Daily Speculations

The Web Site of Victor Niederhoffer & Laurel Kenner

Dedicated to the scientific method, free markets, deflating ballyhoo, creating value, and laughter;  a forum for us to use our meager abilities to make the world of specinvestments a better place.



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Bad Gung Fu, a Parable (or, Flying Fingers of Fury), by James Sogi

In bad Gung Fu movies, the tough gang sneaks over to the other Gung Fu school and yells, "Our style of Gung fu is better than yours. Your teacher is an old fool." The other school students rush out gesticulating wildly. "No!" they cry. "Our school is better than yours." A big fight (inconclusive) ensues.

(alternate ending)
Meanwhile, aging master O'Sensei, saddened by the fighting, meditates quietly. When the commotion reaches him and the gang attacks him viciously, he quietly stands amid the carnage and with a barely perceptible nod, a quick step and short hand motion, the crowd of students falls to the ground incapacitated.

The master says, "The Way is not in the individual styles, it is in mastery of the self. By letting go, one reaches true understanding."

Market O'Sensei teaches a similar lesson. No one style will guarantee success at all times. The Way of the Speculator is like water, ever changing, now here, now gone, adapting to the quiet stream, the cool mist, or the raging tidal wave. Speaking of bad Gung Fu styles, today was a good day to practice the Flying Fingers of Fury trading technique.