Podcast appearances and mentions of jesse livermore

Hi, and welcome to The Long View. I'm Dan Lefkovitz, strategist for Morningstar Indexes. Our guest this week is Daniel Rasmussen. He's the founder and portfolio manager of Verdad Advisors, a hedge fund. Before starting Verdad, Dan worked at Bain Capital Private Equity and Bridgewater Associates. He's a member of the investment committee of the trustees of donations of the Episcopal Church and he's a contributor to The Wall Street Journal. Dan is author of the new book, The Humble Investor: How to find a winning edge in a surprising world. His earlier book was American Uprising: The Untold Story of America's Largest Slave Revolt. Dan holds a bachelor's from Harvard and an MBA from Stanford. Dan, thanks so much for joining us on The Long View.BackgroundBioVerdadThe Humble Investor: How to find a winning edge in a surprising worldAmerican Uprising: The Untold Story of America's Largest Slave RevoltForecasting“Waves in Ship Prices and Investment,” by Sam Hanson and Robin Greenwood, Quarterly Journal of Economics, February 2014.Superforecasting: The Art and Science of Prediction, by Philip Tetlock“Gaining Edge by Forecasting Volatility and Correlations,” by Dan Rasmussen, Chris Satterthwaite, and Lionel Smoler Schatz, verdadcap.com, Oct. 30, 2023.Value Investing“Where the Value Investing Strategy Still Works,” by Dan Rasmussen, ft.com, May 23, 2024.“Factors from Scratch: A Look Back, and Forward, at How, When and Why Factors Work,” by Chris Meredith, Jesse Livermore, and Patrick O'Shaughnessy, osam.com, May 2018.“The Size Factor: Small Caps Are Trading at the Steepest Discount to Large Caps in Decades,” by Dan Rasmussen and Brian Chingono, verdadcap.com, Aug. 22, 2022.“The Small Cap Amplifier,” by Dan Rasmussen and Brian Chingono, verdadcap.com, Oct. 21, 2024.“Explaining International Valuations,” by Dan Rasmussen, verdadcap.com, Jan. 27, 2025.Private Credit and High Yield“The ‘Fool's Yield' of Private Credit,” by Jamie Powell, ft.com, Jan. 28, 2020.“Sizing Private Equity Allocations,” by Dan Rasmussen, verdadcap.com, May 13, 2024.“The Best Macro Indicator: Why You Should Be Following High-Yield Spreads,” by Dan Rasmussen, verdadcap.com, May 17, 2021.Crisis Investing“Crisis Investing in Europe: The Unlikely Winners in the Most Difficult Times,” by Dan Rasmussen and Brian Chingono, verdadcap.com, May 16, 2022.“EM Crisis Investing, A Deeper Dive: Understanding the Factors at Play in Emerging Markets,” by Verdad Research, verdadcap.com, May 3, 2022.

Was können wir von Jesse Livermore, einer der größten Börsenlegenden, lernen? Ich zeige seine wichtigsten Regeln und wie du sie heute noch erfolgreich anwenden kannst. Vereinbare jetzt dein kostenfreies Strategiegespräch: https://jensrabe.de/Q2Termin25 Aktien kann Jeder - jetzt testen: https://jensrabe.de/YTAKJ Optionen kann Jeder - jetzt testen: https://jensrabe.de/YTOKJ ALLE Bücher von Jens Rabe: https://jensrabe.de/buecherYT Nur für kurze Zeit. Solange der Vorrat reicht. Schau auf meinem Social Media-Kanälen vorbei: Instagram - https://www.instagram.com/jensrabe_official X - https://twitter.com/jensrabe_ Facebook - https://www.facebook.com/rabeacademy TikTok - https://www.tiktok.com/@jensrabeacademy Börsen-News https://jensrabe.de/Q2NewsYT25

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„Úgy éreztem akkor, hogy royal flusht osztottam magamnak az élet nagy kártyapartijában, és a pókerasztalnál ott volt az egész világ.” Ez George Carmack-nek az alaszkai aranyláz egyik kirobbantójának az idézete.„A pénz szükségleteket gerjeszt.” Ez pedig Jesse Livermore, 20. század eleji legendás spekuláns egyik nagy mondása.Ennek a két százegynéhány évvel ezelőtti mondásnak a hangulata egyszerre éled meg napjaink világában akkor, amikor a gyors pénz többek között gyors autókat keres. Mai adásban a Bitcoin-Porsche-Ferrari-Rolex láncreakciót elemzi ki Nagy Bertalan, Somlai-Kiss Máté és Jónap Richárd.Olvass minden nap a világ történéseiről egy Concorde-os szemüvegén keresztül: https://www.concordeblog.hu/Kövess bennünket minden csatornánkon:https://www.linkedin.com/company/concordecsoport/https://www.instagram.com/concordecsoport/https://www.facebook.com/concorde/https://www.youtube.com/@concorde_csoport

What can Jesse Livermore, one of history's most famous traders, teach us about trading psychology, discipline, and the perils of over-leverage? In this episode, we explore the highs and lows of Livermore's trading journey—from turning a $5 bet at 14 into a $100M fortune (equivalent to nearly $2 billion today) to his repeated financial collapses. Key takeaways include: The Importance of Risk Management: Avoiding the devastating effects of over-leverage and maintaining a disciplined approach. The Role of Emotional Control: How Livermore's struggles with managing the psychological highs and lows of trading led to his downfall. Sustained Success Requires Adaptation: Why continual learning and humility are essential to staying on top. Balance Over Wealth: Livermore's story highlights that financial success alone doesn't guarantee happiness or fulfillment. This episode also dives into practical strategies, like budgeting for trading, overcoming psychological hurdles, and the stages of learning to become a consistently successful trader.

Zum Handelsende dämmte der deutsche Leitindex mit 19.003,11 Punkten sein Tagesminus auf 0,16 % ein, Die US-Inflation stieg im Oktober auf 2,6 %, was zu Spekulationen über mögliche Zinserhöhungen führte und die Stimmung an den Börsen drückte. Siemens Energy überraschte positiv mit einem Kursanstieg von 21 % auf ein Rekordhoch von 47,13 Euro. Der Euro fiel auf ein Jahrestief von 1,0594 Dollar. RWE sieht Risiken für US-Projekte, bleibt jedoch gefragt. Tesla ruft erneut 2431 Cybertrucks zurück. Tencent meldet starken Gewinnzuwachs, gestützt durch Videospiele. Meta sieht sich Kartellklage ausgesetzt, Klarna plant Börsengang. Amazon beendet "Fresh" in Berlin, kooperiert nun mit Knuspr. Dogecoin steigt, unterstützt durch die Ernennung von Elon Musk. Börsenweisheit des Tages: "In der Börsenwelt ist Rücksicht das sicherste Anzeichen von Schwäche." - Jesse Livermore.

In this episode of The Resilient Advisor Show, Jay Coulter sits down with Ritholtz Wealth CEO and CNBC contributor Josh Brown. They explore key topics from Josh's new book, 'You Weren't Supposed to See That'. Josh delves into the legacy of legendary trader Jesse Livermore, discussing how his trading style and insights into behavioral finance remain relevant today. They also unpack the power of optimism in investing, even in the face of market volatility and sensational headlines. The conversation continues with Josh's thoughts on building a sustainable advisory business, embracing the power of experience and networking at Future Proof, and the evolving nature of client engagement in today's information-rich world.  Listeners and views will also learn about Josh's challenging start in the business. Jay and Josh talk about some of the nonsense of being a broker in the 1990's. Josh also gives advisors some great advice on how to help clients deal with the market noise today. For financial advisors, Josh shares practical tips on managing client expectations and finding the right clientele, providing insight into how he built Ritholtz Wealth with a selective, values-driven approach. Tune in to gain valuable perspectives on building resilience in both investing and advisory practices. Grab a copy of Josh's new book: https://www.amazon.com/You-Werent-Supposed-See-That/dp/180409059X

The S&P 500 has reached unprecedented heights, achieving 30 all-time highs in 2024. But with the ongoing bull market, interest rate cuts from the Fed, and an impending election, should investors consider securing their profits? In today's podcast, we draw valuable insights from the timeless classic, "Reminiscences of a Stock Operator," the biography of Jesse Livermore, a legendary investor known for his spectacular successes and catastrophic failures. As we reflect on Jesse's remarkable journey, our Chairman, Brian, shares key takeaways. Using Jesse's experiences as a backdrop, we tackle crucial questions: - Can taking profits lead to financial ruin? - How should investors respond to the Fed's rate cuts: focus on overseas markets or small-cap companies? - What's behind Brian's unflappable calm in the face of market volatility? Here's to wise investing, Brett Pattison and Brian Hunsaker

In this episode, we do a deep dive into 'Reminiscences of a Stock Operator' by Edwin Lefèvre, detailing Jesse Livermore's life and lessons. We give AU and U.S. portfolio updates, some discussion about interest rates and the housing market, say goodbye to VUK, keep an eye on the iron ore price, reveal TK's recent mistakes, and talk through a quote from 'What Works on Wall Street' by O'Shaughnessy. The 'Pulled Pork' segment looks at one of our U.S. investments, American retailer Lands' End (LE), its history and recent quarterly results.

