We talk about following trends and about the importance of consistency well here’s one for you.
The Rolling Stones confirm their 50th Anniversary concerts.
That’s right these 70 year old guys are still rocking and you know with certainty they will fill the stadiums they book.
They set a trend that everyone followed and you cannot argue about their consistency to deliver on sold out stadiums.
If only we can have these kind of consistent results from our trading.Continue Reading...
Oil is both a volatile contract to trade and also a volatile conversation piece.
If you listen to the likes of legendary investor Jim Rogers there is no doubt that we are running out of oil in the areas controlled by OPEC. As a result we are having to go further afield to harder to extract locations.
Few areas get people quite so excitable as the Arctic circle and it’s ice levels.
Environmentalists and those with a concern for the planet’s welfare are concerned with melting ice caps and the loss of habitat for polar bears. Especially so after the recent hot US summer, which has led to scientists reporting sea ice in the Arctic Ocean being at its lowest levels ever.
Not everyone is bothered by this. Actually some are jumping for joy. The Vice President of Shell Alaska for one. “I will be one of those persons most cheering for an endless summer in Alaska.”
Up in Alaska on the Chukchi Sea, 09/10/12 at 0430 Alaska standard time, Shell’s oil rig the Noble Discover began drilling the first pilot hole – the first time a drill has touched the sea floor in the Chukchi Sea in more than two decades.
Read more from the National Geographic on US Oil Drilling in AlaskaContinue Reading...
Can you think of worst credit trash than Greek Bonds? Most professional bond traders can not, so how is it that Dan Loeb of Third Point LLC managed to make 35% return on capital in six months BUYING Greek bonds?
Education is obviously the foundation, Dan Loeb is a master of the ins and outs of credit markets, but obviously, so are many other educated, very smart credit analysts, so what makes him special?
Probably his ability to handicap odds: This is a vital skill for those wishing to become successful speculators and goes way beyond an intellectual knowledge base. Handicapping is thinking of outcomes in terms of expected values, it means that your emotional system will be put to the test as sometimes high expected value trades will be contrarian in nature (Greek Bonds as example.)
His ability to pull the trigger when others are stuck in the emotional roller coaster of European Crisis is a vital key as well, losing money being long Greek bonds for a high profile manager carries professional, and emotional baggage, the ability to execute controversial high expected value trade despite that fact, is not as easy skill to master, but it is a vital one, requires emotional balance and “egoless” personality.
Dan Loeb attributes a lot of his emotional balance to surfing third point in Malibu, sitting on the ocean, having the time to think and clear his head in peaceful surroundings.Continue Reading...
The World Federation of Exchanges (WFE) announced today that the recipient of the WFE Award for Excellence this year will be Dr. Richard Sandor, chairman and CEO of Environmental Financial Products LLC (EFP). Dr. Sandor was selected for this Award in recognition of his work at the epicenter of environmental and financial markets for more than four decades.
“In 1992, Dr. Sandor was honored by the City of Chicago for his contribution to the creation of financial futures and his recognition as the ‘father of financial futures.'”
“The WFE chose to honor Dr. Richard Sandor with the WFE Award for Excellence for his momentous innovations in financial futures and environmental financial products,” said Hüseyin Erkan, Secretary General of the WFE. “The work he completed at the Chicago Board of Trade forty years ago was a turning point in the financial world. Dr. Sandor’s contributions to the financial and environmental markets have been instrumental in the development of the industry.”
It seems the WFE is just catching up with what you and I have known about Doc for a while.
Doc and I did a podcast back on June 13 regarding his new book Good Derivatives.
I wrote Richard Sandor: A Legend In Financial Innovation in April 24 for Huffington Post.
And here is a video I did with him in May of 2011 at the Milken Institute’s Global Conference.
We should be thankful for all he’s done for our industry when you consider the likes of Jon Corzine (MF Global), Phillip Bennett (Refco), and Russell Wasendorf (PFG Best). He’s someone that anyone in the commodities space can look up to with great pride and admiration and want to emulate. I know I do.Continue Reading...
My new app Trader Trivia was mentioned in Barron’s this weekend.
IF ANTHROPOLOGISTS DESCENDED on Wall Street, they would find a culture both distinct and exotic. The Street has its own way of thinking, its own social hierarchy and rituals, and an arcane language indecipherable to many outsiders.
Michael Martin, a trader, is part of this culture. He also has an outsider’s eye. He wrote a book (The Inner Voice of Trading), created a blog (MartinKronicle), and now has designed a game (Trader Trivia), just released on Apple’s iTunes store for iPhones and iPads.
“If you’re out socializing with traders, they are engaged in conversations that include movie quotes, heroic trades, historic moves, and market data. All of that is part of our culture as investment pros,” Martin says.
Those seeking to tap into that culture can do so by downloading Martin’s game. They can test their knowledge on questions such as, What is the benefit of owning a call? And, who wrote Extraordinary Popular Delusions and the Madness of Crowds?
Martin filled his game with what he says is the stuff of daily dialogue about trading that can’t be turned into actionable investment ideas. He sells himself short on that point. All good investors know to look to the past to better understand the present and the future. Martin’s game provides an amusing assist.Continue Reading...