Market Beaters
“I assumed that a trader added something that couldn’t be encapsulated in a mechanical program. I was proven wrong.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
If I have any message to the world—and it is the reason I agreed to do this interview—it is to convey the importance of participation. Everyone understands that the market is a discounting mechanism. What they don’t realize is that the discounting mechanism is not price; it’s participation. It’s not that the price has gone from 50 to 100, and there
... See moreJack D. Schwager • Unknown Market Wizards: The best traders you've never heard of
There is a lot to be said for moseying through life and being open to the possibility of an angel opportunity that pops up in a field you know a lot about, or making a deal based on a personal relationship. But it’s hard to turn this into an active strategy: if you go out looking for deals, you might be unlucky enough to find them.
Richard Meadows • Optionality: How to Survive and Thrive in a Volatile World
“If you trade a lot, you only need to be right 51 percent of the time,” Berlekamp argued to a colleague. “We need a smaller edge on each trade.”
Gregory Zuckerman • The Man Who Solved the Market
Even if their forecasts were true (they aren’t), no individual can get the same returns as the market unless he has infinite pockets and no uncle points. This is conflating ensemble probability and time probability. If the investor has to eventually reduce his exposure because of losses, or because of retirement, or because he got divorced to marry
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