I gotta agree... the Mark Weinstein interview kinda lacked credibility... even Schwager conceded that Weinstein's spiel sounded preposterous...
THE MARKET WIZARD THREAD
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I gotta agree... the Mark Weinstein interview kinda lacked credibility... even Schwager conceded that Weinstein's spiel sounded preposterous...
To be honest I've read all 3, the first 2 market wizard books were great..I enjoyed Trout, Tudor Jones, Steinhardt...
As for the 3rd book...what a waste ...the only guy worth reading is SAC himself...but even he was boring.
Anyways, the first 2 read like .... the Godfather movies...the 3rd one was more like... the remake of Planet of the Apes.
As for the 3rd book...what a waste ...the only guy worth reading is SAC himself...but even he was boring.
Anyways, the first 2 read like .... the Godfather movies...the 3rd one was more like... the remake of Planet of the Apes.
Ed Seykota ... still recall his 3 rules for good trading (1) cutting losses (2) cutting losses (3) cutting losses
Also liked Marty Schwartz a bit ... a lot of it was motivation oriented. Believing you can do anything if you worked hard enough, performing at levels beyond expectations, and the part about working for yourself and answering to no one.
By the way, the latest market market wizard book called stock market wizards has been updated. I think it is updated through the end of 2002. At the end of each chapter is an update on each trader and how they did during the last three years. Amazingly enough, some of these guys actually did much better then they did during the bull market. I think only one guy was down and even that was a small amount. So much for them only doing well in a bull market theory.
I'm a big jim rogers fan. He's not always right (he was saying US stocks were overvalued in 93/94), but his overall philosophy is brilliant. I especially like his historical perspective on things (I love his quote "This time it's different. Those are the most dangerous words in investing". Buy value and sell hysteria. I've tried to refine that philosophy, taking it to a new level.
An example of hysteria happened just recently in the Bond market. In the LA Times, when bonds were making new lows in yield, this quote jumped out at me "people are buying bonds like there's no tomorrow." Hmmmmm. Think about that. Step back from that quote. Then take a look at the technicals. 3.38% may not be the final low in yield on the 10 year, but when you look how extended the market is (say to it's 50 day M/A), we are within days of the low.
When people are buying bonds like there's no tomorrow, clearly you've reached the terminal velocity stage in investor pyschology. The point that Rogers really drove home was that people never change and thus markets never change.
I want to be able to measure hysteria (i.e. outside the bollinger bands), and figure out the turning point in pyschology.
An example of hysteria happened just recently in the Bond market. In the LA Times, when bonds were making new lows in yield, this quote jumped out at me "people are buying bonds like there's no tomorrow." Hmmmmm. Think about that. Step back from that quote. Then take a look at the technicals. 3.38% may not be the final low in yield on the 10 year, but when you look how extended the market is (say to it's 50 day M/A), we are within days of the low.
When people are buying bonds like there's no tomorrow, clearly you've reached the terminal velocity stage in investor pyschology. The point that Rogers really drove home was that people never change and thus markets never change.
I want to be able to measure hysteria (i.e. outside the bollinger bands), and figure out the turning point in pyschology.
My thoughts exactly ... well except perhaps the bollinger bands part.
Rogers on TA: "Don't tell me. It might mess up my mind. I don't know about those things, and I don't want to know."
I enjoy Rogers more for his writing style than for his trading abilities... check out http://www.amazon.com/exec/obidos/t...002-9168359-9962449?v=glance&s=books&n=507846
My idealistic Market Wizard has the intestinal fortitude and focus of Tom Baldwin, coupled with the risk appreciation of Larry Hite and the outlook on life in general and trading in particular of Ed Seykota...