Questa è una storia di grandi successi e di altrettanto grandi fallimenti. Ma è anche una lezione importante su cosa significa veramente investire. “Una perdita non mi preoccupa mai dopo che l'ho subita. La dimentico in una notte. Ma l'avere torto - il non accettare una perdita - ecco ciò che danneggia la tasca e l'anima.” Jesse Livermore Sigla di Eric Buffat Per chi vuole acquistare i libri, il cui ricavato andrà totalmente in beneficenza: https://www.amazon.it/kindle-dbs/entity/author/B08FF1ZFV9 Learn more about your ad choices. Visit megaphone.fm/adchoices

In today's episode, Shawn O'Malley (@Shawn_OMalley_) breaks down 30 years' worth of memos from one of Wall Street's most storied investors: Howard Marks. You'll learn how Marks's thinking about beating the market evolved over the course of his career, what it was like going through the 2008 Financial Crisis as a professional investor, the 5 market calls that Marks is most proud of, avoiding the cardinal sin of investing, plus so much more! IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 01:38 - Why steady, slightly above-average returns drive the best long-term returns 05:28 - How to find a balance between finding fewer losers and more winners 07:36 - How to intelligently bear risk for profit 13:48 - Why nobody knows what will happen next in a crisis 14:40 - Why booms and busts are inevitable 22:44 - When Marks realized the dot com bubble was going to pop 24:08 - How low interest rates drive investors to take risks 27:33 - Why beliefs about the housing market were wrong 30:45 - How Marks's firm responded to the Great Financial Crisis 36:02 - How Marks understood when to start buying stocks again after the 2008 crash 37:59 - When Marks knew bargains were being offered in March 2020 39:37 - How to avoid the cardinal sin of investing And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. 2023 Memo: Taking The Temperature. 2023 Memo: Fewer Winners Or Losers? 2012 Memo: Deja Vu All Over Again. 2008 Memo: The Limits To Negativism. 2008 Memo: Nobody Knows. 2007 Memo: It's All Good. 2005 Memo: Three They Go Again. 2004 Memo: Risk And Return Today. 2000 Memo: Bubble.com. 1990 Memo: The Route To Performance. Benjamin Graham and David Dodd's book Security Analysis. Jesse Livermore's book How To Trade In Stocks. Edward Chancellor's book Devil Takes The Hindmost. Howard Marks' book Mastering The Market Cycle. Howard Marks' book The Most Important Thing. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Range Rover Toyota Public Airbnb Fundrise NetSuite Connect with Shawn: Twitter | LinkedIn | Email Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

