rss sells for $13m

The storied domain name is set to be sold for $13m, The Register has learned.

Bankrupt Escom LLC’s current owner, has sealed a deal to hand over the domain to a company called Clover Holdings Ltd, according to documents filed this week in a California court.

Escom purchased the domain from its previous owner in 2006. The price then was variously reported as being between $12m and $14m, making it one of the most expensive domains of all time.

According to bankruptcy court documents, Clover Holdings was chosen from among 12 bidders after making the “highest and best offer”.

Clover itself is a bit of a mystery. It is based on the Caribbean island of Saint Vincent, and the email address listed in court documents is, the privacy-conscious webmail service.

The sale includes a couple of trademarks related to the domain.

The negotiations were handled by, a domain name auction company. Sedo, which will take a cut of the sale price, started soliciting offers in July.

The deal is subject to bankruptcy court approval. Escom sought a hearing on an accelerated timetable, which was granted yesterday. The hearing will be held next Wednesday, 27 October. is a domain with history. Originally registered by entrepreneur Gary Kremen in 1994, it was soon hijacked by convicted conman Stephen Cohen.

The theft was challenged in court, but it took Kremen five years to recover the domain, during which time Cohen was reportedly making up to $500,000 a month from advertising on the site.

A court ultimately issued a $65m judgement against Cohen, who fled to Mexico and was eventually arrested. He was released from prison in 2006.

The domain had almost as turbulent a time under Escom’s ownership. A fight broke out between the company’s creditors earlier this year when one of them pushed the domain to auction.

A few days before it was due to commence, other entities involved in Escom’s complicated ownership structure filed an involuntary bankruptcy petition, effectively putting the stoppers on the auction.

These entities, controlled by Mike Mann, claimed that the selected auction house, which does not specialise in domain names, was not the place to get the best price for the domain.

A deal was eventually reached which allowed the bankruptcy court to order, in June, that Sedo could handle the sale instead.

Had a private sale not been agreed, was scheduled to go to public auction next week.

Trend Following Lessons from Jesse Livermore

Remember, you do not have to be in the market all the time.
Profits take care of themselves – losses never do.
The only time I really ever lost money was when I broke my own rules.
Throughout all my years of investing I’ve found that the big money was never made in the buying or the selling. The big money was made in the waiting. (more…)

Justin Mamis – When To Sell


How Professionals Minimize Losses page 73-75:

Blaming ‚them’ is a psychologically and socially acceptable way to avoid blaming oneself. Yet professionals can, and do, make mistakes. When they buy a stock and it doesn’t go up (even if it doesn’t go down) that’s wrong enough for them, simply because it did not perform as expected. The pro reasons that the stock went against his judgement, so he sells it. And he doesn’t expect to be perfect, any more than a professional baseball player expects to bat 1.000. Knowing that losses are inevitable, he seeks to minimize them at all times. To be sure, his ability to take a small loss is enhanced by the benefit of not having to reckon with commission costs, but even so, if he were relatively incompetent he wouldn’t last long in the business; the loss might be less, or slower to pile up, but the return on invested capital would be dismal enough eventually to send him to another field.

Rule One of the professional trader is: When a stock doesn’t do what you expect it to do, sell it. (more…)

Trading Quotes from Trading Books

“There is only one side to the stock market; and it is not the bull side or the bear side, but the right side”

Comparing Paper Trading vs. Real Trading
“Are you a good shot?” “I can snap the stem of a wine glass at twenty paces” “That’s all well, but can you snap the stem of a wine glass while the wine glass is pointing a loaded pistol straight at your heart?”

“A man must believe in himself and his judgement if he expects to make a living at this game. That is why I don’t believe in tips. If I buy stocks on Smith’s tip, I must sell those stocks on Smith’s tip. I am depending on him”

“Speculation is a hard and trying business, and a speculator must be on the job all the time or he’ll soon have no job to be on”

“The more I made, the more I spent. This is the usual experience with most men. No, not necessarily with easy-money pickers, but with every human being who is not a slave of the hoarding instinct. Some men, like old Russell Sage, have the money-making and the money-hoarding instinct equally well developed, and of course they die disgustingly rich”

“If a stock doesn’t act right, don’t touch it; because being unable to tell precisely what is wrong, you cannot tell which way it is going. No diagnosis, no prognosis. No prognosis, no profit”

“The big money was not in the individual fluctuations but in the main movements-that is, not in reading the tape but in sizing up the entire market and its trend” (more…)

Trading Wisdom

When in doubt do nothing.  Don’t enter the market on half convictions; wait till the convictions are fully matured….. And so, whenever we feel these elements of uncertainty, either in our conclusions or in the positions we hold, let us clean the house and become observers until as that eminent trader Dickson G Watts wrote, “The mind is clear; the judgement trustworthy.”

