Altucher Tells The Truth About the Market

[dealmaker]

For those who don't know who James Altucher is, a "Master Hustler" is a pretty good description but probably an understatement.

Here are some fun facts:

1 He either got fired or walked out of every job he had. And by walked out I mean he'd be in a meeting and decide he's done with the job so he says "excuse me", walks out and the people never hear from him again.

2 He's written like 20 books.

3 He's started 20 businesses, I think 17 failed.

4 He made 10 million from one business and went stupid long tech stocks in the tech bubble and blew up - lost everything.

5 Somehow he goes from being near homeless to learning everything about trading, coding trading systems, and in a short while he's getting introductions to VN, B. Maddoff, Steve Cohen, and another trading super billionaire (who was "like a father figure" to him, maybe Soros?, he hasn't disclosed). He went from near homeless to having his own FoF with 100 million in just a couple of years.

6 He blows up yet again in 2008 and loses millions again.

7 Again he starts all over from zero and now he's a very successful blogger, speaker, consultant, board member of couple of companies, and startup investor. No doubt he's a mulltimillionaire all over again. But this time he's doing the smart thing and no messing with stocks.

He's also got a podcast going and some of his recent guest include: Nassim Taleb, Peter Theil, and Tony Robbins. These guys heavyweight champs in their field, they don't give interviews with just anyone.
And the best part of James is he does not try to hide his failures like a lot of people. He does the opposite and brags about them which is hilarious.

So he's definitely met with thousands of traders, and hundreds of HF guys and he know's the deal. Non of these guys are beating a passive long SPY strategy after adjusting for risk/leverage but they are master salesman - just like him.

Agree with most of what you have said but categoric statement is erroneous...

 

[Chausey]

Elitetrader.com participation has declined significantly in the past 7 years, this is exactly what Altucher is saying with the stock market. Nobody leaves a game they win at. Do the math, the remaining persons are vocal and becoming a minority of news watchers, the rejects comment on Yahoo Finance news articles.

 

[marketsurfer]

Elitetrader.com participation has declined significantly in the past 7 years, this is exactly what Altucher is saying with the stock market. Nobody leaves a game they win at. Do the math, the remaining persons are vocal and becoming a minority of news watchers, the rejects comment on Yahoo Finance news articles.

No question about it. While there is still a bit of value here, it's a mere shadow of itself.

Once real traders posted here who wanted to help the noobs. Now it's nothing but a few crank engineers and third world dreamers. Not to mention massive success haters The value has been extracted and isn't being renewed. It's a way more angry crowd than the CNBC shutins who use to be here with the real traders.

I maintain that once the site started attracting 3rd world fX degenerates that was a clear signal the end is near.

I'm not so sure how long I'm going to last before the towel is finally thrown in-- with all the gonzo hate vibe sent my way.

Surf

 

[dealmaker]

No question about it. While there is still a bit of value here, it's a mere shadow of itself.

Once real traders posted here who wanted to help the noobs. Now it's nothing but a few crank engineers and third world dreamers. Not to mention massive success haters The value has been extracted and isn't being renewed. It's a way more angry crowd than the CNBC shutins who use to be here with the real traders.

I maintain that once the site started attracting 3rd world fX degenerates that was a clear signal the end is near.

I'm not so sure how long I'm going to last before the towel is finally thrown in.

Surf

Agreed participation is not what it used to be but, I see it as a cycle more than anything else. I also agree that the third world dreamers have increased by leaps and bounds. The Great Recession knocked out some traders then the low volatility environment has added to the attrition. Think of this as a chart, right now we are at the consolidation phase building strength/energy for the next move up and let's keep in mind that the environment created by the great recession and the low volatility is ideal for haters to flourish, didn't Hilter come to power during an era of discontentment? Surf don't cash in your long on Elitetrader yet, look for a bounce off the trend line.

 

[marketsurfer]

Agreed participation is not what it used to be but, I see it as a cycle more than anything else. I also agree that the third world dreamers have increased by leaps and bounds. The Great Recession knocked out some traders then the low volatility environment has added to the attrition. Think of this as a chart, right now we are at the consolidation phase building strength/energy for the next move up and let's keep in mind that the environment created by the great recession and the low volatility is ideal for haters to flourish, didn't Hilter come to power during an era of discontentment? Surf don't cash in your long on Elitetrader yet, look for a bounce off the trend line.

Isn't that the truth. Thanks---

 

[d08]

It's because the golden era of electronic trading is in the past, the enthusiasm that goes along with that has waned -- the ones making money are mostly being quiet and living their lives, why would you want to spend time on a forum helping random strangers anyway. There haven't been any radical advancements in trading tech for the retail crowd for nearly 10 years.

MS' emotional comments regarding "3rd world degenerates" is amusing and speaks volumes. I respect 3rd world dreamers way more than whiny, spoiled, middle aged guys who brag about their rich friends while not amounting to much themselves.