I Am A Winner…….Again

Having just been told I have won $10mil the thing that really sells me is that I have also won a Toyota Camry because nothing says your a winner like a Camry Hello: your Email-ID Won you a lump sum of($10,000,000USD and Toyota Camry car) with other prizes. Reply Back For Claims/redemption with this info…

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Study the Greats

Study those who are a great success in your chosen field. Find out what makes them tick. Not so that you can copy their methods verbatim. (Any trader who has bought an ‘off the shelf’ trading system knows how hard it is to follow a system they haven’t had input into themselves). Study the successful…

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Things That Make You Think

I tend to be fascinated by data – I am also a student of history and when those two things combine I can amuse myself for hours. The chart below is from The Economist and it looks at a series of social and economic measures that came about as a result of the First World War.…

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Ratio Of Buy To Sell Recommendations

I am just putting the final touches to a presentation I am giving at the AIA Conference on the Gold Coast next week and I have been looking in part at the inherent bias within recommendations by analysts. Fortunately, this topic is well covered in the literature and I have been able to pull together…

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Markets Don’t Dwell on Bad News

Following on from my post on the Dow following the events of last week comes this analysis by the WSJ on how investors react to bad news.     I agree with the general sentiment however I think the 13.5% experienced during the Israeli invasion of Gaza owes more to the market being in the…

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How To Speak Like A Land Rat

Sometimes its good to look at the participants in other asset classes just to get an idea that it is not only people involved in finance who are useless. I have to admit I find real estate fascinating in the ability of agents to be successful despite their absolute and total incompetence. For example I…

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Apollo 11

I have been enjoying the 45th anniversary celebrations of the flight of Apollo 11. My favourite to date has been this piece by The Atlantic, simply because of the quality of the images. To view them in all their magnificence make certain you click the little 1280 px radio button above the first image.

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Dow Analysis

In light of the appalling events of last week it is instructive to look at the markets reaction to such news and to see what can be learnt about the psychology of markets. In analysing what went on in the least two days of the week it is necessary to set aside ones emotions about…

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Its Friday

Time to be a little bit geeky – if you don’t know who these people are GIYF.     And for those who don’t get the cultural reference here is the somewhat forgettable song by Haddaway    

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Once upon a time I used to believe that trading was an information management profession but I have slowly begun to change my opinion. Trading has become a noise management profession – noise is everywhere in trading and its influence is becoming more pronounced as time marches on. When I first became interested in markets…

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Do Incentive Fees Signal Skill?

Yeah….no…..maybe….ah…apparently not…. We examine the relation between incentive fees and hedge fund performance. In an industry where information asymmetries (and the consequent risk of agency problems) are severe, the efficacy of such outcomes-based contracting to align investor and manager interests is of fundamental importance to investors. Consistent with theory, we find that the higher a hedge fund’s incentive…

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Clock Timers Versus Event Timers

One of the biggest problems people have when they come to trading is the notion of self responsibility, people are so used to abrogating responsibility for their own lives to someone else that they literally do not know how to get into the drivers seat. This poses all sorts of problems because trading as a…

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