  In this episode of the Market Call show, I sit down with Jason Meshnick, a market maker turned fintech pioneer whose intriguing career journey has taken him from the bustling trading floors of the early 2000s to the cutting edge of AI in finance. Jason recounts his winding path from a philosophy major in small-town Poughkeepsie, New York, to becoming a Wall Street trader and, later, a leader in tech for trading. We explore his transition to automated trading as floors shifted online trader jobs contracted and his move into roles in finance education and media. Jason offers a captivating look into the evolution of markets and trading strategies, from the dynamics of floor versus electronic exchanges to analyzing sentiment shifts through media platforms and tools like CNN's iconic Fear and Greed Index, which he helped develop. Across various sectors of finance, Jason's experiences highlight the human element alongside technical progress.   SHOW HIGHLIGHTS Jason Meshnick talks about his transition from being a market maker on Wall Street to becoming a fintech expert. We discuss the changes in trading desks from the early 2000s to the present, emphasizing the shift towards automation and a reduced number of traders. Jason describes his unconventional career path, moving from a philosophy major to a Wall Street trader, and his eventual move into fintech. Jason shares insights into the development of CNN's Fear and Greed Index, including the collaborative efforts and practical constraints faced during its creation. We explore the shift from floor trading to electronic markets and how enduring principles of market trading continue to influence career paths in finance. Jason recounts his personal and professional journey, including his move to Boulder, Colorado, and his involvement with the CFA Society. We dive into the intricacies of building decision trees for financial data analysis, comparing their transparency and reliability to large language models. Jason reflects on his editorial role at TheStreet.com and the importance of market sentiment analysis in shaping financial media platforms. We discuss the role of experience and a deep understanding of market nuances in successful investment strategies. Jason explains the seven indicators used in CNN's Fear and Greed Index and how this tool helps both sophisticated and retail investors make informed decisions.   PLUS: Whenever you're ready... here are three ways I can help you prepare for retirement:  1.  Listen to the Market Call Show Podcast or Watch on Youtube One of my favorite things to do is to talk with smart people about investing, financial planning, and how to live a full life.  I share this on my podcast the Market Call Show.  To watch on Youtube  – Click here   2.  Read the Financial Freedom Blueprint:  7 Steps to Accelerate Your Path to Prosperity If you're ready to accelerate your path to prosperity, the Financial Freedom Blueprint lays out a proven system for planning and investing to secure your financial independence. You can get a personalized signed hardcover copy – Click here 3.  Work with me one-on-one If you would like to talk with me about planning and investing for your future. – Click here TRANSCRIPT (AI transcript provided as supporting material and may contain errors)   Louis: Jason Meshnick how are you? Jason: I'm doing great, Lewis. It's so great to see you. Louis: I know I'm so glad to finally have you on the podcast. You know, just knowing you for so many years and you know, knowing that you have so much knowledge out there with regard to investing and just your overall creativity, I had to have you on and I'm so glad that you came on. Jason: Well, and one thing as you know from from our relationship, I've always gotten so much out of talking to you and I always learn something just through our conversations, and I feel like by the time this podcast is over, I will have five new ideas to to go after and try to figure out what to do, how to make them all reality oh god, I hope so, I hope so. Louis: it's all about the ideas you know exactly. It was funny. I asked you to send me a send me your bio and I've known you for a long time and we met years and years ago at a CFA meeting I think we were both on a board for the CFA Colorado or Denver chapter and and since then we've worked together in many capacities. But I didn't know a lot of things about you that I should have known just reading your bio. I knew that you spent 20 years in the fintech world and I didn't know that you were also working on some AI investment analysis, which I'd like to learn more about, and that you really have a lot of passion for educating. And I guess your coworkers asked you to write a newsletter. I had no idea about that and you know now what is this about. Vampires are rich. Why are vampires so rich? Jason: That was one of my favorite things that I wrote. Yeah, if you want to cover that now, we can, or we can talk later. Louis: I think we'll circle back to that, but I was a little what's that about. But yeah, and now you're doing some teaching at CU Boulder, teaching finance. We've done a little bit of lecturing together at the university level DU and things like that and I've always enjoyed watching you teach because you seem to captivate the kids. Well, they're not kids, they're young adults with your style. So I'd like to learn a little bit more about what you're doing there. And you are a Wall Street trader and market maker and there's a lot of things that you know about microstructure and investor psychology that I want to kind of touch on too. So, but the big thing is understanding that you were involved with the CNN, that popular feed and fear and greed index back in 2012, I guess that was put together. So I don't know. Maybe what we could do is talk a little bit about your background. I mean, I kind of covered it a little bit, but just maybe you can tell me a little bit about you know, share with the audience, your you know how you got in this business and kind of what's been your progression in this business. Jason: Yeah, so my guess is that everybody says this, but I came to it from a slightly different path, not that not that, you know, I didn't get out of college and immediately go to Wall Street, that's. That's a pretty normal path, right? But I was a philosophy major and I'm far from a philosopher. But I think what I took away from my undergrad as a philosophy major was just sort of a way of thinking, right, as opposed to being sort of a business person thinking only about money, it's more about thinking about other kinds of things and things that drive people and being able to draw from communication and trying to understand what people think and how they think and why they think, and I think it was one of the things that really fascinated me. Also, being a child of the 80s, you know Wall Street was so important. There's so many movies about it, right from from the Wall Street movie to I don't know. It seemed like every other movie that came out was about how to make millions of dollars on Wall Street, and so, of course, I wanted to be part of that. Having grown up in sort of a backwater, poughkeepsie, new York, I always wanted to go live in the big city, yeah, so that was sort of my start, was coming at it from kind of a weird direction and I ended up immediately going to work for well, a firm that no longer exists for a couple of reasons, but it was the trading arm of a New York specialist firm. So the specialists were downstairs on the floor of the New York Stock Exchange and my boss was one of their customers and he just worked upstairs in their clearing division and he was trading his own money. He had been a floor broker for 20 years, owned two seats, sold his seats, did pretty well on them, and then decided that he was just going to live the rest of his life as a trader. He brought his son in and then eventually I was working as a runner so you know fourteen thousand dollars a year and just wanted exposure, just wanted to be part of the action. Right, I love the action. I was so excited about just being there, the history I love the history of things. Um, I probably should have been a history major and so, just being in that environment, I ended up getting picked up because I was. I was pretty cheap, right, so they didn't have to pay me much and I ended up working and really falling in love with being a trader and learning about how the market worked and how floor brokers could help make these trades. We had a network of 20 floor brokers across the New York Stock Exchange and what was then called the Amex, and some of the regional exchanges too, so that we could trade and we'd strategize every morning and then make our buy and sell decisions and then, throughout the day, update them as needed. I'd like to say that we were the high frequency traders of the time, even though our frequency wasn't that fast, but we were sitting on both sides of the bid and the offer. Louis: Boy. Jason: times have changed, huh offer Boy times have changed huh yeah, I mean that's yeah, I like to say. When I, when I started in the business, there were people there who'd been on the floor in 1929. And so much of the floor of the New York Stock Exchange looked the same as it did in 19,. You know, if you, if you were to go, take Jesse Livermore and drop him, you know from 1929 and just drop him on the floor in 1992 when I started, he'd have been like I don't know what these TV things are that are all around. He wouldn't have even had that word, but otherwise he'd have been able to run into a crowd and know exactly what to do. And by the time I left in 2002, well, there wasn't even a crowd, right? I mean, everything was different about the floor of the exchange. I was a market maker on a fully electronic stock exchange, so the principles were all the same, but everything else had changed. It was so different. Louis: Oh, that's a big part of what I wanted to talk to you about that the principles are all the same. So, because I was just listening back to some of our, or looking back at some of our conversations just to prepare for this, and we've had a lot of conversations in the past where you were really outlining like I want to capture what I saw, those principles that I saw on the floor, and I want to capture them today and that's kind of driven a lot of things that you've done. So maybe maybe you can tell me like just a handful of what those principles are that you've noticed are like still the same now that probably will never change. Jason: Well, so I'll caveat this by saying I've been out of the markets for a number of years, right, so I left, I left trading in 2002. And then I was still, you know, still kind of a pretty active trader, investor for the next 10 years or so. But then life gets in the way and I'm just very busy, and so I've sort of shifted my focus in a number of ways and I'm honestly really interested in analysis now and thinking about market sentiment and what investors are doing and how investors think about the market. And I now, when I trade, it's opportunistically right, I'm not in there every day, I'm not trying to make eighths or even pennies. Louis: I guess we should probably. Oh, I'm sorry to interrupt you there. Jason: Go ahead. Louis: I was just gonna say I guess we should probably back up a little bit and talk a little bit about, like more about your career progression, because you moved into from trading into fintech and, and from fintech now to working at the streetcom for and as an editor, so, and which to me makes a hundred percent sense. Um, just from what I know from your talent, your talent stack, so maybe you can kind of finish that progression a little bit. So, to where you are now, yeah, sorry, yeah, totally. Jason: So my progression is really. I mean, there's there's a couple things that run through the entire thing and I think a big part of it is analysis and being excited about, about thinking about the markets right, about being being in some ways just part of the culture of it right. So that's been the big thing that's run through my entire career. But in 2002, my wife and I we weren't married at the time we were thinking about you know where will we end up, and we decided that we either end up in New Jersey or we could move somewhere that we wanted to live. So we did a search all around the country and decided we just sort of threw a dart at the at the wall and said Colorado seems pretty nice. So we ended up here in Colorado and it's been the best move. Louis: Man, that was a lucky dart throw. If you ask me, it's a lucky dart throw, I think. Jason: I think it was guided by my wife's hand. She may have said I'll take that dart and I'm going to place it right here just at the foot of the Rocky Mountains. So she'd been out here and visited and said Boulder is going to be the place where Jason will be happy and we'll make this happen. And so we moved out here without jobs. I quit my job as a market maker in June of 2002. And the market was changing so much at that time it was definitely becoming harder to make money, and so I was ready for a change. I was ready to do something different. You know, when I left, there were 10 traders on my desk and probably another 30, 20, 30 on our over-the-counter desk. And when I went back, seven or eight years later and I'll get to this, but when, when I was working in FinTech and I went back, visited my old trading desk, there were three people and a really large computer and, rather than taking directional bets on the market, they were doing arbitrage. And they were. They were, they were working the order flow and they were figuring out, based on the order flow, how long or short they were going to be. You know, sort of using quantitative methods to understand. If they felt the market was going up and they were going to end up being more short and more short, they would have to think about the Delta to the market and try to get long ahead of those people so they could be selling to them. So it became in some ways probably a much more intellectually engaging thing than just sitting saying, oh someone just sold me 1,000 shares, I have to get out of it now. You were thinking ahead of the market. In many ways it was really cool. I probably would have liked it a lot, but it just became a really different animal. It was much more arbitrage as opposed to directional trading, which is really what I knew. So we moved to Colorado without jobs and in doing that that's when I met you, lewis is. I was pretty engaged with the CFA Society despite not having a CFA I'll throw that out there. I'd also just finished my MBA at NYU. That counts. So, I think they let me in, but that was about it, and they let me even onto the board. Louis: Yeah, yeah, you're a very likable guy, so it was a pretty easy decision. They're like he doesn't have a CFA, but he's a pretty cool guy. We'll let him in anyway. Jason: I think he also said this is a guy that we can make do all the all the programming. We can make him call all the all the people that we don't want to call and try to organize meetings. And they thought I was an event planner, which it turns out I'm not. I'm just not a good event planner. My wife can tell you that Actually, lois, you did kind of the same. We were organizing all the CMT meetings. Louis: Oh yeah. Jason: Like, yeah, yeah, yeah, let's, let's go call some people, um, yeah, but so so it took a while and I ended up finding this job here in boulder, uh, for a company called wall street on demand and for those who are not familiar with wall street on demand, it has a new name um, it became market, uh, no, became wall street on. It was wall street on demand. Then it became market on demand once I, once market bought us and then eventually it became market on demand once market bought us, and then eventually it became market digital, when they decided that it was really time to think more broadly than just web and think broadly across all digital formats video, et cetera, and advertising. And I stayed there for 19 years. Where, louis, you touched on the AI side of what I did and so this is one of my big jokes is that I like to say that I was the world's most widely read analyst, if not the best, and the reason why I say that is because over the 19 years that I was at that company, I built something like I don't know 200 different. I call them only because of today's terminology and the way that people talk about markets now, about technology now. I call these AI related, and they really are simple. They're very much rules-based AI, so sort of traditional AI, not these large language models that we have now that are in some ways more sophisticated but really not as good. So what I was building were these big decision trees, and these decision trees were things where you would, using your financial knowledge, you would say, okay, I'm looking at some financial data around a company. What do we need to know? Well, let's start with the valuation. Is the stock what's the PE ratio? Is it a high PE ratio or a low PE ratio? How do you define a high PE ratio? Is a high PE compared to its average for the last five years, or is it the highest in its industry? Right, you can look at things cross-sectionally or historically, right, but both ways time-based or versus peers, and so we would do things like that and we would chop up the market and try to understand. You know which stocks were good or bad, but it wasn't necessarily for an investment perspective, right? This was because what we were doing was for the Schwab's and TD Ameritrade's and all those companies. We were building the news and research portions of their website, and so I and my team were providing that research, and so a lot of the texts that you would see on that site was completely dynamically generated. So, very simple, rules-based AI. And I say it's better than large language models for AI, because large language models you never really know what you're going to get. It's a bit of a black box, right. So what we could do is I would create text that was locked down. I knew exactly what it was going to say. I didn't know what the data was that was going into it, right, I didn't know if Apple had a high PE ratio or a low PE ratio, but I had rules around defining what was high and low. And so when I would go to the compliance departments at Schwab or TD Ameritrade or Fidelity, et cetera we worked with all the US brokers, many of the Canadian brokers, australia, others I would go to the compliance departments and they would say, well, how do I know that you're not going to say something silly or that's incorrect? And I said, well, I'm going to give you the entire decision tree and you're going to be able to look at the decision tree and understand what it says. So the only way that my model can be wrong is if I have a bug and there are bugs all over the internet, so I'm as fallible as anybody else, but we're going to do our best not to have those. And then, secondly, if the data is wrong and if the data is wrong, well it's wrong all over the website too, and we're going to fix that. But generally, 99.9% of the time, for 99.9% of the stocks, what we say is going to be accurate. It's going to be correct, it is going to be as unbiased as possible, because I'm not trying to tell you, as a value investor or growth investor or whatever, what you should do. I'm just trying to describe the various aspects of the stock. I wasn't there to give you a buy, sell hold recommendation. I was purely there to help you, as a self-directed investor, understand more about the stock, about the company. You know you brought up something that's really interesting about that. Louis: I mean, I have to. You know you're talking about large language models and it's a little bit of a black box. We don't really quite know, and you're dealing with these big decision trees, or you were at that time and it was traceable, like you could trace the logic which made me think, okay, we have data and the data can be right or wrong, and then you have the logic, and the logic can be right or wrong. And I think that's one of the things that I always have a little. I'm having a little bit of an issue with with some of the AI is the logic element of it, because you like how much of it is curve, fitting what is real behind it, so we could use it. I had a tech executive tell me one time that the big thing with AI is it can help us with speed and it can help us with accuracy if we use it correctly. But it's not necessarily like you still need human thought. You still need that ultimate human element to it. That's my personal opinion on that. But the fact that you were using decision trees early on, you know that and just to get information, that way you were speeding the process for the investor, basically. Jason: Right. Louis: Like they would spend a lot of time looking for all those things. But you systematically sped it up, which is a a big thing for and we and we all have that now that's and it's, there's just like different flavors of it, um, so, uh, it's, it's that whole. It's a whole. Nother topic we can get into a little bit later. But I, I, uh, I remember you talking about that when you were doing working on those projects, um, wondering where it would go next. Um, you know, as far as that goes, but getting back to your, getting back to your, your story, let's get back to your story. Yeah, sorry, keep getting off track. Yeah, that's okay, yeah. Jason: So while I was at that job I did, I did a number of things. I mean it was really, it was really an exciting job in so many ways. But the two big things that I did were really this you know, running the natural language generation product right. This thing we called it smart text, um, and so that's that ai thing. But then the other thing that I was so excited about was doing education right and and our. So this started back in 2006 or 7, um, I started doing brown bag lunches where I would just put together a presentation and teach our developers and designers and engineers all about everything they needed to know about investing, not so they could go out and make a million dollars, but rather so that when they were building the tools that we were all using, they understood their subject matter right, that they could be engaged with the topic and identify with the end user and really understand why a PE ratio mattered or why a chart mattered. Simple thing, like in design, you'll notice that there's a lot of white space on many pages and they talk about that as being good design. It's actually a really bad design for investors and the reason is well, depending on the type of investors, but for slightly more active investors, engaged investors, what they want is information dense things, and so I would help steer our design team to create things that were a little bit more information dense, an example being a chart, a price chart. You don't want to have to scroll up and down too much to be able to read your price chart on your Schwab account. You want to be able to type in NVIDIA and load up a couple of indicators that you want to see. Put your MACD on and then MACD is a lower indicator, maybe an RSI, maybe whatever Put those things on there and be able to, in one view, understand the trend, momentum, volume and volatility from that stock right. That was another thing that we did when we rebuilt Schwab's charts. I'm kind of proud to say that Yahoo actually stole this, but we broke the indicators out. Previous big charts started this. They said indicators are either separated out as upper indicators or lower indicators, and that doesn't tell you anything, and I'll credit John Bollinger. I learned all this from him is really you know, people should understand what goes into the indicators. They should understand as much of the calculation as possible, right, what the inputs are and what it's giving, what information it's giving you, right, and then separate those out into different sort of you know I'm using the term factors very loosely but into the different factors of technical analysis. So, is it trend, is it momentum-based, is it volume, volatility you can come up with others as well but, right, where does it fit? And if you're looking, if you put a bunch of indicators on a chart and it turns out that they're all trend indicators, well, you really have one indicator and so you're not getting a full picture. So go put some momentum indicators on there to understand the speed and whether the trend is about to be exhausted or not. So it's things like that that I really wanted to help both the end user of our products as well as the the, the person who was building the products, understand so. So I ended up writing for about three or four years. So we started that in 2007, but it was. They asked me to put it on hold after a while cause it was taking away from a lot of my work. And then, in 2018, our CEO came to me and she said you know, you used to do this, these brown bag lunches. I would really like it if you would just write. Just write a newsletter for the whole company. The question of the week, so Fridays. I'd ask the question, and it might be how many? How many stocks are there in the S&P 500? And I haven't looked at the number recently, but I think the number is still 501, right, it might even be higher, but there's only 500 companies in the S&P 500. And so that's the distinction. There's 500 companies, but some companies have multiple classes of stock that may be in the S&P. It might be 505 now I can't remember. I have not looked in a long time, but that was effectively the answer, and so it became just a really fun thing to write the answer, and so it became just a really fun thing to write. Yeah, so teaching people about vampires right, became a way of telling them. Why are vampires so rich? It's simple They've been investing for hundreds of years and so they've had time to let their money compound. Assuming that Vlad the Impaler, the first vampire, he was a prince. Let's just put a number on that $10,000 in today's money. What does $10,000 grow to over 500 years? It grows to trillions of dollars. And then, if you spend 1% of that every year, how much money are vampires spending? Today, vampires are spending billions of dollars. Vampires are probably supporting our economy. Louis: They've got to be the richest people in the world. It's like puts vampires, yeah yeah, it puts elon musk to shame, I mean really so maybe elon's a vampire yeah, you never know, maybe a little similar, I don't know. That's that's wild. Well, um, so you have this creative side to you. That's that's driven that. And then how did you get um, like, was it just a natural progression for you to do what you're doing now? Jason: or maybe you should tell us a little bit about what you're doing now yeah, so so let's get to what I'm doing now, because that's important and I know that, um, they'll be watching this and they'll they'll kill me if I don't talk about what I'm doing now, because they also really like it. Um, I'm having a lot of fun. So, you know, you go through ups and downs in your career and I definitely there were times when I absolutely loved trading and absolutely hated, and that might be the same day. I might love and hate trading. Louis: In. Jason: FinTech it was. I might love a year and hate the next year and, you know, love the next year for that. It was project to project and here you know right now what we're doing. So I work for I'm currently the managing editor of the street pro and so so you are probably familiar with the street. Jim Cramer founded it back in I don't know 1997 or 1998. It was really the first, the first and best of its type where you could come and get financial news and information. And then, not long after they started the street, they brought, they created something called real money where they brought in people like Helene Meisler and and Doug Cass and they would create something that was more of a subscription product but more of a newsletter, newsletter product where Helene would write top stocks is what it became and Helene would write her brand of you know market sentiment analysis and it was really great. And Jim Cramer left about two years ago and I've never met Cramer. I've heard him speak before but I don't know Cramer, don't know a lot about him. But I'll say this is a business that was 25 years old or is 25 years old now, and it's going through a lot of change. So we're trying to figure out what will it look like in the future. And one of the big things I love this I quote it all the time but Barry Ritholtz was one of our. I believe he was a street contributor at one point. Barry Ritholtz has gone on to become a Bloomberg contributor and have his own money management firm, but earlier in his career, I'd say, he made his name at the street, as did a lot of people, and so he calls the street the Motown of Finance and he says that the Jim Cramer was sort of this I think the name is Barry Gordy character who you know sort of larger than life in many ways, and he brought people in, brought people in and he made them stars right, and so we did the same thing, or he did that at the street, and so we're in the process now of trying to do that again. We have great contributors. They're all wonderful and they provide really great perspectives on the market, and sometimes they disagree and sometimes they agree. I asked a few of them to write about GameStop recently and it was really great to see the kinds of things that I got. But we want to get back and we want to make these people, we want to make our contributors, who are such great analysts, stars again, right. So we're trying to change a lot of things that we do in the business. In the past it was really Jim Cramer. The last five years, I'd say, jim Cramer became our number one star. I want Helene and Doug and Sarge and Rev Shark and I could go through the whole list Chris Versace I want them all to be stars too, and they want to be stars and they are because they're so good. So we're working at how we can do that, how we can elevate the content, not just to make the contributor stars, but really to showcase how good they are as we go and help more investors to be self-directed investors, be more successful in their trading and investing. And I say we have two different types of products, really Our value add. If you are a trader, a self-directed trader, you might spend your time on Doug Cass's community, right? So Doug has his daily diary. Doug's a hedge fund manager. He's out there from three o'clock in the morning. He's sending us stuff. It's crazy. The editors have to be there editing and putting it up from. They start at 5.30. So the editors are in there at 5.30 in the morning putting Doug's ideas up all the way through the end of the trading day, and then in the lower half of that page is a community where we have many, many people from the community, some of which I won't say any of their names, but some of which are fairly big names in finance and investing. We know who they are. On the site they really the community ends up feeding on itself and providing great ideas just among each other. There's one guy who talks a lot about cryptocurrencies. We don't have a lot of cryptocurrency content on the site. We're working, we're going to be adding some, but this one person alone actually provides some of the best crypto content I've ever written, and he's paying us right now, at least for now us right now, at least for now. And so the other products that we have. We have where you can get trading ideas or investing ideas. We have some people who are a little bit more technical focused, some who are more fundamental focused. We have one person who does really well providing dividend ideas. Another person is really great at more fundamental, value-based ideas, but then we have a whole portfolio. You can come to us and we have Chris Versace runs our pro portfolio, where we help investors understand not only how to put together a portfolio and they can just copy this entire portfolio but, the thing I love about it most, every week Chris writes a weekly update talking about what he sees in the market, what's coming up, economic things that are happening. But then he goes through all 30 holdings. He tells you the investment thesis you know I'm big on the investment thesis, lewis right, you should have a thesis, you should know why you're investing something and you should update it frequently. Right, chris updates the investment thesis every week. And then he tells you what his target price is and his panic point, his stop right, where he's going to realize that his thesis is incorrect and he's going to re-evaluate, probably sell the position. And then he just goes through and gives you sort of a weekly update and says, yeah, here's what happened in NVIDIA. Jensen Wan was out doing whatever he did. He spoke to these people. So that's what we're doing and the product is great and we're, you know, really excited. Now we have a lot of energy around what we're doing and how we're, how we're rebuilding, um, building I keep saying rebuilding like really we're taking what we had, which was a solid product, and we're just building off of it. We have, uh, later this month this will be the first time I've kind of mentioned this Um month this will be the first time I've kind of mentioned this Our marketing team doesn't even know but later this month we're doing a roundup, or we're actually calling it the quarterly call. So this will be the end of every quarter. Now we're going to have four of our contributors come on and really just talk about what they see in the market and have kind of a little panel discussion, and so that'll be really exciting, but it's things like that that we want to do. Louis: Yeah, it's good to hear the actual real time discussion, you know, because you get more color about it. But I love what you said about the Motown or the. Who is it? Who said a Barry Ritholtz? Jason: Barry Ritholtz. Louis: Yeah, I said that. I mean I thought I had so many like visions in my head because, you know, I'm a musician too and I I'm thinking about motown. I fell in love with motown as a young kid. My parents listened to it and the first thing that I thought about was that these, a lot of these people that were, uh, involved in motown, they were, they were completely isolated from the music industry. So so you know, you can find a lot of talent outside of, people that are like right in the mainstream of the music and of the Wall Street, kind of normative Wall Street. I mean you have to do something different really to be unique like that. And sometimes I think groupthink hurts Wall Street. In fact, I was just telling my wife this morning. I got out of the shower and I said you know what, in a way, wall Street is kind of like not even a thing anymore. Like you know, it's like I don't even think of Wall Street anymore as Wall Street. I mean last time I was there it didn't even seem like Wall Street to me. I mean it's still, it's still a thing mentally, but it's not. It's like I really think it's time for Motown. Jason: I think you guys are right in the thick of what we should be doing, because there's so many great thinkers that I run into who are not anywhere near the center of Wall Street, quote, unquote. So that's, yeah, one of the things I really want to steal comes from Chicago. So Morningstar in their quant reports. So if you have a Schwab account or any of these, they pretty much all have Morningstar's reports. These aren't the quant reports, I'm sorry, it's actually the ones that are handwritten by analysts, but on page I don't know two or three they have a module that says bulls say and bears say and they go through the bullish case of a stock and the bearish case of a stock, and that's something that I want to institute everywhere. Everybody should be with everything right. You talk politics, you should have a. You know what are the positives, what are the negatives. Whoever your candidate is doesn't matter. They have positive, they have negatives, that's right. You know your friends have positive, negatives. Like everything has a positive and a negative, and you have to look at both sides of the story, especially they say you shouldn't marry your investments Right. Know what the downsides are, Know what the risks are with everything you do. Louis: Wow, there's a lot there we could go into. Jason: I know yeah, as far as the no, no, not politics. Believe me, I mean we're staying away from politics. Louis: Yeah, we're staying away from that. You know, it's more like the I keep thinking of the narrative versus the numbers debate. I always say that I'm more interested in the numbers than the narrative. Like I start with the numbers and then go for the narrative and I think the older I get and the more I've seen, the more I realize that it's not the narrative necessarily, it's just understanding as much as you possibly can about what is true. It's hard to do and so much of investing is qualitative. You know, I mean you know my background. I do a lot of quant factor stuff and all that and that's really helpful in kind of keeping you honest. But at the end of the day, when I look at the stocks that have done really, really well for me, or macro trades like futures type oriented trades, it's been because I had some piece of knowledge and understanding about something that I just knew with a high conviction that was true and I stayed with it and it made a lot of money. So that is really hard. I don't think the quant sometimes leads you there, but it may not necessarily. It's not usually the end, like the end all be all, and a lot of times if you look at the best quantitative stuff it tends to turn over a ton. Right, it's like like momentum. Well, you know, you could say like, okay, I'm going to run momentum screens on stocks and the best parameter set is going to be me like turning over quite a bit. But then after tax and reality in the real world, you're really not making that as much as you would think, whereas you might find something that's gaining momentum that no one's talking about, like I bought not to talk about. I shouldn't talk about specific names right now, but there's a particular stock that I bought where I understood what was happening. It did come up in a momentum screen. It was a very small company at the time and then it just went ballistic. That now did I know it was going to ballistic? No, not to that degree. You know, I didn't think it was going to go up. You know 500% in, you know three months. But it's one of those things where you, if you know something, there's so much more to the narrative, so you go into the Motown aspect of things. There's value in that. We, we numbers are becoming a commodity, almost right. Everybody can get all these numbers and we can, we can move things around. Anybody can go on chat, gpt and, you know, pull, you know I get certain things. So I, you know, I don't know I'm becoming more of a qualitative guy the older I get. Is that that's weird? Jason: I have a theory on that. Let me know what you think. But I think that you are able to become a qualitative guy now because you have been a quantitative guy for so long and so because everything that you do there's, you know, there's a famous saying, it comes from consulting. I think you can't manage what you can't measure, and so everything that you've done as a quantitative person has been to measure, even when you run that quant screen and you get a list of stocks and you know that this list of stocks is going to turn over at the same time. You probably know well, this is going to turn over. But let's pick on NVIDIA. Nvidia is on the list right now and, because of these other things that I know through my experience, nvidia may come off in two weeks, but it's probably going to come back on in a month. I should just hold it Right, yeah, and so I think that you've spent so much time in the markets and it comes down to the word is experience. Right and that's why you hire a financial advisor. Or you hire, or you take a subscription to the Street Pro, or you want to get the experience of other people, especially as you're learning. Louis: Yeah, yeah. Jason: So now you can be. I was just going to say one thing. One thing is you can be sort of a core satellite where you can take your core investing, and maybe you want to be self-directed and buy a portfolio of ETFs, or you want to give that money to your financial advisor, give it to you, lewis, and then, with sort of the satellite funds, play money or whatever. You use your own experience Maybe it's in your own industry or whatever it is. You're trying to add that extra bit of alpha right and have fun maybe, but but keep yourself intellectually engaged. You have, you know, sort of the core of your portfolio over here and then kind of the rest of it where you can do things with as well. Louis: Yeah, I totally, I totally agree with that. So you know, this is just kind of getting me into this the fear and greed concept. You know you got involved with the fear and greed. I'm not, I'd like to hear the story about how you got involved in and what you, what you did in that. But when I think about the fear and greed index, I always think about that fish that's in the bowl and doesn't realize that he's in water and but you know, but if he steps outside and looks at he's like wow, I'm in water, right. That's kind of what sentiment is to me. It's like we're part of the sentiment, like we are, we're the observer. It's like the Heisenberg principle, like what we look at, we change, right, and that's sentiment, and fear and greed is kind of like a great overall, you know, easy to understand way of looking at that. But I guess I want to let's start off with your story, like how did you get into the fear and? Jason: greed project and what, what. What was your progression through that? So yeah, I mean, after coming from Wall Street, I'll tell a really quick story because I think this it's in it's in the article that I wrote too. But this story is a story from business school and I can't remember if the numbers are correct, but they're approximately correct and the timing is approximately correct. I was in business school, part-time, at night. I was working as a market maker during the day and then at night I was at NYU taking a class and this class was a valuation class and they asked us we had to come up with, we had to do a discounted cashflow analysis of a stock, and each group got to select whatever stock they wanted and I proposed to my group let's pick JDS Uniphase, because it was one of. It was the NVIDIA of its day. Oh yeah, hopefully NVIDIA will have a better future than JDSU did. But my group was all they said absolutely, let's do that one. And the stock was trading at I don't remember exactly, but probably about $165. Okay, and so we sit down and we do our analysis and we're doing discounted cashflow analysis and one of the big inputs to DCF is understanding the growth metrics right and forecasting growth. And forecasting growth means looking back historically, figuring out how fast the company has been growing and just saying you know, is it going to speed up or is it going to slow down? Eventually they all slow down. It will slow down, but you have to figure out how long that's going to take. So we did the analysis and we figured out it would slow down, I don't know, over 10 years or something. Something pretty reasonable, probably pretty generous as well, and we came up with a value Again. Remember the stock's trading at $165. We came up with a value of $2.25. And we looked at it and we said can't be, can't be. We learned in our last class the market's efficient, this is all wrong. I don't know. We did something wrong and so we went back and we now this time we went crazy. We're like this stock's going to speed up its growth. It's going to, instead of growing at 50% per year like it has been, it's going to grow at 100% forever. And we came up with a value of $225, right, and so the stock gets added to the S&P or maybe it was when they confirmed that it would be and the stock jumps to $225. It jumps to $235, I think was the high I sell my stock at like $225. Louis: And so we were right, that was a good trade. Jason: Good trade. And then we go and we present our research to our professor. And this is where it's really funny. The professor, who was so outrageously smart, could do any math problem in his head. But he's looking at us, he's laughing at us. He's like really, you think this thing is worth $2.20? We're like, yeah, here's the research, here's what we did. And he's just laughing at us. And then he says how could this company possibly be worth more than Apple? And Apple at the time was trading at $19, which, split adjusted, is probably something like negative 10 cents. And he said Apple has $16 in cash on its books and, whatever he's like, Apple is definitely worth more than JDS, Unipay. And, of course, this guy's probably retired on a private island somewhere. But what I took away from this whole story oh, and the other thing is we were right on both sides. We were right with $225 call because the stock traded to $235. And within two years the stock was trading at something like $2. So we were right on both ends. And so what I took from that was I'm not a great analyst and I'm not a great forecaster. I'm especially not a good forecaster. Okay, but what I can do is I can look at data and I can back into things and I can understand well, if I look at, if I calculate, if I back into, how do I get to $165 or $200 for JDS Uniphase? I look and I say, well, the market has really high expectations of this company and those expectations are nothing but sentiment. Nobody knows. Louis: I think that's all you need, though, jason, I actually don't think you need to be a great forecast Like that's really all you need. So, cause, if you know those extremes, you avoid mistakes, because the more I do this, the more I realize that's what it's about. You know, if you're going to put X number of units, and risk units if you will, in your portfolio, if you don't make a lot of mistakes and you compound reasonably, you're going to do great. It's just like reading. You know Warren Buffett always talks about read chapter eight and chapter 20 of the intelligent investor, which everyone should do, by the way. In fact, I'm set I send that book to clients and just say read this. You know that's what all it is about. I mean, that's basically what it's about what you just talked about right there. You don't really need to be a great forecaster. You just need to avoid a lot of mistakes and have a reasonable amount of diversification, not too much. And yeah, I mean you hear about people that have made like great calls consistently, and then the more you learn about them, the more you realize that there was something else part of the story. You know what I'm saying. There was another part of the story that you didn't really hear about, and a lot of it boils down to not avoiding mistakes, having discipline, risk management, things like that, but anyway, I got you off your topic. Jason: It's all risk. Yeah no, yeah, no, no, yeah, and it's. It's important to cut me off too, because I can. I can talk about certain things for too long, but I'll just. I'll just cut right to your question, which was fear and greed, yeah, yeah. And so how did I get to that? Literally, I, from that point in about 2000,. You know, I got much more interested in technical analysis and and, and I started thinking I'm not so much like a stock picker and I'm not so much into, you know, the MACD and the RSI. I'm much more quantitative. That's my interest in technicals. Technicals really helped me become more quantitative and more interested in looking at the big picture, understanding how to measure the big picture, and so I started looking at indicators and things that people like Ned Davis was doing. Right, I, I a big fan of Ned Davis, ned Davis's work. There's some other providers that were like that, sentiment traders Another one. I like all those, I like what they do and I started trying to replicate. You know, you don't know what their secret sauce is, although actually Ned Davis has a really good book. I'm looking at my bookshelf somewhere out there when Ned Davis's book is being right or making money. But then his chief strategist wrote another book where they actually go in and they tell you how to build a, build their, one of their sentiment indicators that has nine components to it. I was messing around with that, trying to figure out, trying to understand these indicators and understand the signals that they gave. And I hadn't around. That same time, cnn was one of our clients at what was then Wall Street On Demand and our CEO was out talking to them and he was talking to Lex Harris, who was their editor in chief, and Lex said you know, I don't know what this is, but I want to build something called the Fear and Greed Index. Can you help me? And Jim, our CEO, came back and he came to my team and he said so CNN has this kind of crazy idea. They want to build something called the Fear and Greed Index. What do you think has this kind of crazy idea? They want to build something called the fear and greed index? What do you think? And everyone on the team pushed away from the table. They're like what a bad idea. And I was left sitting there going they thought it was a bad idea. Yeah, they just you know they didn't get it. It wasn't what they do. I thought you were going to say mic drop. Louis: I literally thought you were going to say mic drop. Everybody said that's a great idea, let's jump on it. That surprises me. They looked at it. Jason: Yeah, they were like well, and they didn't know how to do it right. It wasn't what they were interested in. The team all had very different kinds of backgrounds, and I was the only one that had that more market-related background. The others were really more analysts Smart guys, great guys, but much more like. They could probably pick a stock better than I can, but they cannot tell you if we're in a bull market or a bear market. So I'm sitting there saying this is the greatest opportunity ever. And so they got me on the phone with CNN, with Lex, a day or two later, and we just started putting together ideas and Lex basically said look, I don't know what this thing is. You kind of know what I want to do. I just want something that really represents that quote that Warren Buffett says, which is you should be fearful when others are greedy and greedy when others are fearful. So what, what is that? What does that look like? And so I just went and built it. Luckily, they gave me Jim. Our CEO's son was also a statistics major at Yale, and so for his summer internship that year, he sat with me and we went through and took all the indicators that I had put together and we did a principal component analysis, which is really important because you want to make sure, just like we said earlier, when you're looking at a stock chart, you want to make sure that your indicators aren't all trend indicators or all momentum indicators. The same thing, we want to make sure that each of the indicators, within fear and greed, didn't step on one another right, that they weren't saying the same thing, or really just that they worked well together, that they were each complementary, right? There were a couple indicators that I wanted to include that just didn't make it for budget reasons. Cnn is a media company. Media companies don't have huge budgets these days, so I couldn't do things like market valuation, s&p 500 valuation, or we wanted to use the, because by this point, market had bought us, and so I wanted to use the credit default swap index and I could only get end of day CVS data, not intraday, and so it just didn't fit with what we were doing. Um, so there were, there were some indicators that we left out that really would have been perfect and, um, you know, later on I got I got to use for other purposes, but not for the fear and greed index. But I got to use for other purposes, but not for the fear and greed index. But yeah, right now you know the fear and greed index, the seven indicators that are there, we selected one that is purely just the S&P 500, right, normalized. So we understand if it's sort of fear, you know, fearful or greedy. But then we have two that are breadth indicators. So how broad is the advance or decline? And is that moving in concert with the market or against the market? Then we have two that are options related the put-call ratio and the VIX. And then we have two that are bond market related One that compares the spread and yields between low-quality junk bonds and high-quality investment-grade bonds, as that spread is tightening. You see that investors are, you know they're more, they're seeking out risk because they think that they can get better returns. And then the last one is where we compare the returns on stocks to the return on bonds over a 20-day rolling period, total return as well. So for all these underlying indicators we're using ETFs. So this is actually something that can be replicated by anybody, but there are a lot of mechanics and calculations that go into it on the back end which make it. You know, if you are going to calculate it yourself, you got to be pretty sophisticated and be and have a pretty decent data feed. Yeah. Louis: Well, I love that. You know that was put in a scale that made sense and a categorization that made sense. It almost kind of makes sense the way that you did. It is like extreme fear, fear, neutral greed, extreme greed. These are things that we can understand and this is, I think, one of your biggest talents, actually. I think one of your biggest talents actually. You know, like you had said, we were looking for, we did principal component analysis, but we were looking for things that worked well together and complementary. As a quant geek, I would have just said non-correlated, you know or not. I would have used like big, long names of there's some statistical names that are you know to describe, that are like really long and stupid, sounding like to make no sense. I love the fact that you like that, you, you that's the. That is a great skill and I think to be able to take something that is complicated and make it accessible was one of the biggest, I guess, wins from this and it also helps people understand themselves, in my opinion, like if somebody goes and they look at this and they say, okay, right now I'm looking at the website. It says I'm on cnncom markets, fear and greed. It says it's got a number 48 and it says we're neutral but kind of tilting towards fear. So tell me a little bit about, like, how you would interpret this. I'm an investor right now. Let's say I have a reasonably good sized portfolio. I want to grow my wealth, but I also want to manage my risk. How would I? What would I use this for? How would I think about this? For like, really, like practically, how would I use this? Jason: Okay. So what does neutral mean? And neutral is really that center zone of I don't know what it is right. So the first thing I'll ask you to do and I know users or people who are watching or listening can't see this, but in the upper right corner you can see where it says overview and timeline. So the first thing I want you to do is click on timeline, okay, and what you'll see is a chart of the fear and greed index for the last two years. And especially when we are in this neutral area and we don't really know what the overarching sentiment is, it's important to look back over historically, just like we said with the PE ratio. Right, you can look back and compare to peers, or you can say how is it versus history, and so what we see is this 48 is an increase over where it has been. But, more importantly, we're sort of in this weird consolidation period. Fear and greed is just kind of ticking up and down, up and down. It's not really doing much of anything. So, however, we have dropped from a level of greed right Back before April and I'm going to pat myself on the back. I don't write much about fear and greed. I'm going to start, but I don't write much about fear and greed on our site. I did post in one of our little communities. I said, look, hey, just so you guys know. You don't really know me, but I built the Fear and Greed Index and here's what I've been watching Fear and Greed. It has just broken down. I think the market's going to break down with it, and you know my timing was amazing and the next day the market broke down. So, yeah, good for me, blind squirrel. But so what I like to do is I like to look and see and look for patterns and try to understand what is it doing and how does it compare to the market. So a few things, all right. What really matters is fear tends to be good. What happens when the indicator goes into fear or extreme fear? What we see is that standard deviation of returns. So the volatility of the market increases, and I think we're talking about forward volatility too, not like a month out, but days out if you want to measure it each day and sort of see what's happening. Volatility is just high when we are in extreme fear and fear because investors are nervous. What happens when investors are nervous? Good time to buy, right. The other thing is greed happens a lot. Okay, and greed is not necessarily a bad thing. Extreme greed is oftentimes a good thing. Okay, extreme greed tends to have. There's two times that extreme greed happens and one time is a great time and the other time is a high risk time. Okay, the great time is when we have been at extreme fear. The market has fallen maybe the market fell by 10% or something and we're starting to see a rebound and what you'll see oftentimes is the components of the fear and greed index spike and everything spikes, everything jumps up and we get to extreme greed because we've gone from a low level and all of a sudden, investors are committing new capital to the money. Investors are getting excited and we see extreme greed. Extreme greed is almost always good, except when, if we were in some kind of an uptrend okay, we've been, we're in an established uptrend, something good happens, the market kind of spikes. We don't. It's rare that we really see extreme greed during an uptrend, but let's say it happens. Well, that tends to be a period where probably just don't want to commit new capital right now. I probably want to take a breather, wait, because risk is higher. You know it's extreme fear to extreme greed, but really it's low risk to high risk. Louis: But sometimes, as you know, sometimes that greed can be really good too. The other thing yeah, go ahead, sorry, no, no, I was just going to say that reminds me of like the traditional technical interpretation of momentum is after you've had a bear market, you always get to an overbought situation. That doesn't mean the trend's over, it just means the trend's beginning, and it's almost the same concept. It seems like to me to some degree like you're looking for the extremes, but sometimes you have to interpret it the opposite way after a certain condition, after a bear market or after you've had really a lot of fear, and then it pops back up to greed, well, that doesn't mean the trend's over, that means we're just starting to go up again. Exactly yeah, and you have a continuation of the trend. Jason: Right, yeah, yeah, completely. And so with anything, with any indicator, you have to look at it in context right. Everything from an economic indicator, cpi, et cetera. Everything has to be looked at within context. And with that, I think you have to look at the context within the fear and greed index, and that's why there are the seven components, and I actually feel that the seven components are more valuable than that headline number, than the speed dial, right. So we start with and CNN came up with these names and I love it that they did that, because they are so much better at explaining things than I am and they really they said well, you know, here's who our user base is. We want this to be something that is a sophisticated trader can use it. And, as you know, as we heard Katie Stockton tell us several years ago, lots of hedge funds use the fear and greed index, right, they use it as one of their marks to understand what investors are doing. But they want it to be understandable by retail investors, by my dad hundred versus 125 day moving average just to see how far like what is the momentum right. Use that word, it's completely accurate. What is the momentum Is it? Is it so high that it's potentially exhaustive right now? It's so high that it's potentially exhaustive right when we and we normalize it both over the last six months. But then we also go back and we normalize it again over two years to say is that six month number that higher, low that we have? How does that compare where we've really been over a longer period of time? And then we look at, as I mentioned, two measures of stock price strength and stock price breadth. So market breadth we're looking at both 52 week highs and lows on the New York Stock Exchange and then the McClellan Volume Summation Index. So really is money flowing into stocks going up or money flowing into stocks going down? Louis: And what we see is both of those numbers are sitting at extreme fear. Because, those are great indicators. They're such great indicators. Yeah, I mean, I remember back in the day doing a ton of backtesting and those were some of the most robust indicators, all three of them, especially on the new highs it's actually new lows is actually more valuable, in my opinion, based on the research years ago, than the new highs, but just because it showed that extreme capitulation. But those are great and they are complimentary. One is like the number of stocks hitting highs or lows, and then the other one is more. The McClellan summation is also very valuable and it can be manipulated in so many different ways. So and I love that you have three dimensions to that and while you were telling me about this, what struck me is I always try to put things in perspective for the individual investor and for the. You know how they can think about these things and make it useful for them. And I think one of the things that could be useful with this, or is useful for this, is understanding how you're feeling. Like you know, if you've just gone through a period of angst with your portfolio and then you notice that this thing is at fear, right, well, everybody's being fearful and like it's like what are you going to do in your portfolio during that period, right? Well, everybody's being fearful and like it's like what. What are you going to do in your portfolio during that period of time? Jason: Exactly. Louis: You know what how? are just you know how you're feeling, like if you can step away like that fish in the fishbowl with in the water, you know and say, yeah, I'm in the water and you know, and, and this is what's happening, and what am I going to do? And stay level headed. I always talk about like staying level headed is the most important thing as an investor. It's like if I'm overly optimistic, I need to bring myself down and if I'm overly pessimistic, I need to bring myself up. Tom Basso mentioned that to me years ago, who was one of the market wizards. Jason: Right. Louis: Talking about doing that, and I've really that's been probably one of the market wizards, right, talking about doing that, and I've really that's been probably one of the most helpful things for me personally and for advising clients as well and managing money. Just it's. It's it sounds so simple. It's like oh yeah, I know that, but yeah, but do you do it? Jason: Exactly, and that's where it's important to have something that's quantitative and unbiased, right, and I'll tell you a story about that that confirms what you just said. But when we first, a few years after we launched Fear and Greed, I was talking with a financial advisor and he said, oh, I use this thing all the time with my clients and I love it. He said how do you use it? And he said, well, I introduced them all to it. And then, when they call me, when the market is down, wanting to sell their positions, wanting to reduce risk the market's already fallen by 10% or 20% and now they want to reduce risk he says, ok, hang on a sec, go to CNN Markets, fear and Greed. What do you see? And they say extreme fear. And he says, ok, what does that mean? And the client always says, okay, what does that mean? And and the client always says, oh, yeah, everybody's afraid right now. Yes, and what does that mean? That means I shouldn't panic. And hey, let me write you a check because this is a good time to invest. Louis: There you go. So one thing I noticed that's not on here is valuation, which is so hard to time valuation. So this is, you know, valuation. So if you put this in context with valuation, then I think you have a powerhouse, really, because absolutely yeah. Yeah, because then you have that long-term

