One of the greatest advantages each trader on our desk has is being able to listen to the exchange of ideas from our AM Meeting. At the beginning of each meeting Dov gives the Big Picture, which is an overview of world markets and both macro and micro events that may create intraday trading opportunities for our desk. After Dov … Read More
Formula for Success
This is a tough week for us. We’re narrowing down our invitations for our September class for which, along with June, we essentially recruit all year. We have received thousands of résumés and have sifted through them, searching for those with the background necessary to be a good trader. We interview only some of the applicants—and only some of those get … Read More
The Yo-Yo Almost Always Finishes On the Ground
Did you ever notice that when you are playing with a yo-yo you never catch the little toy in your hand after a good run and walking away? Nah, it is more common for one to play that yo-yo to the end, stretching the string until it no longer rebounds and you have to roll it back up manually and … Read More
Compete
An experienced trader, GM, emailed me late last night as the Yankees were getting pounded again by the Angels. GM had some very kind words for my previous blog post, which I appreciated and made the latest Yankees loss more palatable. In return I would like to spend some of this Saturday AM offering some guidance on his recent struggles. … Read More
A Sale is a Sale is a Sale!
Yesterday during our morning meeting Steve brought up an interesting point and I couldn’t resist writing a blog post about it. In fact, this is not the first time I have heard about it and it bothers me quite a bit. For some odd reason long-term investors do not believe in taking profits. I can understand not taking profits because … Read More
Getting Flustered
We had a film review yesterday with one of our better young traders. The young man can trade. But he under-performed on the Open. So we watched the video of his Open. It was like someone else was inhabiting his body. I did not recognize this type of trading from him. In fact I am not sure you can really … Read More
The Absurdity of MER
I really wanted to write this post after the market closed today. But I have been literally working on other projects for our firm for the past seven hours (11:50pm EDT now). So I’m going to share my thoughts on what I believe is a very good risk/reward trade in Merrill Lynch. MER issued a secondary about two weeks ago … Read More
