Jan

30

 There is headline after headline about the commodity houses, like Koch Trading et al. getting long the underlying (talk at the time was low 50s) and having the deep pockets to carry six months or longer.

It strikes me as a bit strange since how often is the media ahead of the big trading wins? Maybe it is as simple as that this time around.

Kim Zussman writes:

Lots of moves obvious in hindsight are just too painful/risky to hold. One recalls certain home-builder shorts ca 2004-2005, which rose substantially before ultimately doing what was expected (of course after the positions were closed).

One definition of successful active investing is funding your conviction, and holding on through destructive price action until you are either rich or ruined. Survivor bias of war heroes, etc.


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