Comments on Grittani Trade Recap: Short CAPR

Added on July 28, 2017 by C. Maoxian.

Tim Grittani has started doing recaps of selected trades on YouTube, which are interesting to review. Here's an annotated chart with my comments for his short trade in $CAPR, initiated on July 19, 2017.

Position size: ~$39,000

Comments on Grittani Trade Recap: Short MOSY

Added on July 27, 2017 by C. Maoxian.

Tim Grittani has started doing recaps of selected trades on YouTube, which are interesting to review. Here's an annotated chart with my comments for his short trade in $MOSY, initiated on July 14, 2017.

Position size: ~$85,000

My Life, My Love, and My Lady

Added on July 24, 2017 by C. Maoxian.

A Billboard #1 when I was two ... I remember it well.

Looking Glass: Buy/Listen - https://lnk.to/LookingGlass!ytbrandy For Looking Glass and other hits from the 70s, listen here on Spotify - https://lnk.to/70sSH!ytbrandy Follow the Official Looking Glass Accounts: Spotify - https://lnk.to/LookingGlassSI!ytbrandy Facebook - https://lnk.to/LookingGlassFI!ytbrandy

Notes for Chat with Traders, Episode 96

Added on July 24, 2017 by C. Maoxian.

Episode 96 ... "Nico" (71:07)

Has two 43" screens, Dell multi-clients, 12 usable virtual screens, 4K resolution
Previously four 24" screens and one vertical 28"
Ikea desk
Aug 2016 best month to date [podcast recorded in Sep 2016]
Worked for software development firm out of high school
Wanted to make more money
He didn't want to take core college courses, just computer science, dropped out
Built his own software development business from nothing
First client he had was a successful stock trader
Discovered that microcap stocks moved 20, 30, 40% in a day
Lived paycheck to paycheck in the beginning, had no savings
Had to save up money for a year to build trading stake
[Blipped out some bad habit?]
Do not quit your day job! Try something on the side first
First trade in early 2007, bought AAPL, no time horizon, sold dame day for $100 gain
"Easiest $100 he ever made"
Didn't want to work in a cube and make $100
Used Telechart by Worden Brothers in 2007, had built-in chat window, that was cool!
Charting appealed to him, fundamentals "too much work"
Timing the market using charts -- instant gratification
Did not know about shorting at first, just went long
Microcap market of 2007, he made $20K just getting long microcap runners
He thought, "this is easy" -- worst thing that could happen
First account was $5,000 with Fidelity
Either the market changed or his luck ran out, but he kept "pulling the handle" (slot machine reference)
Second year lost all his profits, cold reality slammed him in the face
Now he understood why trading is "damn near impossible," 90%+ fail
Lost consistently for the next seven! years
Easy to lose trading profits, hard to lose "legitimately" earned income
Started to put his size in check, started trading small, $5,000 positions, maybe $10K
He would hit periods of profitability during those seven years, but then give it all back
He was making a good living as a software developer, trading losses didn't really matter, "slow bleed"
Three steps forward and five steps back
At one point he had over $25K, not shackled by Pattern Day Trader rule
Wished he didn't exceed PDT rule, wasted a lot of time and money
PDT rule exists because of degenerate gamblers (like he was)
Loves solving problems and puzzles, thought he could figure out the market
This shit is tough, I'm getting my ass handed to me, small size kept him from blowing up
As the years passed, self-doubt crept in, but people supported him despite his failures
Periods of profitability gave him hope
Can't be luck alone, because he's losing more than he's making [made me laugh]
Reached end of his rope, had a serious sit-down talk with himself, sick of adding money to trading accounts and losing it
Went full-time, stopped growing his software biz, focused solely on the market
Never had Facebook, MySpace, Instagram, Snapchat
Traded in isolation for those eight years, floated around, went nowhere
Discovering Twitter changed everything for him, every trader is on there [even good ones ;-)]
Discovered shorting, those first eight years were long only
Investors Underground gave him a connection to good traders
His software biz big enough, successful enough, he can make his own hours, and has savings
He loves shorting, 90% short, 10% long
"Flying Pigs" ... short the microcap junk companies doing dirty stuff to boost stock price
Fluffy PRs, huge gaps up, presents good opportunity to short
Look at pre-market movers and gappers
Look at pre-market unusual volume
Has a watch list called "Pigs" ... every pig encountered is added to the list
Has 200 pigs on his list
Pig list sorted by net % change, former runners appear once again, no homework needed
Top of the net % change list become his candidates for shorts
Wait for the backside, "crack VWAP," or "high of day rejection"
Shorting the frontside is stepping in front of a train, have to make an educated guess where the top is
Controlling your size is everything, don't be a gunslinger
He isn't comfortable sizing up because he still has lots to learn
One bullet shooting only necessary if you can't scale in
You can't improve what you don't measure [smart]
Account balance alone isn't a truly useful measure
Start plotting your equity curve
Puts everything on Twitter to curb his degenerate gambler impulses
Stopped overtrading, being impatient
He's the rare guy who thinks you should post your P&L publicly [I say: bad idea]
All about accountability, kept him from being reckless
Aaron mentions that you must have measures other than P&L to measure success [from "HF71"]
Track your daily P&L in great detail
Take a scientific approach and measure what you're doing
Develop good habits ... he had bad habits for eight years
Identify what you struggle with: Are you impatient? Are you a degenerate gambler?
Don't trade in solitude, surround yourself with better traders who are like-minded
One wolf hunting for food isn't going to eat as well as a member of a pack
Boy Scout system, try to keep each other out of trouble
Has developed spreadsheet for trade tracking, willing to give it away from free
Lots of people pay for TraderVue, but can just use his spreadsheet
Twitter: @inefficientmrkt

