4.8 • 670 Ratings
🗓️ 14 May 2020
⏱️ 10 minutes
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The eery accuracy of the infamous 1920s book, which still holds true today. Maybe markets really haven’t changed that much?
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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
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0:00.0 | Talked about last week. And then we have another non-trend follower, non-futures guy talking this week. And this one set a new record, never had as many retweets and loves as I got on this one from Jeffrey Gunlatch. And I'll just read it. And this, I pulled this out. This is a quote from him. By far, the best investing book |
0:23.9 | is reminiscences of a stock operator. Everything in that book is absolutely true about how markets work, |
0:31.5 | how human nature works, the mistakes people make, the greed that they have, the ways that get themselves in trouble. |
0:39.1 | So I think this is a very popular book. Maybe this is what the search picked up and people just |
0:44.6 | wanted to show how much they love this book, but also it's a reoccurring theme with the people |
0:50.4 | who follow me on Twitter. The mechanical trading, the systematic trading that we do, |
0:57.5 | the trend following, most feel is based the truths of that and why it works. |
1:03.3 | It's sort of based in human biases in psychology. |
1:07.4 | And it's just people, I believe, saying, I appreciate diversification and systems and trend following |
1:14.3 | that helps me avoid these mistakes and greed and other ways of getting ourselves in trouble. |
1:24.5 | So, I don't know, what do you think? Am I right? |
1:30.3 | But you want March to go first? |
1:33.3 | I think everything in that book, just as Jeffrey says, is correct. |
1:40.3 | And I actually have multiple versions of that book here at home in my office |
1:45.6 | you know one one that I bought myself and then I told people that I really like it and got one |
1:51.4 | as a present and then purchased one that had some special drawings from edwin lefevre when you know |
1:57.4 | he published it in the newspaper back in the day so it's it, it is one of my favorite books. And a lot about in that book is about trend following and emotions and fear |
2:08.5 | and greed and how markets work. And if you came to the conclusion while that, you know, this is |
2:13.1 | a hundred or so years ago and therefore it's no longer relevant well I think it is you know markets they |
2:22.8 | you know change and technology changes and you know the way people trade with each other |
2:29.4 | that changes but at the end of the day, it's still people that do trades. |
2:35.8 | And some of those people make up the markets. |
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