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My unsolicited opinion on how to be a successful advisor: Join a prestigious firm where they offer training and the name will at least start a convseration with prospective clients. Take extreme care of those clients as they will become more valuable than the firm name. Jump ship and take...

Trading provides the following value: 1. Price discovery (as said above) 2. Liquidity which reduces the required risk premium for assets and friction in the economy. Trading has the following negative consequence: It can overstate fundamental moves and that can have significant effects in the...

When is this happening?

His story is a fascinating story on compounding. I did more research on LTD. From 1982 to today it earned 17% cagr compared to the spx 11% (dividends reinvested). The difference in net worth to last fall (LTD's peak) was like a factor of 10.

You can't blame them. They never took college statistics :)

Let's take this discussion one step further. Why is highschool so important? Who actually uses US History in their daily lives? Who needs to know calculus or even algebra. We have calculators on our phones now! Dave Thomas (founder of Wendy's) dropped out and he was incredibly successful. Well...

It’s because they have lost so much money they can’t afford a chair.

Ben graham says the same thing in the Intelligent Investor.

I started my entrepreneurial ventures at the age of 35. If I had gone to Bschool with my wife, I might have started them at the age of 29. I didn't even know what I am currently doing existed for people with my background.

OP: buy an old car like an air-cooled 911. You can work on them easily. Parts are readily available.

I had a software board burn out.

The only way to pose the “college is a waste” argument is to compare an Uber successful dropout to a college educated failure. I wonder if the people who make this argument should have studied more in college themselves.

I looked up Limited brands. Stock was approx 26 cents in 1970s. Today something like 46. Annualized return was about 11percent and it would have been worth tens millions for you. A real world example of compounding. If you had bought and held the spx when you sold limited, you would still have...

If you know that 99percent of retail traders fail, why would you bet on a guy who either lacked the aptitude or the drive to further his education to succeed at trading? It doesn’t make sense. It’s like betting on a 5’0” player to succeed in the NBA. Statistically it’s possible, but......

Interesting. I haven’t made markets in like 12 years. That “pit” looks like an employee break room.

If You look at the world transactionally then being a marine biologist is not an acceptable option. So you compare a plumber to a business or engineering major.

if you look at the world purely transactionally then college is an even more obvious choice. There are many studies that show college graduates earn more and I have not seen a single study that shows college reduces entrepreneurship.

There are no billionaires who have graduated college?

I thought the box (Boston options exchange) was all electronic.

It’s been well known that walls are a leading indicator for floors.