Jonathan Hoening is Portfolio Manager at Capitalistpig Hedge Fund. In this MoneyShow MoneyMasters Podcast episode, we discuss the current mega-shift underway in the stock market, how investors should respond, and why price is always…ALWAYS...primary. Diving right in, Jonathan explains why “paralysis by analysis” often afflicts investors. Overthinking fundamentals, earnings, insider buying/selling, or other factors can get in the way of just reacting to – and profiting from – action in the markets. He notes that the recent rotation out of big cap tech and into value stocks, small caps, and “anything but exotic” names is a prime example. He then highlights a trio of domestic stocks that look solid, as well as one international play. He also lays out a bullish case for an emerging markets ETF and a fund focused on precious metals.We further discuss what past trading action in gold circa 2001-2011...and the progression of inflation in the 1970s...can tell investors about today's market and economic environment. Jonathan next weighs in on the 2024 presidential election and some surprising, counterintuitive things investors should keep in mind before reacting to a potential Trump or Harris victory in November. Critically, we also discuss practical advice for profiting today. That includes why you should focus on stocks trading near 52-week highs versus 52-week lows...how to properly size positions for maximum returns...what is so important about the concept of “trading units”...and why sometimes the smart move is to take after Jesse Livermore and just “Go fishing!”Finally, Jonathan shares a sneak peek at what he'll cover at the 2024 MoneyShow/TradersEXPO Orlando, set for Oct. 17-19 at the Omni Orlando Resort at ChampionsGate. Click here to register: 