Looking at the Short Squeeze in DryShips

Added on July 23, 2017 by C. Maoxian.

The notorious $DRYS did yet another reverse split on Friday, July 21 (this one 1:7). I've been avoiding shorting this stock because I've been fearing a squeeze, which would happen the moment I got short, thinks Mr. Paranoid. I hadn't thrown in the towel and finally shorted it, but there was a wicked short squeeze last Friday. I didn't make a dime off of this expected squeeze, mainly because I was too busy tweeting about it instead of playing it.

My Twitter addiction costs me so many opportunities, and I have to work on curbing my need to be publicly "right." I really need to force myself to shut off Twitter during market hours ... I just have to go cold turkey. Catching this one trade could have made my week / month / year!

Notes for Chat with Traders, Episode 98

Added on July 21, 2017 by C. Maoxian.

Episode 98 ... Peter To (80:04)

2004 started playing online poker, 15 years old
Inspired by Chris Moneymaker winning WSOP in 2003
Wasn't athletic, all intellectual power, poker a good fit
Deceived Mom to fund his PayPal account to fund poker account
Started with $20 and lost it all, devastated
Second $20 he tried to make it work playing 10 cent blinds
Did hand analysis on 2+2 forums
He was playing tight, but too passively, not getting enough money into the pot
First became profitable limit player, then profitable no-limit player
Turned $20 into $20,000 over two and a half years
No innate talent for poker
Never plays poker anymore, edge is too small now
Lives in New York City, comes from Southern California
Poker has advanced so much, so sophisticated today, very hard to win now
"Game Theory Optimal" -- everyone knows the correct line now, everyone knows the math
Poker has become an efficient market now [smart comment, he's right]
Lost the passion for poker ... no fun chasing bad players online [even worse to do it offline when face to face]
Variance in poker also very high
Knew nothing about the stock market until college
Best friend talked about trading and investing, interest piqued
Natural transition from poker to trading
Got interested in 2008 2009, Great Financial Crisis
Started out as a gold bug, feared hyperinflation
Bought physical gold coins with his $20K, paid 8% spread [I'm chuckling, but it's good to be suckered at first, I believe]
Still a big libertarian
He's able to debunk himself quickly, fortunately
Sold his gold coins for breakeven
Second stage he was a value investor -- read Ben Graham, Peter Lynch
Bought Apple, Wells Fargo, Baidu, Dow Chemical all at the lows during the crash
Realized he didn't have the patience to hold all this stuff
Turned $20K into $30K, got account over the pattern day trader rule
Third stage: day trader using technical analysis
Mom's friend taught him how to read charts and structure trades
Read a lot of blogs, sourced his learning from all over
Discovered the ARCA pre-market cross in OTC junk stocks
Stock closed at $1, offered in pre-market on ARCA at $0.85
Would pick off all those $0.85 offers pre-open then sell for $1 at the open
This happened from time to time over two years, a few times a month
OTC market making is manual ... quotes not honored ... shady stuff
Moved to NYC and started prop trading
Doesn't want to name prop firm
Had been trading every day for two years while in college
Started trading club in college
Good things and bad things about being in prop firm, but experience invaluable
