How David Beats Goliath‏

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…David’s victory over Goliath, in the Biblical account, is held to be an anomaly. It was not. Davids win all the time.

…When underdogs choose not to play by Goliath’s rules, they win, Arreguín-Toft concluded, “even when everything we think we know about power says they shouldn’t.”

The Goal Is Not To Get An A in “How to Read a Balance Sheet”‏

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It does not matter if you’re trading stocks or soybeans. Trading is trading, and the name of the game is to make money, not get an A in “How to Read a Balance Sheet.”

Proof Yourself Against Sensationalized Stats

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Aaron Levenstein said that statistics are like bikinis – what they reveal is suggestive but what they conceal is vital.

Regrets Of The Dying

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This has been around a few times in different forms. It is a little bit hippy, but worth a reminder every now and then. Things that people have said on their death bed: (more…)

Interviews with Paul Tudor Jones, Louis Bacon, Bruce Kovner

I am not entirely sure where these interviews come from – I got them on an email several years ago that had been forwarded around a few times. My copy cites Stephen Taub as the interviewer.

Paul Tudor Jones II

Paul Tudor Jones II founded Tudor Investment Corp. in 1980 at the age of 25. Since then this extraordinary investor has never suffered a losing year. His old-school macro approach is built on what he calls tape-reading, which involves analyzing price trends and riding momentum – with an uncanny knack for balancing risk and return – rather than obsessing over the fundamentals, as less intuitive or less self-confident traders might. Jones’s core belief is that often prices move and trends unfold only because of investor behavior (in this he and George Soros are similar). Business schools, Jones laments, are sometimes too steeped in teaching economic postulates and market theory. Through his Robin Hood Foundation, he pours millions of dollars into antipoverty and education programs in New York City. The Memphis-born manager, who began his career as a cotton trader, first made a name for himself in 1987, when he called the market crash and rode a heavy short position in stock index futures to a 201 percent gain. Today he oversees more than $18 billion in assets. Tudor’s flagship BVI Global Fund has returned roughly 23 percent annually since its 1986 inception.