A Quote by Matt Taibbi
'Prop trading' is just a fancy term for banks gambling in the market for their own profit.
Related Quotes
The investor is neither smart not richer when he buys in an advancing market and the market continues to rise. That is true even when he cashes in a goodly profit, unless either (a) he is definitely through with buying stocks an unlikely story or (b) he is determined to reinvest only at considerably lower levels. In a continuous program no market profit is fully realized until the later reinvestment has actually taken place, and the true measure of the trading profit is the difference between the previous selling level and the new buying level.
The real problem at the moment is that the banks - because of their existing culture, which is frankly anti-business, obsession with short-term trading profits, not focusing on the long term - are throttling the recovery of British industry.
Don’t ever average losers. Decrease your trading volume when you are trading poorly; increase your volume when you are trading well. Never trade in situations where you don’t have control. For example, I don’t risk significant amounts of money in front of key reports, since that is gambling, not trading.
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. Banks didn't do that
There is no moral difference between gambling at cards or in lotteries or on the race track and gambling in the stock market. One method is just pernicious to the body politic as the other kind.
You know how on the evening news they always tell you that the stock market is up in active trading, or off in moderate trading, or trading in mixed activity, or whatever. Well, who gives a
The Middle East would always be an important trading partner in just a market sense, like America is a big market for us, Asia is a big market, Europe is a big market. You are going to have hundreds of millions of consumers there, from just a standard market point of view, from a very narrow American point of view.
People with banking experience haven't all flocked to the biggest banks; community banks and regional banks, along with smaller trading houses and credit unions, have some very talented people.
The term ‘free market’ is really a euphemism. What the far right actually means by this term is ‘lawless market.’ In a lawless market, entrepreneurs can get away with privatizing the benefits of the market (profits) while socializing its costs (like pollution).
What corporations fear is the phenomenon now known, rather inelegantly, as 'commoditization.' What the term means is simply the conversion of the market for a given product into a commodity market, which is characterized by declining prices and profit margins, increasing competition, and lowered barriers to entry.
The majority of short term trading results are just random. In the long term the money ends up with those that can trade and manage risk.
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.
We have to choose between a global market driven only by calculations of short-term profit, and one which has a human face.
Creating a Financial Transactions Tax would go a long way to curbing short-term speculative trading, including high-frequency trading.
The US is to an unusual extent a business-run society, where short-term concerns of profit and market share displace rational planning.
When I get hurt in the market, I get the hell out. It doesn't matter at all where the market is trading. I just get out, because I believe that once you're hurt in the market, your decisions are going to be far less objective than they are when you're doing well If you stick around when the market is severely against you, sooner or later they are going to carry you out.
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