestselling novel. THE BIG QUESTION: What happened when AI is self aware and googly smarter amd faster than we are? Right now I can...

Choosing your mentors wisely is sooooo important.

Mathematically speaking, if you knew you had a worthwhile edge, the right time to stop gambling is never-- like a casino.. or a Quant system. Even then, if things go too far amiss, it is wise to take a long hard look. Successful Quants have even gone so far as temporarily "unplugging" their...

A time and place advantage can help big time, but most will not successfully seize the opportunity, as you have done. And even with these advantages, few of the Greats or highly successful were overnight successes. Imported Exception: When a person or a group enters an area where the...

Exactly. Trading wiz (now worth quite a few hundreds of millions) Blair Hull has a saying: "Know your edge, exploit your edge— survive the game" Surviving the game through prudent risk management is key in many walks of life- especially trading!

100 percent false.

Yes. You have to have an overall advantage (positive expectation) on your trades. No money management scheme or mastering of one's mind/psychology will make anyone a winning trader or gambler if they do not have a worthwhile advantage on their bets. Examples: A. Every dollar bet is on...

Nice the way you smoothly weaved pictures into your post.

Agree. "I'm particularly interested in seeing the world through the eyes of smart people who see things differently from me," Ray Dalio

Agree To digress: years ago while I was playing poker with Bill at the Mirage casino, I asked him if he made more money In business or playing poker. He said business. I tell this story to young poker pros as there may be a grain on wisdom in our polite banter. Bill was polite, gracious and...

Bill Gates is in the slow process of giving away 95 percent of his wealth to charity. Warren Buffett is in the process of giving away 99 percent of his wealth to charity.