A hedger came out of the fog…

Burton Biggs:
A hedger came out of the fog…

Motivation: Didn't find Douglas in the biblioglobe, so I took what else was “on hearing”..
Verdict: First of all. It was interesting, But towards the end, I hardly finished reading it.. But in general, I did not regret it…

In short, the book was written by a manager, who worked for years at Morgan Stanley, Then I opened my own hedge fund. The stories of his colleagues are described in detail, Fund Owners… Sad and optimistic.. Everything is there..
Puppeteers, Managers of billions are subject to exactly the same psychological disorders, Just like regular traders))) In general, ordinary people) And the losses sit out and and all over the shoulder)) Imagine a billion-dollar fund entering with leverage in 5 – Now that's Maitread's…)) A lot of broken destinies and cautionary tales.

Key Ideas:

  • Trading Not for the faint-hearted)))
  • Collective Opinion in Trading – full feces. 1-2 Chelas at most have to make a decision.
  • Keynes was a
  • Gold – complete mess, not an investment asset.
  • So many successful hooliards managers have gone through so much in their careers 1-2 or more unprofitable years in a row.. and nothing) Live)
  • There is no universally successful formula in trading

A few quotes from Books:

  • That fact,that you're a scoundrel, does not mean, that you're not a businessman)
  • In this book, you will not find answers to the questions, How to Invest Successfully, Because I don't know it myself
  • Taleb: Investors are emotionally tortured by short-term fluctuations in their portfolio's return. But when an investor focuses on short-term fluctuations, He observes the volatility of his portfolio, not its profitability, in short, Happens “Deception by chance”
  • There is no reward for loyalty to certain papers. That, that some of the stocks you have are too cheap to sell, but not attractive enough to buy, makes the portfolio overdue and holds back its profitability
  • The Pursuit of Profit Takes More Money, than armed robbers))
  • Nowadays everyone strives to have an opposite opinion. So instead of, To be in opposition, maybe, You have to be in opposition to the opposition
  • Not a single city in the world has erected monuments to the committees.
  • Nikolai Kondratiev had an interesting biography. IN 1920 He began to work out the first long-term plan for the development of agriculture in the RSFSR at the 1923\24-1927\28 the years “Kondratva's Five-Year Plan”), which was highly appreciated by the Bolsheviks. Jealous competitors pointed this out, that the long-wave theory of the economist they respected, CX, asserted, that the recessions in capitalist economies were not the result of defects inherent in these systems, and , Besides, have been called auto-correction. The commissars were unpleasantly surprised. IN 1924 Kondratiev was prosecuted for economic heresy, found guilty and sentenced to be sent to Siberia, where he spent the rest of his life, Working in a quarry)))))))
  Two fun
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