How can you become a wealthy Stoic? Stoicism is about living a simple, virtuous life. That's why many people have the misconception that being Stoic means refusing material wealth. But that's not the case. The other thing about Stoicism is focusing on what you control and ignoring everything else. This is how you live a wealthy life while remaining Stoic. Epictetus, the only Stoic philosopher who wasn't born into wealth (he was a slave), said it well: “If you can make money remaining honest, trustworthy, and dignified, by all means do it. But you don't have to make money if you have to compromise your integrity.” In this video, I give you practical techniques and strategies to get better at investing, whether you're a beginner or experienced investor. These tips will ensure you stick to Stoic principles while building long-term wealth. #Stoicism #WealthBuilding #InvestingTips #StoicPhilosophy #FinancialFreedom #TheStoicPathtoWealth Timestamps: 00:28 - How to combine wanting to be wealthy, while following Stoicism 00:52 - About Me and The Stoic Path to Wealth book 01:27 - This is the first book that combines Stoicism and Investing & Wealth 01:35 - Three techniques you can apply to become a better investor 02:15 - Epictetus quote on making money without compromising your integrity 02:55 - It's possible to make money in an honest way 03:22 - You don't have to make a lot of money to become wealthy 04:12 - 3 Stoic Techniques that will make you a better investor 04:20 - Stoic Technique #1: Always cap your losses 05:47 - Juvenal quote on the gradualness of progress or loss 07:02 - Stop-loss in trading 08:03 - If you decide to buy something… (A lesson from Jesse Livermore) 09:20 - What it means to invest for the long-term 11:10 - No one knows what will happen in a year or two. But long-term, it's going up. 11:54 - Stoic Technique #2: Make it worth it 13:04 - Making $500 or $1000 is not worth it 14:31 - Can you go from $50K to $500K income within a few years? 15:30 - Professional traders always think about this 16:22 - Stoic Technique #3: Pick a strategy that you can maintain for 30 years 17:50 - “Live a frugal life and then retire early” is not a sustainable strategy 18:44 - Separate your character from your money/net worth 19:08 - Wrap up 20:02 - The greedy ones: Avoid them

