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Four Lessons From "Reminiscences of a Stock Operator"

I'm reading "Reminiscences of a Stock Operator" and there's some absolute gold in the book. The author's attitude to what he's doing is broadly applicable to anyone in any probability-based endeavor that will sometimes fail and requires self-control to not go on tilt during -

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It didn't take me long to realise that there was something wrong with my play, but I couldn't spot the exact trouble. There were times when my system worked beautifully, and then, all of a sudden, nothing but one swat after another. I was only twenty-two, remember; not that I was so stuck on myself that I didn't want to know just where I was at fault, but that at that age nobody knows much of anything.

The people in the office were very nice to me. I couldn't plunge as much as I wanted to because of the margin requirements, but old A.R. Fullerton and the rest of the firm were so kind to me that after six months of active trading I not only lost all I had brought and all that I had made there but I even owed the firm a few hundreds.

There I was, a mere kid, who had never before been away from home, flat broke; but I knew there wasn't anything wrong with me; only with my play. I don't know whether I make myself plain, but I never lose my temper over the stock market. I never argue with the tape. Getting sore at the market doesn't get you anywhere.

Obama Won, and I Didn't Even Vote

On Tynan

I already know that this post is going to get a lot of negative comments like the religion one. And that's because this "every vote counts" dogma that everyone loves so much shares a lot with religion. It's a belief that's held true without a single bit of compelling evidence, and it's a strong belief.

But before I get into that, let's talk about some other things.

First, Obama won and I'm happy about that. I don't think that he's a superhero like a lot of people do. When I look at his positions I disagree with most of them. I disagree with most of McCain's positions as well.

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