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And you're welcome... http://gambling-maths.co.uk/independent-and-dependent-events/ "The mathematics of poker largely involve dependent events, since the number of cards from which to draw decreases every time a card is dealt, meaning that the probability of drawing a certain card from the...

Yeah but it's the same players. Same table. A guy can get hot running through the table. This is NOT the same thing. Move along...

Poker is a bad analogy. The runs he had are independent event events unlike poker. Look, here is the guy's story. He started trading in the late 1970's, he was already in his late 20's or early 30's. He traded for over two decades before he made his first run in the late 1990's during the...

Mathematically, here is how I view luck. Luck is a one off event. Meeting the right girl, bumping into somebody and getting an interview, selling your house at the market top. I define luck as something that is not repeatable. In the case of Zanger, he took 15k to 12 million or whatever it...

I am looking forward to their next book, "Undiscovered Market Wizards".

When it rains in Brazil...

Still going higher...

See this is a math problem most ETers struggle with. Stats 101. It's a conditional problem. "Of" the group of traders in the population who are struggling to get funding (just that subset), they are looking for the top 1% of "that" group. They are NOT looking for the top 1% of the entire...

Yeah but they don't have to be a part of the ET subset of data. :)

Maybe you missed the part about "undiscovered talent".

Well that is part of the problem. Everyone on ET thinks they are in the top 1%. LOL.

It's good to hear Jack be really honest about this when asked about funding. He did not act like "everyone wins" and "we'll fund anybody". He said something most here will not want to here, they are looking for the top 1%.

It's not hot money. You are forgetting possibly that treasuries can be collateralized at 95%. I can buy treasuries and borrow against them to buy real estate which as a trade in the last 4 years has been the trade of a lifetime. Hot money? How about correct money.

Who cares...just trade it. Don't over think this stuff. No one said you had to marry the metal for the next 30 years.

Forget Gold, have you seen Silver? Actually Copper looks good here.

Learn to fish. Spend the rest of your life on the island. Civilization is over rated.

That makes two of you. King thinks I'm special as well. :)

OK, I won't belabor the point anymore. We can throw everything under the "perception" bandwagon including your wife, kids, parents, hell how we do we know your dog really loves you? You perceive that those tail wags are not a medical condition and truly represent true love. I guess at the end...

I should edit this by saying it was Reichmarks that came before the Deutschmark. It was the Reichmarks that were devalued and eventually became the Deutschmark.

Well, here is the difference. Central banks don't hold pet rocks. They do hold Gold and always will. Every central bank in the world holds gold. None of them hold pet rocks. And if we make the argument about faith or perception as you like to call it, that is the very concept of our "fiat"...