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


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

Free $

We always say that trading does not have to be hard. Like Bella says, when I go to the bank at the of the month they are not going to question how I made my money. Yes, some days I have to grind my way through a good day but even on slow market days there is plenty of free … 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


Just read GMan’s blog about SMB’s Batman night.  I have to add a few thoughts.  1) Watch Batman on an IMax screen.  It is an incredible movie watching experience.  If you live close to NYC or in NYC don’t just go see it on a regular screen.  Go and find an IMax theatre.  If you have already seen in on … Read More