I have just finished reading Edward O Thorps autobiography A Man For All Markets which is an excellent little read and a good addition to any traders library. In the book Thorp talks about he value of compounding returns. There is no doubt that success is trading or investing is based upon compounding your gains…
The most precious commodity in life is TIME. We never have enough of it. I personally squandered a lot of time in my twenties and thirties doing all sorts of random things. I was just busy being busy. It wasn’t until I turned 40 that I realized a couple of big things about TIME.…
In the past few decades, the fortunate among us have recognised the hazards of living with an overabundance of food (obesity, diabetes) and have started to change our diets. But most of us do not yet understand that news is to the mind what sugar is to the body. News is easy to digest. The…
It is no secret that I am not a fan of fund managers of any kind, be they the more exotic style of hedge fund that exists as an idiot tax for those who invest in them, the standard vanilla equity investment fund or the legally mandated rip off that are superannuation funds. My objection…
Most self-help books make exhausting demands of their readers. The endless list-making and inventorying. The frequent deployment of the encomium “Yay, you!” The tacit assertion that “journey” has not been overexposed as a result of the “Don’t Stop Believin’” glut. It’s easy to conclude, why can’t someone just write a self-improvement book called “Canceling Lunch”…
Turns out birds of a feather flock together on Wall Street, too: Male stock analysts tend to write more favorably about public companies headed by men than about companies led by women. White analysts favor firms run by white chief executives. And Republicans and Americans in general prefer companies helmed by people like them. It…
I have been thinking some more about the issue of short selling and the problem faced with the upward bias of equities. Armed with excel I decided to look at the average gain as a function of the average loss for the stocks in the S&P/ASX 200 – once I had the data it was…
BlackRock shook the world of active management on Tuesday when it announced that it had fired five of its 53 stock pickers. BlackRock will also move $6 billion of the $201 billion invested in traditional active management to quant strategies. The announcement may not sound earth-shattering, but it augurs a larger trend: Traditional active management…
From their earliest days, the loosely confederated research efforts that came to be known as behavioral economics spawned a large quantity of studies centered on securities investment. This was not because the field’s pioneers were especially interested in stocks and bonds, nor was the early research commonly underwritten by financial services firms. Rather, the hive…
I could say that I have posted this because I still maintain a child like fascination with dinosaurs – which I still do actually have. But in reality I just wanted an excuse to post the accompanying cartoon I found. It made its name by terrorising Earth at the end of the Late Cretaceous, but…
The last two minutes is particularly useful about updating internal beliefs.
People mislead themselves all day long. We tell ourselves we’re smarter and better looking than our friends, that our political party can do no wrong, that we’re too busy to help a colleague. In 1976, in the foreword to Richard Dawkins’s The Selfish Gene, the biologist Robert Trivers floated a novel explanation for such self-serving…
Someone bounced me the schematic below. I have no idea of its origin so cannot quote its source or even begin to consider its veracity. However, it does contain some points worth commenting on. This is a fairly blunt form of analysis and it does seem to simply look at the extremity of views…
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