Many prop firms are about "burn and churn" ... get a guy in, get commissions, until he blows up
Prop firms would "fine" people ... e.g., couldn't trade odd lots
Prop firms can offer capital to scale stategy, proprietary technology to enhance strategy
Started meeting seven-figure traders, their strategies not do-able on a retail platform, needed capital and technology of prop firm
Compares a good prop firm to a good farm team in baseball [nice analogy]
Read Glassdoor about every prop firm you're considering, lots of shady practices
Big red flag is if prop firm requires a deposit
Careful of groupthink in a prop firm, herd mentality, tunnel vision
There's lots of ways to make money trading, not just momentum
Wants to catch all-day runners
Unusual volume, unusual volatility, unusual attention being paid to it
Not intellectually deep, just using intraday chart, price and volume
Shorting parabolic microcap stocks, thesis is overextended junk will eventually collapse
Trick is timing the turn precisely, how to minimize damage when your timing is off
Takes years to hone this skill
Follow the order flow, can't just rely on your shorting-microcap-parabolics-play, they dry up
Chapter on Jimmy Balodimas in Schwager book made big impression on him
"Stepping in Front of Freight Trains" -- fight trend, add to losers, fades huge moves, gave self huge leeway, took quick profits, in short Jimmy did everything "wrong" based on conventional wisdom
Peter has developed "trading nihilism" -- process doesn't matter [another smart comment]
His firm bought the Flash Crash, risked the firm, risked everything, best day ever. Skill or luck? Was it wrong?
No mathematical framework in trading that you have in poker
The market never repeats itself like a poker or blackjack hand does [yes, exactly]
Throwing the book out from time to time, not following your rules, it's all guts and intuition
Some people just have conviction, don't care about price action
He was consistently profitable at first, but made no money [just like "winning" with tight, passive poker play]
He's a very emotional person, but makes emotion work for him
Feels the fire and allows his greed to take over -- results in best or worst days
Fannie Mae his biggest loss ever, most popular blog post
Shorted AVXL, one of his best trades ever
When he loses money, he wants to sleep in the next day
When the wheels fall off, self-doubt creeps in, needs to take a break
Has had worries that he'll never trade again
October 2016 the worst month in an otherwise good year
Can't get out in these microcap stocks, you get stuck, 1x loss become 3x loss
Built muscle memory for trading certain stocks, which betrayed him when trading OTC stocks
Lived in NYC for four years, 26 yo now
Used to keep detailed journal, made detailed plans, did detailed trading reviews -- now he's relaxed, doesn't do any of this, just wings it [sounds familiar]
Try less hard, take the pressure off yourself
Trading is not easy, markets constantly changing
Thoughts on trading BitCoin: insane volume and volatility, psychology same as crazy stocks
Exchange security is everything, you get hacked and lose everything, you're just not safe
Multiple exchanges with multiple rules, none of them have good infrastructure and security and no oversight, don't get involved with this, way too risky
peterkto.blogspot.com
Twitter: @peterkto

Notes for Chat with Traders, Episode 101

Added on July 18, 2017 by C. Maoxian.

Episode 101 ... Siam Kidd (113:27)

