Ouch. You’re killin’ me Marcus.
So who is this guy? And why would he have the audacity to say this?
Archive for the ‘MYTHS & Markets’ Category
“Your average broker couldn’t be a trader in a million years.” Michael Marcus, Market Wizard
In MYTHS & Markets on December 5, 2009 at 2:41 PMThe #1 Sign You Are Likely to Blow Up Your Trading Account
In MYTHS & Markets on December 2, 2009 at 12:47 PM“What’s the hot stock?”
“Have you heard any rumors?”
“What are you buying?”
“What’s your top pick?”
“Got any tips?”
“What are you looking at?”
.
The question comes in different flavors. But I’ve heard it oh so many times that out of desperation I recently came up with a carefully crafted, now well-rehearsed response: Read the rest of this entry »
Losers Average Losers: The Folly of Averaging Down
In MYTHS & Markets on September 25, 2009 at 10:32 PM
Paul Tudor Jones, profiled in Jack Schwager's Market Wizards, one of the most successful fund managers of the 20th-21st centuries.
“Of all speculative blunders there are few greater than trying to average a losing game.”
–Jesse Livermore
Average down. Of the many age-old trading maxims this was one of the first that made me pause and wonder.
For a number of years I’d simply assumed this to be one of the popular falsehoods foisted on the unsuspecting public. Imagine my surprise when I heard it regularly parroted among seasoned pros on the trading floor. Read the rest of this entry »
General Electric Busted for Creative Accounting
In MYTHS & Markets on August 5, 2009 at 7:39 PM
What's become of the house Jack built?
GE to settle SEC charges
General Electric Co. will pay a $50 million civil penalty to settle charges filed by the Securities and Exchange Commission accusing the conglomerate of improper accounting in order to make its financial results appear more attractive to investors.
The SEC said that GE violated securities laws four times between 2002 and 2003 when accounting for items such as commercial paper funding and the sale of train locomotives and aircraft engine spare parts. The SEC said the changes helped GE maintain a string of earnings that beat Wall Street expectations each quarter from 1995 through 2004.
“GE bent the accounting rules beyond the breaking point,” Robert Khuzami, head of the SEC’s enforcement division, said in a statement. The company didn’t admit or deny the allegations.
Source: Chicago Tribune
Paris E. M. Murray