 If we fall apart, then we starting to compromise ourselves and so our work, our being…This is what hurts more than anything else, we can't anymore believe in ourselves, in our message, in our mission…. And still, it is so common to be half hearted and to break our promise. As a result, we can see the people lose their dignity and taking drugs, because of that. For instance: the politicians…  The great Psychologist Gerda Boyesen said: if we keep our promise regardless what, we have done very much for ourselves!A reporter is visiting a mad house… In one room is the previous mayor of the city… Total nude, except he is wearing a hut… The reporter is asking, Why you are nude? The principal replied: Because I am a free man and I am free of ego. The reporter asked: Why you are wearing a hut? The major replied: Because I am the major!And this exactly we are doing too, when we have still an option to escape, in the case we are wrong.It is better to fail full, to lose our face, then to have this additional option.No great man, for instance, all religions founder or significant Saints, like Jesus, Mohamed, Krishna, Buddha, Lao Tzu,… Had compromised them self…. The great stock market legend Jesse Livermore said it simple: Better I fail on my term, then to follow other people tips, because I can't learn from that!  In the end, we have to learn from try and error and so we have to fail to win. We can become only an expert in any area when we have made all the mistakes…. There is no shortcut. Thomas Edison had needed over 8000 experiments to design the Electric bulb. And then his lamp was burning in the mid of the night, he went excitedly in the room of his wife and exclaimed: It is burning!!! His wife angry shouted: Make the light out, I want to sleep! Life is life. My Video: Never become half-hearted https://youtu.be/l1X12P--ycAMy Audio: https://divinesuccess.net/wp-content/uploads/2021/Podcast.A/Never-become-half-hearted.mp3

