Friday, October 24
Abnormal Characters, end of day, Friday, October 24.
More books for my Must Read list.
All of Mitchell's work is available at sourcetext, but I hate reading book length things off the screen.
Wall Street strategist roundup (and where they attended undergraduate school):
- Banc of America Securities -- Tom McManus (Columbia University)
- Goldman Sachs -- Abby Joseph Cohen (Cornell University)
- J.P. Morgan -- Doug Cliggott (U. Mass.)
- Merrill Lynch -- Richard Bernstein (Hamilton College)
- Morgan Stanley -- Steve Galbraith (Tufts University)
- Salomon Smith Barney -- Tobias Levkovich (Concordia University)
- Prudential Securities -- Ed Yardeni (Cornell University)
- UBS -- Ed Kerschner (New York University)
Linda Bradford Raschke has a number of magazine articles on
trading in PDF format at her site. She's the real deal and you should read
her stuff closely.
Here's a recent interview with LBR: (Part 1) (Part 2)
"I think that the greatest misconception about the markets is that you have to be able to call the direction correctly.
Wrong. Making money in the markets is all about managing risk. If you understand how to manage risk, you do not have
to be so great at making 'calls.'"
An article from November 2002 called "Bulls get the ax: A good sign." It reported on the implications of
the firing of bullish strategists
Tom Galvin in October 2002 and Jeff Applegate in November 2002.
"To the contrarians on the Street, this is all good news -- though there is more cleansing of optimists to be done.
'It's a great sign when everyone is firing their bullish strategist,' said Kari Pinkernell, one of Merrill's bearish strategists.
[I love that phrase 'cleansing of optimists.']
"... in the spring of 1998 UBS Securities' Gail Dudack recommended investors keep just 45 percent of their portfolios in
stocks, Merrill Lynch's Chuck Clough was recommending 40 percent and CIBC Oppenheimer's Michael Metz was recommending 25
percent. None are working as strategists at a major Wall Street firm today."
Today's Trading for Dummies lesson is on Macromedia, the
creators of the execrable Flash. (I heartily agree with Dack who wrote that "Flash is Evil.") The Chairman has disabled
Flash on his machine and you can too.
Buffett at the University of Tennessee.
"[Buffett] plays bridge on the Internet for about 12 hours a week, spends roughly an hour a day on the phone with managers of
his far-flung companies and spends the remainder of his eight-hour workday reading annual reports, quarterly statements and
'It would amaze you how little I do,' the 73-year-old Buffett said. 'The nice thing about investing is it's cumulative.
Everything I learned 20 to 25 years ago is still in my head.'"
Google plans to go public in March 2004.
"[Google is] considering a new IPO method that would bypass investment banks and sell the shares directly to investors
using an online auction system."
This is going to be an interesting one to watch. Visit W.R. Hambrecht's
OpenIPO site if you want to learn more about Internet-based
auctions. You can also read Alan Murray's article The Rationing of IPOs Encourages Corruption,
and Lawmakers say IPOs used to attract clients from USA Today.
Farewell, my lovely.
Trader Mike put together a nice list of weblogs that focus on markets and trading.
Amazon launches a keyword search service called "Search Inside the Book."
"The service ... lets people type in any keyword and receive results for all the pages and titles of various books that contain
that term. In the past, Amazon customers could search only by author name, title or keyword. The search feature works with
around 120,000 titles from 190 publishers, which translates into some 33 million pages of searchable text."
-- via PaidContent --
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