Citações

Greed and Hope

Domingo, 08 Agosto 2010 19:34

"The speculator’s chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when the market goes against you, you hope that every day will be the last day—and you lose more than you should had you not lis- tened to hope—to the same ally that is so potent a success-bringer to empire builders and pioneers, big and little. And when the market goes your way, you become fearful that the next day will take away your profit, and you get out too soon. Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts. He has...

Options are like fish

Sexta, 23 Julho 2010 10:35

The essence of investment management

Sexta, 16 Julho 2010 18:35

“The essence of investment management is the management of RISKS, not the management of RETURNS. Well-managed portfolios start with this precept.”

Benjamin Graham

Nassim Taleb - Trader Risk Management

Sexta, 16 Julho 2010 18:28

Trader Risk Management Lore: Nassim Taleb's Major Rules of Thumb

Rule No. 1- Do not venture in markets and products you do not understand. You will be a sitting duck. 

Rule No. 2- The large hit you will take next will not resemble the one you took last. Do not listen to the consensus as to where the risks are (that is, risks shown by VAR). What will hurt you is what you expect the least. 

Rule No. 3- Believe half of what you read, none of what you hear. Never study a theory before doing your own observation and thinking. Read every piece of theoretical research you can-but stay a trader. An unguarded study of lower quantitative methods...

The state is the great fiction

Sábado, 19 Junho 2010 10:38

"The state is the great fiction by which everyone tries to live at the expense of everyone else."

Frederick Bastiat (1801 – 1850)

Real wealth

Quinta, 03 Junho 2010 09:13

Real wealth is all about having discretionary time

Longo Prazo

Domingo, 14 Março 2010 11:18

"No longo prazo, estamos todos mortos."

 

John Maynard Keynes, 05/06/1883 - 21/04/1946

Howard Hughes Paranoia

Segunda, 08 Março 2010 11:12

Government and Money

Quarta, 17 Fevereiro 2010 15:10

"With the exception only of the period of the gold standard, practically all governments

of history have used their exclusive power to issue money to defraud and plunder the

people."

Friedrich August von Hayek

 

Timing and Mistakes

Sexta, 12 Fevereiro 2010 13:59

"It's better to have the wrong idea and good timing than the right idea and bad timing"

 

"I realize that I'm only human, and that I'll always make mistakes. I just try to make them less frequently, recognize them faster, and correct them immediately!"

 

Linda Bradford Rasche, em Market Wizards

Silver not Gold

Terça, 09 Fevereiro 2010 17:33

“The major monetary metal in history is silver, not gold.”

Milton Friedman

The Stage of ultimate inversion

Domingo, 07 Fevereiro 2010 11:38

“We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission.”

--Ayn Rand