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16 Trading Quotes -Must Read & Take Print Out

  
  Education
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“The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore

“A speculator is a man who observes the future, and acts before it occurs.” – Bernard Baruch

“What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.” – William O’Neil

“Successful speculation implies taking risks when the odds are in your favor.” – Victor Sperandeo

“Stocks are bought not in fear but in hope. They are typically sold out of fear.” – Justin Mamis

“Accepting losses is the most important single investment device to insure safety of capital.” –Gerald M. Loeb

“To me, the “tape” is the final arbiter of any investment decision. I have a cardinal rule: Never fight the tape!” – Martin Zweig

“You have to master your ego & realize that being profitable is more important than being right.” – Martin Schwartz

“Losing a position is aggravating, whereas losing your nerve is devastating.” – Ed Seykota (more…)

You don't even need to beat the market to make a billion

  
Analysis, Education
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Forbes on 2016 hedge fund performance


The average hedge fund returned 5.6% last year compared to 12% for the S&P 500 but that doesn’t mean the managers of the SPY ETF earned the most.
Forbes put together a list of the hedge fund managers who earned the most in 2016 and the results probably won’t surprise you. The familiar names are there and the paychecks are out-of-sight.

  1. James Simons – Renaissance Technologies $1.5 billion
  2. Michael Platt – BlueCrest $1.5 billion
  3. Ray Dalio – Bridgewater $1.4 billion
  4. David Tepper – Appaloosa $750 million
  5. Ken Griffith – Citadel $500 million
  6. Dan Loeb – Third Point $400 million
  7. Paul Singer – Elliott $400 million
  8. David Shaw – DE Shaw $400 million
  9. John Overdeck – Two Sigman $375 million
  10. David Sieger – Two Sigman $375 million
  11. Michael Hintze CQS $325 million
  12. San Druckenmillier – Duquesne $300 million
  13. Brett Ichan – Ichan Capital $280 million

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The Wisdom of Bear Stearns’ Ace Greenberg

  
Analysis, Education
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In his awesome new book The Rise and Fall of Bear Stearns, Ace Greenberg spends the majority of the time setting the record straight from divergences from he thought was the truth. The majority of these divergences came from the mouth of Jimmy “I put it to my mouth and I did inhale” Cayne.

This is a blog about trading so I’ll spare you all the details, but frankly, my take on the whole she-bang as delineated in the book, is that dealing with Cayne was like dealing with a teenager for 30 years. He was a complete pain in the ass, but every now and then he’d make a big play in the game, so his parent (Greenberg) would be proud. Cayne’s ego would be his undoing. He fell on his own saber.

Greenberg gives Cayne credit where it was due and appears genuine. I could not tolerate anyone like Cayne and it’s why I enjoy being a prop trader. If you bust my chops enough, I can tell you to “go forth and procreate with yourself.”

What you’ll get from this book is a great history of Bear Stearns, during which Greenberg spent the majority of the career we know him to have had. Bear was 21 years old when Greenberg started and he spent the next 61 years there. (more…)

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