"Sitting in my Tesla"
"I love Elon Musk"
0-60 in 2.8 seconds, he says
British
30 years old now, stone broke at age 25
Was pilot in Air Force, station commander can earn 80-90K GBP after 20 years in, realized he had to get out
Joined Air Force at age 18
Had been trading for seven years (since 18), first four years of trading a horror story
"Billy Big Balls Syndrome" -- he'd go on a streak, get overconfident
Online gambling and trading the only ways he could figure how to make "easy" money
Martingale strategy using online roulette, thought he had cracked the system [funny]
Revenge gambled his maxed-out Virgin credit card on online roulette, lost it all
Moved on to trading where he "did considerably worse" [he has a sense of humor]
Opened 2,000 GBP account, lost it within one day
Blew his 2,000 GBP Air Force income every month for four years, all off one minute chart
Girlfriend was supportive of his leaving the Air Force, trusted him to dig himself out [she must be an angel]
Left Air Force with no safety net, ten grand in savings, started trading full time
Made 30% per month for the first few months, then lost half his capital in one month
Shopping in Lidl, could choose cheese or mayo, couldn't have both, rock bottom
Got 16K admin role at some staffing company, had to pay the bills, completely demoralizing
Still trading his 2,000 account, went back to the drawing board
Risk management finally clicked after year seven, went back to the daily charts
"Triple R" ... risk reward ratio must be 1 to 3 and preferably 1 to 8
Van Tharp book a huge help
Wish he had had a mentor who knew what he/she was doing, something more than just googling for answers
Made every mistake he could: strategy hopping, buying black boxes, scalping, day trading
No good or bad forms of trading, all about risk management
New traders should never day trade
"Boring trading is good trading"
Second guessing yourself with every new five minute candlestick
Making more decisions than you need to when intraday trading
Be super selective, don't take many trades
Only 100K traders in the UK, 95% of them losing money hand over fist
Smart traders know how retail traders think and take advantage of them
Stop running is rampant among pro traders and institutions, they seek out the retail orders
Scouring the internet for "systems" ... that's a real rat race
Markets only trend 15% of the time, chop the rest
Trades currencies now, looks at 20 different pairs
He's flat almost all the time, small wins, small losses, and a very occasional huge win
Tries to catch reversals, so he gets stopped out a lot
He will put orders out into space at "support or resistance" and hopes to get hit
Get the best Triple R from this kind of entry
His win rate is 32%
Didn't want to stare at charts all day long
Max risk for him is 0.25% per trade
When trade goes in his favor, he scales in, adds .75% and then between .25% and .50%
Thought Trump would win and markets would tumble, he didn't anticipate rebound and rally
He looks for "coiling" ... volatility drops dramatically, range contracts ... "market compression"
Places "fishing nets" above and below
Gets shorts in during stop runs above [and I presume longs in during stop runs below]
"It's just a numbers game." All about managing risk-reward
Catch a thousand+ pip trade once or twice is year, you're set
Has a lot of physical gold and silver as a hedge
Make things mechanical, don't scare yourself out
Uses two moving averages to manage his stop losses (8 EMA 21 EMA), keeps it simple
Uses round numbers and .50 levels, trails below 8 EMA and these levels
21 EMA gives you enough space to catch the trends
Spends less than five minutes a day trading, adjusting stop losses using 21 EMA
You can do 10,000 hours of chart time and "still be shit at it" ... will take a lot longer time than that if you're not focused
Read everything that Van Tharp has ever written
People quit trading because it just takes too much time to do (screen time)
Uses three screens
If he has to think about it longer than three seconds, he won't take the trade
Once you're back from holiday, trade very small until you get your market sense back
Business is the best "asset class" there is ... best risk/reward there is
Has a stake in 15 different businesses now (says he's down to seven now)
You need a lot of capital to make money trading ... making 30% on a 10 grand account, even every month, doesn't mean anything
You don't want to be rich through compounding because you'll be too old to enjoy it
If you run a business, get out of the weeds (don't get bogged down in the details)
His first two or three businesses failed miserably
Bought silver in bulk, made under 20 grand profit on 1.4MM in turnover ... horrible time-adjusted return
Took M&A course for 7,000 GBP in Mallorca ... shockingly it wasn't a scam
"All business owners are mugs."
BIMBO ... buy in management buy out
Has a very negative outlook on the world
HFT now seeping into the currency markets, already licked the equity markets
Don't try to make money trading unless you already have a large amount of money to trade
Never think trading will get you out of the financial hole you're in
Get your trading record audited so it's "proper legit" ... then easier to raise capital
Find 3,000 people who pay you seven quid a month regularly (with a product or service), then sell it for 2MM
"Never deliver shit"
Dollar shave club dot com a great example
Passionate views on schooling system, did a TedX Talk on topic
Kids being killed mentally by schools
Work 40 hours a week for 40 years and get a pension at 40% of what you made
Kids now have "bugger-all skills"
Has five-month-old child, doesn't want creativity beaten out of him
Wants to create just one school that adopts his philosophy
Wants kids playing with robotics, 3D printing, augmented reality from Day One
He's not a fan of trigonometry [I'm chuckling]
Long summer holidays from school all about the Harvest (not relevant anymore)
Will need 10MM quid to build his school, doesn't want any external funding
"I'm a simple bloke with average qualities from Norwich"
Sir Ken Robinson, big fan of him
He's not naturally a Big Thinker
Do Review Apply ... Air Force saying [reminds me of Netto]
Goal setting is silly, focus on your habits instead
Think and Grow Rich, by Napoleon Hill ... big fan of the book
Everyone thinks small, you should think big
You're swimming in an ocean of opportunity
Always think bigger, not "I have to buy a house," but "I have to buy a village"
Humans always adapt, always "up-skill"
But rate of technological change has increased so much, will create future shock for humans
Recommends the book, Abundance by Peter Diamandis
"Sorry for rambling on"
Says some nice things to Aaron in parting
Has YouTube videos
Twitter: @SiamKidd

Reasons Not To Use a Real-Time Market Scanner

Added on July 17, 2017 by C. Maoxian.

