Category: Theory And Training
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Make Money And Let Ego Be…
The science journal Nautilus published an article the other month about a team of researchers whom, following WW2, set out to uncover the unique psychological traits at the root of authoritarianism and prejudice. Born from this effort were several “tests of perception”. Many of these tests proved controversial at the time but one test in…
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Why Dying Industries Can Make Great Investments
Competition Demystified is among my favorite investing books. Its supply-side analysis framework starkly contrasts today’s analysts obsessed with “growth” and forecasting demand to the nearest decimal.Towards the end of the book, Greenwald shares an interesting story about the gasoline additives business. He explained how an industry with these characteristics (from the book): Commodity product Substantial overcapacity…
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On Form and Technique (in Poker and Trading)
Think of poker as a martial art. (Trading too, but let’s start with poker first.) The metaphor is appropriate on many levels: You have one-on-one confrontations. You have gain or loss of profit comparable to gain or loss of honor. You have emotional pain comparable to physical pain. You have displays of dominance and submission.…
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The Best Trading Podcasts For Global Macro Investors
These days we’re flooded with information with barely enough time to digest it all. To help solve this, our team at Macro Ops tunes into trading podcasts. That’s why we put together a list of the best macro podcasts any global investor can benefit from in their spare time.With trading podcasts, all those hours you…
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Top Ten Hedge Fund Letters For Generating New Equity Ideas
Why Use Hedge Fund Letters? Hedge fund letters are a key part of our idea generation process at Macro Ops.I’m often asked how I come up with trading ideas. My usual response is that I do a lot of reading, talking to other traders, and thinking. I don’t have a single funnel for sourcing trades.…
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Calling A Life Audible [DIRTY DOZEN]
I’m taking the advice from my friend and mentor who told me (mentioned in the note: The Game Has Changed…) “It’s not often that markets give us a chance to take an extended vacation. So take some advice from someone who’s spent a lot of time chained to his desk and go live.”I write this…
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Pain Allocation, Frog Poison, And Druckenmiller’s Secret Weapon
“My portfolio is very balanced… I have half my assets in cash and the other half is in pain…” My brother-in-law told me that the other day and it made me chuckle. I’m guessing that pain allocation resonates with more than a few people right now. We’re holding 68% cash in the MO port and have been…
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Portfolio Performance Review: +31.3%ytd and some lessons learned
To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride. Once we realize that imperfect understanding is the human condition, there is no shame in being wrong, only in failing to correct our mistakes. ~ George SorosI learned that everyone makes mistakes and has weaknesses and…
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How To Analyze The Oil Market
***The Following is an excerpt from a Market Note recently sent to Collective members. Click here to learn more*** A short note on oil. Short notes are better than long notes. At least when it comes to analyzing a trade or positioning. If you have to Tolstoy the pitch then you don’t know what the…
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Yoga and the Wisdom of Time
I’m traveling so get ready for some wild moves. Our proprietary “Alex-is-traveling” indicator has a 100% hit rate. The logic behind this particular indicator is that the Market Gods are vengeful and never miss an opportunity to punish me for leaving my desk. You’ve been forewarned. On a positive note, the tape and indicators have…