7 Psychological habits

1. Overconfidence and optimism

Most of us are way too confident about our ability to foresee the future, and overwhelmingly too optimistic in our forecasts.

This finding holds across all disciplines, for both professionals and non-professionals, with the exceptions of weather forecasters and horse handicappers.

Lesson: Learn not to trust your gut.

2. Hindsight

We consistently exaggerate our prior beliefs about events.

Market forecasters spend a lot of time telling us why the market behaved the way it did. They’re great at telling us we need an umbrella after it starts raining as well, but it doesn’t improve our returns. We’re all useless at remembering what we used to believe.

Lesson: Keep a diary, revisit your thinking constantly.

3. Loss aversion

We hurt more when we sell at a loss than we feel happy when we (more…)

Ways to Recognise and Defeat Your Evil Trader

  • Have a plan.  If you don’t have a plan, your Evil Trader has zero boundaries and will take over entirely.  When you have a plan, you’ll start to notice him telling you not to follow it.  You’ll hear him whisper seductive anti-plan ideas that sound and look perfectly reasonable – except they aren’t in the plan.
  • Have an Evil Trader Journal.   The thing with ET is that often his ideas sound great and are really hard to ignore.  So as not to discard potentially good ideas, keep a log and after each trade is closed make a note of whether the idea would have been positive or detrimental to the outcome of your trade.  After a period of listing these ideas you’ll be able to notice that a) ET is wrong and he needs to shut it, or b) his idea deserves some further testing as it’s possible it has merit.
  • Try to make your method as water-tight as possible.  A signal needs to be a signal without a shadow of a doubt.  An exit needs to be a definite exit, no two ways about it.  The more black and white the better, as your Evil Trader loves to second guess your judgement.  Planting seeds of doubt is just the way he rolls.
  • Make a check-list for those times when you’re just not sure.   There will always be times when things just don’t seem so clear-cut.  This is your evil trader’s very favourite moment to strike.  You need to be armed with your weapons of ET destruction – aka, your check-list – to guide you through.  Having a checklist on hand allows you to objectively determine whether what you think you’re seeing is in fact what the market is presenting.

In Search Of Emotional Discipline


  • An intra-day watch list keep you organized, focused, and ready to ACT
  • Trading specific candlestick patterns forces you to be consistent in your observations
  • Trading 15 min bars allow the market enough time to marinate and develop patterns
  • 15 min timeframe give you the opportunity to calmly stalk your prey and not rush to judgement (more…)
  • Greed, Fear and Irrational Behaviour

    Where trading and investing in stocks, options, futures, forex, etc are concerned, there is no doubt that people have a tendency to behave strangely. Exhibiting irrational behaviour is common. People come up with all sorts of reasons and excuses for the way they are behaving, even while subconsciously admitting that they are deviating from their plan without valid reason.

    The field of Behavioural Finance attempts to interpret and understand why people behave the way they do with financial activities. It is an investigation of how people’s decisions are affected by cognitive errors and emotions. 

    Some key points in Behavioural Finance are:

    • The ‘Fear of Regret’ – where people beat themselves up about incorrect decisions or errors of judgement. They avoid this pain by holding onto positions that are moving against them, despite the intelligence that they should exit the trade while the loss is small.
    • People are more upset by potential losses than pleased by wins.
    • People perceive chance wins as trading success.
    • The more people win, whether by method or luck, the more confident they become. This is very dangerous for those who win by luck.
    • People are more exuberant and optimistic on bullish days and depressed and pessimistic on bearish days.
    • People tend to make irrational decisions reflecting biased or wrong beliefs. People have a tendency to cling to beliefs, even when presented with evidence to the contrary. (more…)

    Three types of traders

    There are broadly three types of traders:
    1.  -the first type can look at a idea or concept and understand and make it work
    2.  -the second types are in search of perfection so the first thing they do is they find faults in any method, they back test to death and can never find things that will satisfy them. 
    3. -the third kind are clueless. They do not understand good from bad. Everything to them is  Greek or Latin.

    There are no perfect methods. You have to make things work. Add some discretion, add some judgement and you can make  it work.
    If you take that attitude you will find hundreds of workable methods
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