A world that’s more riot than profession, the trading floors of Chicago are a place where gambling your family’s mortgage is all in a day’s. At a time when markets are unhinged, FLOORED offers a unique window to this lesser-known world of finance. These men may not have degrees, but they’ve got guts, and penchant for excess that solicits simultaneous feelings of revulsion- and a desire to root them on. But like many aspects of our economy, technology is changing the way these traders do business, and these eccentric pit denizens aren’t the type to take kindly to new tricks. Computerized trading may take the emotion out of the job, but it may also take some of these old-timers out- dinosaurs in a young man’s game.
Archives of “dinosaurs” tag
rssJohn Paulson's 8 Secrets
- Don’t follow the crowd.
- Have an exit strategy before the bubbles burst
- Focus on the debt markets for predicting the future.
- Take the time to figure out how fancy new investment products like credit default swaps (CDS) work.
- Buy insurance. No one wanted out of the money puts on the housing market.
- Remember the past. Some of the big winners in the housing crash were those dismissed as out-of-touch dinosaurs.
- Remember that no trade lasts forever so don’t fall in love with your investment. After making his $20 billion. Paulson went long banks at the bottom. (The verdict is still out on this trade).
- Timing is everything and luck helps.
