What are you presently reading?
- Thread starter mikeriley
- Start date
reading this genial guy, still not sure how to apply in trading but I know will give me soon an edge. Not recommended for people do not love adhd or at least just ignore the thousands of lovely humorous parenthesis () in the book:
link because IMG does not work for some reason
https://ibb.co/gPK5LMS
link because IMG does not work for some reason
https://ibb.co/gPK5LMS
Also been going on an MBA binge... picked up a couple more today, including this one (because I'm a cheap-skate?)
I just started reading The Buy Side tonight. Nothing too exciting, though it does have it s little amusing moments.
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On my second day, I'm asked to send an eighteen-page fax of bond prices to a broker's client, which I do. But the client calls the broker and tells him he didn't receive it. I resent it. This time the client calls and says he has thirty-six blank pages--I'd put them all in upside down. The broker doesn't talk to me for the rest of the day. A few days later they have me answering phones for another group. The system works like this: The phone rings and I pick it up. Then I write down the information that's coming from the trading floor, then stand up and yell it to the two brokers and three assistants sitting behind me. It's only a little more advanced than two soup cans and a string, but this is 1994 and that's how it's done. The first time the phone rings I pick it up and the voice on the other end begins to rattle something off. I try to scribble it down as fast as I can. Before I know it, they've hung up. I look down at the piece of paper I've written on. It says: Fred Governor rhetoric is dubbish. What am I supposed to do with this? I feel ill. The brokers and assistants are all looking at me; I pretend to still be writing so I don't have to look back at them. But I know I have to face them sooner or later, so I stand and hold the paper like I'm about to recite a poem. "Fred Governor," I say with as much courage as I can muster. "Rhetoric is dubbish." There is a collective pause. Then the group busts into a roar. I try to laugh with them, but my face feels hot and I know it's as red as a stop sign. Finally, the head assistant walks up to my desk.
"I think they might have said, 'The Fed Governor is dovish,'" she says, trying to keep a straight face. "But I could be wrong."
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On my second day, I'm asked to send an eighteen-page fax of bond prices to a broker's client, which I do. But the client calls the broker and tells him he didn't receive it. I resent it. This time the client calls and says he has thirty-six blank pages--I'd put them all in upside down. The broker doesn't talk to me for the rest of the day. A few days later they have me answering phones for another group. The system works like this: The phone rings and I pick it up. Then I write down the information that's coming from the trading floor, then stand up and yell it to the two brokers and three assistants sitting behind me. It's only a little more advanced than two soup cans and a string, but this is 1994 and that's how it's done. The first time the phone rings I pick it up and the voice on the other end begins to rattle something off. I try to scribble it down as fast as I can. Before I know it, they've hung up. I look down at the piece of paper I've written on. It says: Fred Governor rhetoric is dubbish. What am I supposed to do with this? I feel ill. The brokers and assistants are all looking at me; I pretend to still be writing so I don't have to look back at them. But I know I have to face them sooner or later, so I stand and hold the paper like I'm about to recite a poem. "Fred Governor," I say with as much courage as I can muster. "Rhetoric is dubbish." There is a collective pause. Then the group busts into a roar. I try to laugh with them, but my face feels hot and I know it's as red as a stop sign. Finally, the head assistant walks up to my desk.
"I think they might have said, 'The Fed Governor is dovish,'" she says, trying to keep a straight face. "But I could be wrong."
Gets a bit more interesting around page 60. The author leaves Morgan in order to work for scum-bag Raj Rajaratnam over at Galleon.
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I want to buy QCOM (Qualcomm). I lost all of my profits on commissions, so I'm going to buy it on the Instinet machine so I only have to pay a .01 commission. I click on the buy button, type "QCOM" on my keyboard, type "10,000," and hit send. I look at my screen; I bought ten, thirteen, twenty, thirty thousand shares. What's happening? I keep buying more shares. Up, up, and up. I can't stop it. I look at my 0 button and it's stuck in the down position. The keyboard they gave me was the oldest, crustiest one they had. Oh my god, I just bought 100,000 shares of QCOM. I'm not sure what to do, and then I hear Dave scream, "QCOM being downgraded by Merrill!" He has no idea I bought the stock or that I bought 100k shares of it. The stock is down four points before I even realize what's happening. In a matter of minutes I've lost $400,000. I have no idea what to do. Dave stands up and leans over to my computer screen. "Jesus Christ," he says. He hits the J.P. Morgan direct wire and tells him to sell 100,000 shares of QCOM, on the wire. Meaning it will be done before he hangs up the phone. And as he does he says to me, "You're welcome." The stock is in free fall. QCOM is down another six quick points, but now the broker is on the hook for the extra $600,000, not us.