This section from @tagrtrades recent blog post caught my eye:

I’m slowly trying to move from a scalper to a bigger picture trader. The biggest catalyst to this change was letting the subscription to my intraday scanning service lapse and focus on my pre selected watch list. Sure I miss trades, but I know the trigger points I’m looking for and don’t find myself shooting from the hip nearly as much as I have in the past. I’m also trying to look at charts outside of just the 1-5min timeframe I’ve done for years. Pulling back and getting a clear hourly view has helped me look for areas where I can target for more than just a few cents and get more % out of each trade.

I've had a few thoughts about the pitfalls of using a real-time market scanner:

Information Overload

Even when you really fine-tune your scanner, it's still spitting out dozens of things to look at every day. There's just too much to look at. I have what I consider to be an incredibly rigorous set of criteria that has to be met to qualify as an "Unusual Suspect," and still I get at least a dozen candidates every day (today I got 18). If you're looking at everything, you're looking at nothing. The human brain can only focus on a few things.

Pavlovian Response

Every time the scanner dings, you get excited and think about making a trade. If you're looking at an intraday time frame like the three minute chart, you're going to start overtrading. You'll be generating a lot of commissions and very little profit, if any.

Liquidity Issues

I use the scanner to find "Unusual Suspects" in real time. They are generally low float, micro-cap junk stocks that are on a tear, (or they are bigger stocks that have been hit with news, good or bad (earnings, FDA decisions, etc.)).

The trouble with the low float, micro-cap junk is that after the initial burst of activity, volume dries up and there's no way to exit your position in a graceful way, even if you're on the right side of the market. You get stuck. And I mean stuck at a profit. It isn't as simple as crossing the spread and getting out. If you have 10,000 shares of a dollar stock, or more likely tens of thousands of shares, you just can't exit without tipping your hand, and they'll move the market away from you fast. It's frustrating.

Dependency Issues

It's possible that you may shape your whole trading strategy around the scanner and grow overly dependent on it. I like to think that everyone should strive to be able to trade profitably while still using an old 14" cracked laptop on a dial-up connection from the Australian Outback.

Unnecessary Expense

I've always thought that your broker should supply you with a first-rate market scanner, gratis. My broker, IB, does have a pretty good market scanner, but it's nothing like Trade-Ideas, not even in the same league. Schwab probably uses the old CyberTrader technology for their scanner, but I really don't know. Fido, Schwab, TD, IB, etc. should all license the Trade Ideas technology and offer it to their "pro" users for free.

I might think of some more things later and update the post, but that's it for now.

Impressions After Sending My Son To Nerd Camp

Added on July 17, 2017 by C. Maoxian.

My son is doing a three-week-long robotics camp this summer in Maryland, organized by Hopkins' Center for Talented Youth. I just sent him to the camp yesterday and wanted to record my impressions before I forget them.

I estimate that 90 out of 100 campers are ethnically Chinese. Another 5% are Indian ("subcontinent, not Injun," as my friend Carl likes to say) and 4% are Jewish. This leaves a sad and beleaguered 1% of WASP attendees. The lopsidedness was shocking.

It makes me suspect that the Center for Talented Youth isn't interested in identifying exceptionally smart kids from all backgrounds, but instead is filled with bright kids who happen to have pushy parents who are trying to get their little darlings an edge, at any cost. Anybody with money can sign their kids up for prep courses or get their kids tutors who can help them pass "above grade level" tests. I thought CTY was all about finding weirdly brilliant kids, untutored, of any race, from all over the country, and all kinds of different circumstances. Looking around the campus on drop-off day, I was wrong.

I think Chinese parents must see CTY as some kind of backdoor into the Ivy League, and they might be right that it is, for now. But the overwhelming number of ethnically Chinese kids in the program makes me think that Hopkins is going to have to start limiting them in some way, a quota system perhaps, not far in the future. Striking a balance is going to be a very tricky thing.

