Before I Go

A resident’s surgical skill is judged by his technique and his speed. You can’t be sloppy and you can’t be slow. From your first wound closure onward, spend too much time being precise and the scrub tech will announce, “Looks like we’ve got a plastic surgeon on our hands!” Or say: “I get your strategy…

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Herd Behavior in Financial Markets

Over the last twenty-five years, there has been a lot of interest in herd behavior in financial markets—that is, a trader’s decision to disregard her private information to follow the behavior of the crowd. A large theoretical literature has identified abstract mechanisms through which herding can arise, even in a world where people are fully rational. Until…

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Dow And Apple

Apparently, Apple has been added to that anachronistic oddball index the Dow. For fun I have looked at the relative performance of the two over one year, two years, five years and finally dating back to 1980.

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The Power Of Not Knowing

To make money in the markets, you have to think independently and be humble. You have to be an independent thinker because you can’t make money agreeing with the consensus view, which is already embedded in the price. Yet whenever you’re betting against the consensus, there’s a significant probability you’re going to be wrong so…

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The Man In The Van

HE HAS ALWAYS lived by his own code, no matter what anyone thinks: a three-sport star athlete in high school who spent weekends camping alone; a hippie who has never tried drugs; a major league pitcher whose first corporate relationship was with an environmental organization called 1% for the Planet. He is 21 and says he…

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I Couldn’t Possibly Cheat At Home – That Would Be Dishonest.

The inability of those employed by banks and other financial institutions to behave morally and ethically has over recent times has become interesting research fodder for those who look at human behaviour. One of the most interesting recent forays into the field of behavioural finance has come from The University of Zurich. Economists Michel Maréchal, Alain Cohn…

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Dealing With Negative People

In the current Mentor Program we have been having a discussion about dealing with negative people, this is my contribution. The issue of negative individuals is one that everyone in the course will have to face and in turn generate strategies on how to deal with. Change is disturbing for the person undergoing the change…

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A Tale Of Two Markets

In one of those wonderful dualisms that seem to accompany markets as prices go up people start calling for them to fall. The media of late has been awash with reports from various poorly performing fund managers as to why the market is about to crash.I understand the medias fascination with these voices – negativity…

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Can You Do It?

I was chatting to Jim Armstrong a mate of mine who teaches combatives/self defence and he is probably the best teacher of this sort of thing that I have come across in all my decades of knocking about the martial arts. The discussion turned to the notion being preemptive (language) – that is hitting someone first. Unfortunately,…

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Can a Stock-Trader-Turned-Convict Start a New Life?

One day in the middle of 2008, Sakhawat Khan, a Silicon Valley chip engineer, walked into a small house near the back of his two-acre property that his wife, Roomy, a stock trader, used as a home office. Roomy and Sakhawat met when they were electrical-engineering students at Columbia University. After graduating, Sakhawat started inventing,…

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