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I want to buy QCOM (Qualcomm). I lost all of my profits on commissions, so I'm going to buy it on the Instinet machine so I only have to pay a .01 commission. I click on the buy button, type "QCOM" on my keyboard, type "10,000," and hit send. I look at my screen; I bought ten, thirteen, twenty, thirty thousand shares. What's happening? I keep buying more shares. Up, up, and up. I can't stop it. I look at my 0 button and it's stuck in the down position. The keyboard they gave me was the oldest, crustiest one they had. Oh my god, I just bought 100,000 shares of QCOM. I'm not sure what to do, and then I hear Dave scream, "QCOM being downgraded by Merrill!" He has no idea I bought the stock or that I bought 100k shares of it. The stock is down four points before I even realize what's happening. In a matter of minutes I've lost $400,000. I have no idea what to do. Dave stands up and leans over to my computer screen. "Jesus Christ," he says. He hits the J.P. Morgan direct wire and tells him to sell 100,000 shares of QCOM, on the wire. Meaning it will be done before he hangs up the phone. And as he does he says to me, "You're welcome." The stock is in free fall. QCOM is down another six quick points, but now the broker is on the hook for the extra $600,000, not us.
I was seeing a video of this guy about real life on the trading floor, found it really funny and also someway smart, he made a book called The trading game, would you recommend to be pleasant enough to read outside the balcony?
https://www.goodreads.com/book/show/188543465-the-trading-game
https://www.goodreads.com/book/show/188543465-the-trading-game
On the Edge
The Art of Risking Everything
By Nate Silver
Overview
Notes From Your Bookseller
Taking risks is a high-stakes game that not everyone wins. For those who want to roll the dice regardless of the consequences, Nate Silver is here to make sure you’re as ready as you can be. These case studies cast a light on our society as a whole, and the gaps that divide us.
“Engaging and entertaining… a glimpse of the economy of the future.” —Tim Wu, New York Times Book Review
From the New York Times bestselling author of The Signal and the Noise,the definitive guide to our era of risk—and the players raising the stakes
In the bestselling The Signal and the Noise, Nate Silver showed how forecasting would define the age of Big Data. Now, in this timely and riveting new book, Silver investigates “the River,” the community of like-minded people whose mastery of risk allows them to shape—and dominate—so much of modern life.
These professional risk-takers—poker players and hedge fund managers, crypto true believers and blue-chip art collectors—can teach us much about navigating the uncertainty of the twenty-first century. By immersing himself in the worlds of Doyle Brunson, Peter Thiel, Sam Bankman-Fried, Sam Altman, and many others, Silver offers insight into a range of issues that affect us all, from the frontiers of finance to the future of AI.
Most of us don’t have traits commonly found in the River: high tolerance for risk, appreciation of uncertainty, affinity for numbers—paired with an instinctive distrust of conventional wisdom and a competitive drive so intense it can border on irrational. For those in the River, complexity is baked in, and the work is how to navigate it. People in the River have increasing amounts of wealth and power in our society, and understanding their mindset—and the flaws in their thinking— is key to understanding what drives technology and the global economy today.
Taking us behind the scenes from casinos to venture capital firms, and from the FTX inner sanctum to meetings of the effective altruism movement, On the Edge is a deeply reported, all-access journey into a hidden world of power brokers and risk-takers.
The Art of Risking Everything
By Nate Silver
Overview
Notes From Your Bookseller
Taking risks is a high-stakes game that not everyone wins. For those who want to roll the dice regardless of the consequences, Nate Silver is here to make sure you’re as ready as you can be. These case studies cast a light on our society as a whole, and the gaps that divide us.
“Engaging and entertaining… a glimpse of the economy of the future.” —Tim Wu, New York Times Book Review
From the New York Times bestselling author of The Signal and the Noise,the definitive guide to our era of risk—and the players raising the stakes
In the bestselling The Signal and the Noise, Nate Silver showed how forecasting would define the age of Big Data. Now, in this timely and riveting new book, Silver investigates “the River,” the community of like-minded people whose mastery of risk allows them to shape—and dominate—so much of modern life.
These professional risk-takers—poker players and hedge fund managers, crypto true believers and blue-chip art collectors—can teach us much about navigating the uncertainty of the twenty-first century. By immersing himself in the worlds of Doyle Brunson, Peter Thiel, Sam Bankman-Fried, Sam Altman, and many others, Silver offers insight into a range of issues that affect us all, from the frontiers of finance to the future of AI.
Most of us don’t have traits commonly found in the River: high tolerance for risk, appreciation of uncertainty, affinity for numbers—paired with an instinctive distrust of conventional wisdom and a competitive drive so intense it can border on irrational. For those in the River, complexity is baked in, and the work is how to navigate it. People in the River have increasing amounts of wealth and power in our society, and understanding their mindset—and the flaws in their thinking— is key to understanding what drives technology and the global economy today.
Taking us behind the scenes from casinos to venture capital firms, and from the FTX inner sanctum to meetings of the effective altruism movement, On the Edge is a deeply reported, all-access journey into a hidden world of power brokers and risk-takers.