Give me a break--(with apologies to John Stossel) So, the number one ranked fund manager for several years and one ranked in the top 5 for many years is an irrational mind? Someone who rose out of Bronx, from meager beginings to prominence in the financial markets is not worth reading? A polymath, follower of the scientific method, Harvard graduate, Chicago PhD and Berkley Professor, has nothing to teach anonymous message board posters? A fund manager with 400 plus million under management, who shares freely some of his and his collegues research ,via an educational website is deserving of this type of comment? A person who lost it all, 11 years ago, but now is back on top in the same field, isn't someone who we can all learn from? Not to mention the dozen or so 100 million-Billionaire money managers who have arisen out of his tutelage- Education of a Speculator was basically required reading for anyone on wallstreet when it came out. Almost everyone in the business had a copy on their shelf. For those who may not know who we are talking about, here's a brief synopsis: http://www.dailyspeculations.com/vic/goodboy_interview.html surf
where in his book do you see him teaching anything but the fact that he is a brilliant mind, he listens to classical music in the trading room, and if you are not as smart and gifted as he is do not try to trade. Regarding irrationality fact- soros told him he was trading the wrong way he claimed to be a superior researcher with superior methods yet he related stories to us how he was playing brinksmanship with the guy on the other side of trade for pretty much everything he was worth. He told us of his penchant for betting it all after a few losses. Because the big loss was not going to happen to him VN. The VN who "neiderhofferd" harvard do I even need to explain it further. A guy claiming superior research and intellect describing trading that could at best be betting it all on Red. yet somehow he felt protected because he was special. That my friend was a truly irrational mind. And that is why soros took his money away from him. Now if you wanted to know how a smart guy could be so irrational you could really have some fun with it - as I have. I explained to you that he has the same inferiority complex as Tony Manero had in Saturday Nigh Fever. Whereas Tony's talent allowed him to understand that the people in Manhattan were no better than his kind from Brooklyn. VNs inferiority complex drove him to work his ass off to get a hedge fund and move to Greenwich. the big difference is that he still was driven by that complex. so instead of taking a large loss and slowly working his way back - he was compelled to bet it all. (truly irrational) Interestingly you could say he was so irrational he sabotaged himself because in his own mind he knew he did not belong. If you have any more softballs Surf I like them about chest high with the arc no higher than 12 feet.
With all due respect, Jem, Education of a Speculator is not a "how to book" but it rather teaches one how to think about trading, markets, life in an entertaining and unique way. It should trigger thoughts within each reader which can then be applied to their situation or discarded as the case may be. The book is absolute brilliance in the combination of simplicity and depth. furthermore, the results speak for themselves--- no one in recorded market history-- not meaning it has never been done before, however, we don't know about it if it has--- come from a complete blowout back to number 1 ranking in the money management field. Bottom line is VN is one of the last living american heroes of speculation and still going strong. Vn was the ONLY trader to leave Soros' fold while still making money-- yeah, he is unique, unusual and has an ego---- however, its well deserved since he proves himself over and over again in the trading business. we are not talking about some ivory tower academic here. VN is a scholar among traders and a trader among scholars---someone we can all learn something from. regards, surf
Seth Klarman - "Margin of Safety" - Baupost Group, $8bln USD Mohnish Pabrai - "The Dhandho Investor: The Low - Risk Value Method to High Returns" - Pabrai Fund, $300mln USD
Speaking of Fisher, he wrote "The Logical Trader" and still trades today and has for 20 years. He is arguably the best oil trader, or was in his prime, at the NYMEX.
Was he really ranked #1? Meaning the past several years to date or in the past before that? Not disputing it since I dont know, just curious when it was true.
yes. from a video presentation he gave @ the CME--i believe. one of the funniest but truest comments ever made.....