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2771: Nick Maggiulli's exploration of "The Price of Greed" illustrates the perils of unchecked ambition through historical and modern examples, revealing how greed, often driven by a desire for status, can lead to devastating financial and personal consequences. By highlighting the stories of figures like Eli Whitney and Jesse Livermore, Maggiulli emphasizes the importance of balancing ambition with wisdom to avoid the high costs of greed. Read along with the original article(s) here: https://ofdollarsanddata.com/the-price-of-greed/ Quotes to ponder: "The irony is that this is a money game and money is the way we keep score. But the real object of the Game is not money, it is the playing of the Game itself." "People start being interested in something because it's going up, not because they understand it or anything else. But the guy next door, who they know is dumber than they are, is getting rich and they aren't." Episode references: 12 Rules for Life by Jordan Peterson: https://www.amazon.com/12-Rules-Life-Antidote-Chaos/dp/0345816021 The Money Game by Adam Smith (George Goodman): https://www.amazon.com/Money-Game-Adam-Smith/dp/0394721039 At Home: A Short History of Private Life by Bill Bryson: https://www.amazon.com/At-Home-Short-History-Private/dp/0767919394 Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2771: Nick Maggiulli's exploration of "The Price of Greed" illustrates the perils of unchecked ambition through historical and modern examples, revealing how greed, often driven by a desire for status, can lead to devastating financial and personal consequences. By highlighting the stories of figures like Eli Whitney and Jesse Livermore, Maggiulli emphasizes the importance of balancing ambition with wisdom to avoid the high costs of greed. Read along with the original article(s) here: https://ofdollarsanddata.com/the-price-of-greed/ Quotes to ponder: "The irony is that this is a money game and money is the way we keep score. But the real object of the Game is not money, it is the playing of the Game itself." "People start being interested in something because it's going up, not because they understand it or anything else. But the guy next door, who they know is dumber than they are, is getting rich and they aren't." Episode references: 12 Rules for Life by Jordan Peterson: https://www.amazon.com/12-Rules-Life-Antidote-Chaos/dp/0345816021 The Money Game by Adam Smith (George Goodman): https://www.amazon.com/Money-Game-Adam-Smith/dp/0394721039 At Home: A Short History of Private Life by Bill Bryson: https://www.amazon.com/At-Home-Short-History-Private/dp/0767919394 Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2771: Nick Maggiulli's exploration of "The Price of Greed" illustrates the perils of unchecked ambition through historical and modern examples, revealing how greed, often driven by a desire for status, can lead to devastating financial and personal consequences. By highlighting the stories of figures like Eli Whitney and Jesse Livermore, Maggiulli emphasizes the importance of balancing ambition with wisdom to avoid the high costs of greed. Read along with the original article(s) here: https://ofdollarsanddata.com/the-price-of-greed/ Quotes to ponder: "The irony is that this is a money game and money is the way we keep score. But the real object of the Game is not money, it is the playing of the Game itself." "People start being interested in something because it's going up, not because they understand it or anything else. But the guy next door, who they know is dumber than they are, is getting rich and they aren't." Episode references: 12 Rules for Life by Jordan Peterson: https://www.amazon.com/12-Rules-Life-Antidote-Chaos/dp/0345816021 The Money Game by Adam Smith (George Goodman): https://www.amazon.com/Money-Game-Adam-Smith/dp/0394721039 At Home: A Short History of Private Life by Bill Bryson: https://www.amazon.com/At-Home-Short-History-Private/dp/0767919394 Learn more about your ad choices. Visit megaphone.fm/adchoices

There are timeless principles that underlie stock trading. In this episode we discuss Reminiscences of a Stock Operator, considered by many to be a classic work in the space. First published in 1923, Reminiscences of a Stock Operator by Edwin Lefevre is a fictionalized biography based on the career of legendary stock trader Jesse Livermore. Through the first-person recounting of protagonist Lawrence Livingston's career, Lefevre imparts hard won stock trading lessons. Through many booms and busts Livingston grows and forms a deeper understanding of the principles that underlie the market as well as the forces that propel it. The fictionalized biography has minimal personal anecdotes, concentrating almost wholly on Livingston's career and the events that shape the US economy during his exploits from the 1890s through to the 1920s. We were pleased to be joined by investor and entrepreneur Brad Mills on this episode, a huge fan of the book. Show Notes Reminiscences of a Stock Operator by Edwin Lefevre via Amazon Brad Mills's Website Brad Mills on Instagram Follow us on X @BusinessBooksCo and join our Amazon book club. Edited by Giacomo Guatteri Find out more at http://businessbooksandco.comRead transcript

