Once again Michael Pascoe gets it right. I worked in broking for years and two things amazed me. Firstly, how little brokers know about markets. They have a lot of platitudes in their sales arsenal but very few have a deep understanding of how the market actually works. Secondly, it is the most self interested…
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I will be taking a break for a week or so.
The title is somewhat obvious but it hides a deeper point – there is an arms race going on the trading world and generally you are not part of it. I have had numerous discussions about the impact of HFT with various people, some of whom insist naively that the benefits and technology of HFT…
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Its going to be 41 degrees celsius here in Melbourne today – part of our seemingly never ending summer heatwave. However, it could be worse.
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The concept of a chop or bucket shop is nothing really new, nor were they restricted to the US. Jessie Livermore makes reference to them at the early part of the 20th century and when I first started in broking there were still some futures and OTC option bucket shops still operating. I dont know…
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“Pain is more than one thing,” explains Dr. Jeffrey Mogil, the head of the Pain Genetics Lab at McGill University. It’s a sensation, like vision or touch; it’s an emotion, like anger or sadness; and it’s also a “drive state” that compels action, like hunger. This is a neat little piece on what separates the…
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I first came across Michael Steinhardt in the original Market Wizards book. He always seemed to be a larger than life character with a wicked sense of humour – most of which was directed at hapless brokers.He retired from the hedge fund business many years ago but is now back apparently this time in a…
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