Taylor Conant links here to a Seeking Alpha article on Stan the Man Druckenmiller.
He was also one of the best and quickest chart readers. I knew someone who conducted due diligence on him in his Pittsburgh days--don't know if it was while he was at PNB. The details are a bit fuzzy, but it went something like this. A group of people sat around him at a conference table, and one set a stack of charts in front of him. Spending just a few seconds on each chart, he flipped through and made that week's buy and sell decisions in a matter of minutes.
The article also mentions Paul Tudor Jones, who apparently Tony Robbins is now channeling. Robbins recently issued a major video warning against holding stocks based on the investment advice of a "secret" client. Given the description, it's most certainly Jones, as he made a fortune in the '87 crash. Robbins is an interesting guy, and skimming the 20+ minute video, he has the finance terminology mostly down--probably as a result of working with many top financiers and traders over the years. He gets it all wrong, though, when he starts talking about spending as the only key to the economy. I'm guessing he never coached Bob Murphy?
Here's the video:
Source: Tony Robbins blog
BobE,
ReplyDeleteThe spending thing always gets me. So many smart guys and successful traders really believe "we need more consumption."
The funny thing about it is, in their models, and when the markets are temporarily detached from reality and operating according to the logic of their models, they're right. They're totally right.
But from the standpoint of sound economic theory and long-term market trends, they're wrong.
Ended up making my reply to you a post:
ReplyDeletehttp://english.economicpolicyjournal.com/2010/08/failure-of-exponential-systems.html
You're right Bob, this is the only guy I go to for coaching.
ReplyDeleteHot dog! My first Bob Murphy comment. Why does that remind me of Hendrix?
ReplyDeletehttp://www.google.com/search?aq=f&sourceid=chrome&ie=UTF-8&q=Third+Stone+from+the+Sun
Definitely not PTJ; Jones has only had one down year and that was 2008
ReplyDelete