I was recently keynoting at a company when the presenter before me (an ex-Navy SEAL) took the stage to discuss the importance of succeeding under extreme pressure. It was a topical comment, as this particular company was about to go through an intense period. He shared an training overview video from the Navy SEALs detailing a particularly onerous part of…
Fascinating collection of old trading docs hats off to Tracy Alloway for curating this. A little cringe worthy in places but a good way to spend the morning.
THERE IS ONLY A week to go before we open up for booking for the 2020 Mentor Program. The Mentor Program is a 6-month, repeat-for-free, comprehensive training course for traders of all levels. The 2020 program kicks off in February 2020, but we open for bookings on Thursday 7th November. To get access, you need to…
When I first came into contact with the world of finance I did so having migrated from a world that was somewhat ruthless when it came to intellectual rigour. My expectation was that finance would be similar after all money is important. instead, I found a world that was resplendent in myths, partial truths, assumptions…
Amateurs stop when they achieve something. Professionals understand that the initial achievement is just the beginning. Amateurs have a goal. Professionals have a process. Amateurs think they are good at everything. Professionals understand their circles of competence. Amateurs see feedback and coaching as someone criticizing them as a person. Professionals know they have weak spots and seek out…
Apparently Blockbuster opened their first store 30 years ago. In 1989 they had 1,000 stores In 1999 they had 6,500 stores In 2009 they had 7,400 stores In 2019 they had a single remaining store in the US which serves as an odd sort of tourist attraction. In 2000 they had the opportunity to buy…
These days, not even the rich feel rich. According to a recent survey by the financial-advisory firm Ameriprise Financial, only 13 percent of American millionaires classify themselves as wealthy. Even some of those surveyed who had more than $5 million across their bank accounts, investments, and retirement accounts said they didn’t feel rich. If multimillionaires don’t feel…
Although rumors of its performance have long circulated on Wall Street, the actual numbers are even more mind-blowing: From 1988 to 2018, Medallion returned 66.1% annually before fees. Net of fees, the gains were 39.1%. Estimated trading profits during those 30 years amounted to $104.5 billion. (About those fees: If the standard hedge…
When I was at school my reports used to say many things about me. Not all of them flattering but what does stick in my mind are two things. Firstly, a teacher who commented that it was a good thing they stuck a size 10 mouth in a size 10 body. Secondly, not all that…
Apparently the IMF recently compared the Australian economy unfavourably to that of Greece which apparently is a fair kick in the balls. This, of course, sent everyone into a tailspin particular our politicians who are too stupid to be able to read a graph and are locked within the narrow intellectual constraints of their own…
The “Flynn effect” refers to a pattern observed by James Flynn, a professor at the University of Otago in New Zealand. It points out that for most of the 20th century, scores on IQ tests have been rising. The reasons behind this pattern have been a subject of controversy. For example, are the rising IQ…
In 1997, Warren Buffett, the famous investor and multi-billionaire, proposed a thought experiment. “Imagine that it is 24 hours before you are going to be born,” he said, “and a genie comes to you.” “The genie says you can determine the rules of the society you are about to enter and you can design anything…
I used to think that those that ran hedge funds got rich because of their incredible returns. Then I heard about the 2 and 20 fee structure that most hedge funds charged. The typical hedge fund fee structure (historically) is 2% of assets under management and 20% of all positive returns. Therefore, if you gave…
As miracle cures are hard to come by, any claims that a treatment is 100% safe and effective must always be viewed with intense scepticism. There is perhaps one exception. Physical activity has been called a miracle cure by no less a body than the Academy of Medical Sciences (http://bit.ly/2lTqDvc); and, like those who avail…