Notes for Chat with Traders, Episode 102

Added on July 14, 2017 by C. Maoxian.

Episode 102 ... Eugene Soltes (86:41)

His book, Why They Do It: Inside the Mind of the White-Collar Criminal
[Is Soltes another spelling of Soltys? (a Polish Jewish name)]
Professor at Harvard Business School .. finance, accounting, eight years on faculty
Had aspirations to be a trader
Econ undergrad, Masters in statistics
Worked at UBS, exotic options
Got a PhD, Great Financial Crisis hit, went into academics
MSNBC show called "Lockup" inspired him
Wanted to hear from white collar criminals, not violent criminals
Wrote to former Enron and Tyco executives in jail
Wanted to understand their perspective
Steven Richards, Global Head of Sales of Computer Associates, wrote thoughtful letter in reply
"Subtle fraud" ... backdating contracts to prior quarter, eight CA execs went to prison
Understanding the psychology of fraud
90%+ of people he wrote to, responded
"the challenging part of their lives" .. he means being imprisoned, Soltes big on euphemisms
Spent a lot of time with Bernie Madoff, mastermind of largest Ponzi scheme in history
Bernie came from nothing and built an innovative brokerage firm
Madoff former Nasdaq chairman, highly respected and admired, SEC frequently called him for advice
Madoff one of the first to purchase order flow
Allen Stanford was $5BB fraud, big but a fraction of Bernie's
Madoff knew many of his victims ... all close within the Jewish community
Madoff rationalization for the Ponzi scheme, kept doubling down on a "capital violation" -- what a nut
$50BB+ in money under management at Bernie's fund, over a decade of no activity, just Ponzi payouts
Said he was earning 8-12%, any redemption he met with fund inflows
Very few redemptions because the stated returns were so amazing
People begged Madoff to get into the fund
2008 the jig was up, redemptions exceeded inflows
Any sophisticated investor could instantly see it was a fraud, the returns were completely unrealistic
A lot of people looked the other way, wanted to participate in fraud not realizing it was a Ponzi
All his false positions were in tiny, illiquid markets ... just made no sense given his size, obviously ridiculous to anyone who spent ten seconds with the numbers
Can buy Madoff bogus statements on eBay now
Bernie just made a "series of mistakes," a charming guy, very smart and clever
Regulators overlooked all the red flags
Feeder funds aggregated small investors' money, sent to Bernie
Suing investors who took money out of the fund to pay people whose money was left in the fund
2006 SEC deposed him about front-running his brokerage business orders; he wasn't doing this
Was so inconceivable he was a fraud (highly respected), regulators didn't look hard enough at him
Bernie and sons decided to alert regulators in the end
First impression of Bernie: cordial, whip smart, great memory
Bernie is "distantly aware" of what he did wrong
Madoff unusually calm in prison, taking it in stride [because he's a sociopath]
Michael Rand, chief accounting officer, at Beazer Homes
Housing boom, housing bust
Cookie Jar Accounting ... not over-reporting earnings, but under-reporting earnings, "over-reserving"
Unusual case where Rand was *under-reporting* earnings during housing boom
Five years in prison for under-reporting earnings
Managing the Street's expectations
Shop around for estimates that work best for you
Pension assumptions also all over the map, underfund pensions to maintain earnings
Insider trading -- using confidential information to make trades
Capital One employees correlated their credit card database with company sales, e.g., Chipotle sales boom, made trades based on their analysis, caught and went to jail
Two credit card companies do sell their aggregated data to hedge funds
Satellite data of store parking lots, car counts -- valuable data
Private helicopters fly over oil reserve fields to make estimates -- valuable data
Expensive data sources give these insights ... info legitimately acquired
Challenge to identify victims of insider trading
McKinsey exec Rajat Gupta tipped another Raj info he learned at Goldman Sachs board meeting
Received "friendship" from Raj, "fuzzy" benefit, no money, still convicted
Perpetrators very distant from victims so they don't feel bad about it
Prison is nasty ... dirty, cold, and loud ... rich guys still suffer that
Every white collar criminal he interviewed in prison was not remorseful, only troubled by missing family events
Nav Singh Sarao, flashing and spoofing very common
Tom Hayes, LIBOR scandal ... individuals as scapegoats for institutional problems
www.eugenesoltes.com
Twitter: @eugenesoltes