A Quote by Avinash Persaud
The technical explanation is that the market-sensitive risk models used by thousands of market participants work on the assumption that each user is the only person using them.
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However, you have to recognize that regulations will never be completely successful and they will always be full of holes. You must constantly be ready to fill new holes. Actually regulation should be kept to a minimum, but there has to be some cooperation between market participants and authorities - as was the case in the early postwar years. The Bank of England was a very successful regulator by cooperating with market participants. This cooperative spirit was broken by the market fundamentalists.
It's bad enough that you have to take market risk. Only a fool takes on the additional risk of doing yet more damage by failing to diversify properly with his or her nest egg. Avoid the problem-buy a well-run index fund and own the whole market.
Whenever I enter a position, I have a predetermined stop. That is the only way I can sleep. I know where I'm getting out before I get in. The position size on a trade is determined by the stop, and the stop is determined on a technical basis... I never think about [stop vulnerability], because the point about a technical barrier - and I've studied the technical aspects of the market for a long time - is that the market shouldn't go there if you are right.
Index funds eliminate the risks of individual stocks, market sectors, and manager selection. Only stock market risk remains.
Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.
The free market doesn't exist. Every market has some rules and boundaries that restrict freedom of choice. A market looks free only because we so unconditionally accept its underlying restrictions that we fail to see them.
The TMPG is the place where market participants recognize and address their responsibilities to each other.
I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.
In the U.S., hospitals are rewarded for keeping hospital beds full. That's the market at work. The question is: should we work for the market, or should the market work for us?
Remember that banks aren't markets. The market is amoral. The market doesn't care who you are. You're a trade to the market. The market will sell you if they think you're riskier.
As a bull market turns into a bear market, the new pros turn into optimists, hoping and praying the bear market will become a bull and save them. But as the market remains bearish, the optimists become pessimists, quit the profession, and return to their day jobs. This is when the real professional investors re-enter the market.
Be reactionary. React to what the market wants. And the market wants one-on-one real time engagement. Now that we have the tools to engage, I'm going to continue fighting for the end user.
What is it about a work of art, even when it is bought and sold in the market, that makes us distinguish it from . . . pure commodities? A work of art is a gift, not a commodity. . . works of art exist simultaneously in two “economies”, a market economy and a gift economy. Only one of these is essential, however: a work of art can survive without the market, but where there is no gift, there is no art.
A weakness of the random-walk model lies in its assumption of instantaneous adjustment, whereas the information impelling a stock market toward its "intrinsic value" gradually becomes disseminated throughout the market place.
Over the past three decades, markets and market thinking have been reaching into spheres of life traditionally governed by non-market norms. As a result, we've drifted from having a market economy to becoming a market society.
It [the free market] is an organizational way of doing things, featuring openness, which enables millions of people to cooperate and compete without demanding a preliminary clearance of pedigree, nationality, color, race, religion, or wealth. It demands only that each person abide by voluntary principles, that is, by fair play. The free market means willing exchange; it is impersonal justice in the economic sphere and excludes coercion, plunder, theft, protectionism, and other anti-free market ways by which goods and services change hands.
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