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In a narrow market, when prices are not getting anywhere to speak of but move within a narrow range, there is no sense in trying to anticipate what the next big movement is going to be—up or down. The thing to do is to watch the market, read the tape to determine the limits of the get-nowhere prices, and make up your mind that you will not take an
... See moreEdwin Lefevre • Reminiscences of a Stock Operator

Laufer made an early decision that would prove extraordinarily valuable: Medallion would employ a single trading model rather than maintain various models for different investments and market conditions, a style most quantitative firms would embrace. A collection of trading models was simpler and easier to pull off, Laufer acknowledged. But, he arg
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