mokwit Ok, i see where you were coming from...I was always of the understanding that HEDGE FUNDS and MUTUAL FUNDS are not called retail accounts. Yes, the mutual funds get money from Ma and Pa but these are institutional managers running the funds not retail accounts. Hedge funds are also not in my opinion retail accounts...semantics yes, but i call a retail account an "INDIVIDUAL" account. Small fries indeed. Thanks Anyway you slice or dice it, mutual fund investors are rookies, they throw their money at the best performers in the mutual fund industry. The mutual fund managers are in "GENERAL" not much better than the investors of those funds. They basically play "FOLLOW THE LEADER"... Now in defense of many mutual fund investors. Most investors are busy doing a day job, they are trying to save same money as well as building a nestegg for whatever reason. For the majority of fund investors there is no better way to go when they are busy raising a family and doing the 9 to 5 thing. It is just a shame that they are mostly wrong in the long run, some get lucky and can indeed be smart about whivh way to run their own investments. But most mutual funds are a joke....:eek: The bottom line of most mutual funds and tons of new hedge funds depends on if the mkt is in a bull mode or a bear mode. Funds lose in a bear mkt, the nature of the beast...:eek:
"A close friend of mine visited her [Gann's third wife] and she stated 'one day Gann went to the races and she received a phone call late one night saying could you come and pick up your husband as we fear for his life, he has made so much money it is bursting out of his pockets.' ... Gann never got on with his son and his son didn't believe in astrology. His son used to sit in Gann's office making paper planes and tossing them out the window. Therefore, Gann didn't believe his son warranted receiving the knowledge he had gained over 50 years of researching, therefore all the knowledge went to his grave except for the small amount he passed on through coded works." This is an excerpt from David Burton wrote in Trader's World.... but it sums it up
The Gann debate will never have a satisfactory conclusion because people who cannot use will say it is bogus, those who can will not give it to those who cannot because they understand why Gann wrote the way that he did. If you do not Knock, Seek, and Ask, then you will not find.
Ok, let me say this for the statement that gann is bogus. When i looked at Gann, i decided it was not in my realm of technical tools. i decided early on the only necessary lines needed were not some long ago mystical writings. I went mainstream with everyday tech setups, MaGee and Edwards etc. Now i will say this, i asked many, many, floor traders at the Merc and the CBOT if they placed any value in Gann, as short term traders they all said, RUBBISH. paraphrased for sure.... Being a basic cynic.... ( a prerequisite for being a trader.... ) and based upon the many experienced folks of the financial community at the time, i concluded gann was not to be in my toolbox. Now to say it has no value to others, i can not say that. Good luck, may you not get tangled in all those lines....:eek: PS, 50 years of research. WOW, Hardly a stunning endorsement for any usefulness. I rest my case.
Many legends are "adapted" to fit the perfect story. This is what Alexander Elder wrote: The best example ( other people that try to profit from a death legend) of such a legend is W.D.Gann. Various opportunists sell "Gann courses" and "Gann software". They claim that Gann was one of the best traders who ever lived, that he left a $50 million estate, and so on. I interviewed W.D.Gann's son, an analyst for a Boston bank. He told me that his famous father could not support his family by trading but earned his living by writing and selling instructional courses. When W.D.Gann died in the 1950s, his estate, including his house, was valued at slightly over $100,000. The legend of W.D.Gann, the giant of trading, is perpetuated by those who sell courses and other paraphernalia to gullible customers.
Constance Brown uses Gann time and price analysis her bio http://flix.ino.com/preview/author.html?authorid=81
One we can conclude one thing for sure then. It seems to be verifyable that Gann died with about $100K. We can then take this two ways: 1) he never did really make all those millions in the markets, or 2) He lost tens of millions of dollars he had previously made both ways the whole things a sham. Astrology? Pyramids? come on man, grow up. We long ago figured out that human events are not correlated to where saturn is.