Markets broadly operate in two dominant phases: wealth creation and wealth destruction. Too often, investors and traders fail to participate fully in the former, only to allow the latter to devastate whatever gains they may have made. Such a situation is unfolding on the ASX at present with CSL. For decades, CSL was viewed as…
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I am currently making my way through Andrew Ross Sorkin’s excellent 1929, a day-by-day account of the events leading up to the 1929 crash. As you would expect, the book is full of big characters who are full of themselves. One aspect of human psychology has always been that bull markets convince people that they…
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These are firms that have survived recessions, world wars, colonial collapses, and technological revolutions. The oldest of them, a Japanese construction company called Kongō Gumi, was founded in the year 578 A.D. That’s not a typo. They’ve been in business for over 1,400 years. When you study these organizations, you realize that our modern definition…
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Whatever way you look at it trading is an activity that requires to traders to be at the top of their game, mentally, physically, and emotionally. Much of the video below should be second nature ot you – particularly the part about sleep. I understand that living in the Southern Hemisphere makes accessing markets more…
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One of the interesting things about the world of trading is that so much has changed, but in reality, so little has changed. The basic principles of trading have remained unchanged since we first started swapping coloured pebbles with one another. Most importantly, the psychology of trading hasn’t changed and probably never will, simply because…
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Trading is not about charts, systems, or market secrets. It’s about cultivating the quiet courage to act, to endure, and to live a life others only dream of but never dare to attempt. Being a successful trader requires courage, a truth that is almost always overlooked. In the public imagination, trading is often portrayed as…
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Most investors believe currency hedging reduces risk.It sounds intelligent. It sounds prudent. It sounds like control. But in reality? Currency hedging often does the exact opposite. In this video, I break down why hedged ETFs—like the difference between IVV and IHVV— don’t reduce risk, don’t improve returns, and may actually damage long-term performance. Because what…
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I came across the title of this article as a quote I heard in passing the other day. I can’t remember the exact source, so I can’t attribute it correctly, but it seemed particularly relevant to trading, so it stuck with me. There’s a common assumption in financial markets that more complexity equals more sophistication.…
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Betting on binary outcomes—such as the outcome of a drug trial—introduces a fundamentally different risk profile to most forms of trading. In conventional market environments, trades tend to fail gradually. Prices move against the position in increments, allowing the trader to respond: stops can be adjusted, positions reduced, or risk reassessed. Losses unfold over time,…
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