#590. Jesse Livermore es una leyenda del trading de la década de los 20. Se dice que el propio JP Morgan lo llamó para que dejara de vender en corto durante el crack del 29. Livermore decidió hacerle caso, y nosotros también deberíamos hacérselo a Livermore con todo lo que hay encapsulado en los manuscritos que dejó atrás, antes de suicidarse. • Notas de este episodio: https://podcast.pau.ninja/590 • Comunidad + episodios exclusivos: https://sociedad.ninja/ (00:00) Introducción (3:59) La biografia de Jesse Livermore (9:39) Libros de Jesse Livermore (10:05) Memorias de un operador de bolsa (11:48) Cómo operar en la bolsa (13:04) Estrategia de Jesse Livermore (14:08) TDT: Top down trading (14:59) TM: The market (16:28) TIG: The industry group (17:24) FCL: Following the current leader (18:19) TT: Tandem trading (19:06) Método de Jesse Livermore (19:20) RPP: punto de pivote (19:55) CPP: continuación del punto de pivote (21:59) S: picos (23:51) DR: reversión de un día (25:56) BOCB: ruptura desde base consolidada (26:45) BONH: ruptura de máximos (30:39) BV: mucho volumen (32:34) Memorizar estrategias de análisis técnico (34:01) Consejos de Jesse Livermore (34:24) Sincronízate con el mercado (37:25) Gestiona tu dinero (39:12) Controla las emociones (41:20) Frases de Jesse Livermore (41:55) Especulación VS inversión (43:09) La personalidad de cada acción

In this week's Talking Wealth podcast, Dale and Filip sit down to discuss the trading lessons from Jesse Livermore, one of the greatest traders of all time. Jesse's story dates back over 100 years and is still being reminisced today, which makes it even more fascinating. We break down his trading rules and discuss whether they still apply in today's markets. Wealth Within: https://www.wealthwithin.com.au Talking Wealth TV: https://www.talkingwealth.com Australian Stock Market Show (Live 7-8pm every Tuesday night): https://www.youtube.com/@WealthWithin

Jesse Lauriston Livermore was a famed American stock trader known for his huge successes and devastating failures in the early 20th century. Starting as a "chalkboard boy" in a Boston brokerage, he became hugely wealthy as a trader first in "bucket shops" and then on the exchange in New York.  Livermore made millions in the Panic of 1907, the roaring 20's and in the 1929 market crash. His experiences are chronicled in the classic "Reminiscences of a Stock Operator" by Edwin Lefèvre.Despite his legendary wins, Livermore went bankrupt numerous times and faced personal challenges, culminating in his tragic suicide in 1940. His legacy endures as an influential figure in financial history.Books:Jesse Livermore – The Man Who Sold America Short by Tom Rubython: https://amzn.to/3vWOrCAJesse Livermore – Worlds Greatest Stock Trader by Richard Smitten: https://amzn.to/47QO3TmJesse Livermore – Speculator King by Paul Sarnoff: https://amzn.to/47R9jIvReminiscences of a Stock Operator by Edwin Lefèvre: https://amzn.to/496874UHow to Trade in Stocks by Jesse Livermore: https://amzn.to/4baKom1Online SourcesNew York Times Time Machine: https://timesmachine.nytimes.com/browserTime Magazine Archives: https://content.time.com/time/subscriber/article/0,33009,847596-2,00.html Wikipedia: https://en.wikipedia.org/wiki/Jesse_LivermorePatrick's Books:Statistics For The Trading Floor:  https://amzn.to/3eerLA0Derivatives For The Trading Floor:  https://amzn.to/3cjsyPFCorporate Finance:  https://amzn.to/3fn3rvCPatreon Page: https://www.patreon.com/PatrickBoyleOnFinanceBuy Me a Coffee: https://buymeacoffee.com/patrickboyleVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoyleOff-Plan On AirWeekly insight into the world of off-plan real estate investment in Dubai, UAE, with...Listen on: Apple Podcasts Spotify All Business. No Boundaries.Welcome to All Business. No Boundaries, a collection of supply chain stories by DHL...Listen on: Apple Podcasts Spotify Support the show

En este episodio contamos la historia de Jesse Livermore, uno de los pioneros del Day Trading. Un tipo que realmente tenía muy mala suerte en la vida pero vaya que tenía buena suerte con el dinero (Algunas veces). Whatever. Este audio es del guion de este video de YouTube. https://www.youtube.com/watch?v=KjWAba8-gBM IG: www.instagram.com/gardieles --- Support this podcast: https://podcasters.spotify.com/pod/show/gardieles/support

Chapter 1 Understand the idea behind Reminiscences Of A Stock Operator"Reminiscences of a Stock Operator" is a fictionalized biography of the trader and speculator Jesse Livermore. It was written by American author Edwin Lefèvre and first published in 1923. The book follows the life and career of the protagonist, Larry Livingston, loosely based on Livermore's own experiences.The narrative is set in the early 1900s, during a time of rapid economic growth and financial speculation. It explores the inner workings of the stock market, as Livingston makes and loses fortunes through his trading endeavors. The book delves into the psychological and emotional aspects of trading, providing insights into the mindset and strategies of successful traders."Reminiscences of a Stock Operator" is widely regarded as a classic in the field of trading and investment. It offers timeless lessons on the importance of discipline, risk management, and the understanding of market psychology. Many traders and investors consider it an essential read for gaining a deeper understanding of the stock market and honing their own trading skills.Chapter 2 Is Reminiscences Of A Stock Operator Worth the Hype?Yes, "Reminiscences Of A Stock Operator" by Edwin Lefèvre is widely regarded as a classic and highly recommended book for anyone interested in stock market trading and investing. It is based on the life and experiences of Jesse Livermore, one of the most successful stock traders in history, and provides valuable insights into market psychology, risk management, and the importance of discipline in trading. Many traders and investors find the book to be entertaining, informative, and timeless in its lessons.Chapter 3 Overview of Reminiscences Of A Stock Operator"Reminiscences of a Stock Operator" is a fictionalized biography that follows the life and trading career of Jesse Livermore, one of the most successful and influential stock traders in Wall Street history. The book was written by Edwin Lefèvre and first published in 1923.The story begins with Livermore as a young boy in a small town, where he develops an early fascination with the stock market. He learns the basics of trading from his father and starts making his own investments. However, he soon realizes that he has a natural talent for reading market trends and making profitable trades.Livermore eventually moves to New York City and begins trading in the stock exchange, where he quickly gains a reputation as a skilled speculator. He experiences both huge wins and devastating losses throughout his career, learning valuable lessons about the psychology of trading along the way.The book highlights various techniques and strategies that Livermore employs to achieve his success, including playing both long and short positions, following trend lines, and managing risk. He also emphasizes the importance of understanding market sentiment and controlling emotions during trading.Throughout the story, Livermore faces personal challenges, such as his struggle to maintain relationships and his tendency to overtrade. He must constantly battle with his own self-doubts and impulsive behavior, which often lead to losses."Reminiscences of a Stock Operator" provides readers with insights into Livermore's trading philosophy and offers valuable lessons to aspiring traders. It explores the psychological aspects of trading and the importance of discipline, patience, and risk management.Overall, the book is seen as a classic in the field of finance and trading, providing a timeless account of one trader's journey and offering...

Tham gia group Tiền ở đâu - Đầu ở đó để chia sẻ, học hỏi kiến thức hữu ích về kinh tế, tài chính: https://b.link/yt-tien-o-dau 3 LÝ DO BẠN KHÔNG THỂ DỰ ĐOÁN ĐƯỢC THỊ TRƯỜNG CHỨNG KHOÁN | Anh Tuấn Vũ | Tiền tài Những nhà đầu tư tin vào việc dự đoán thị trường có thể lấy niềm tin từ những case thành công, kiếm lời hàng tỷ USD từ việc dự đoán đúng như: George Soros đã kiếm lời hơn 1 tỷ USD chỉ trong 1 ngày nhờ đặt cược vào đà giảm của đồng bảng Anh; John Paulson dự đoán đúng cuộc khủng hoảng nhà đất năm 2006; hay thiên tài đầu cơ Jesse Livermore đã nhiều lần kiếm lời từ dự đoán đúng biến động thị trường và là 1 trong số ít người kiếm được 1.4 tỷ USD (theo giá trị ngày nay) trong giai đoạn khủng hoảng 1929-1933. Tuy nhiên, theo nhiều thống kê trên các mẫu số lớn thì đúng là sẽ có những nhà đầu tư có thể dự đoán thị trường đúng một vài lần nhưng xác suất đúng trung bình về dài hạn cũng không cao hơn mấy so với xác suất ngẫu nhiên của việc tung đồng xu (50%), thậm chí phần đông sai nhiều hơn là đúng. Một thống kê trong khoảng thời gian từ 2005 đến 2012, thu thập 6.582 dự báo về thị trường chứng khoán Mỹ do 68 chuyên gia đầu cơ thực hiện, đã chỉ ra rằng tỷ lệ dự đoán chính xác trung bình của họ chỉ là 47%, thấp hơn mức bạn có thể mong đợi từ cơ hội ngẫu nhiên. __ Tham gia GÓI MEMBERSHIP phá đảo Động Nhện ngay hôm nay: https://b.link/spiderum-membership Tìm hiểu thêm về cuốn sách Chuyện người chuyện ngỗng của tác giả trẻ Vũ Hoàng Long tại đây: https://shope.ee/9pB56J0F6Y Ghé Nhà sách Spiderum trên SHOPEE ngay thôi các bạn ơi: https://shope.ee/503HSwXlEB __ Hóng các cuộc hội thoại thú vị, nhiều kiến thức bổ ích trên kênh Talk Sâu: https://b.link/talksau Lắng nghe những câu chuyện về thế giới nghề nghiệp cùng podcast Người Trong Muôn Nghề: https://b.link/NTMN-Podcast ______________ Bài viết: Lý do không ai có thể đoán được thị trường Được viết bởi: Anh Tuấn Vũ Link bài viết: https://spiderum.com/bai-dang/Ly-do-k... ______________ Giọng đọc: Pinkdot Editor: Pinkdot ______________ Bản quyền video: Spiderum Bản quyền nhạc: Youtube Audio Library, Epidemic Sound --- Send in a voice message: https://podcasters.spotify.com/pod/show/spiderum/message Support this podcast: https://podcasters.spotify.com/pod/show/spiderum/support

Why don't most people who try trading succeed at it? You probably heard the numbers 90, 95, somewhere around there percent of people fail at trading, then they give up and they leave and they lose their money, right? So we have at least for me, what am I methods are one of my missions in life is to help people get over that problem. And we have to make it as simple as possible. But I have noticed that there are four pillars that everybody needs. Four things that you need to be successful. All right, so let's go ahead and get into it. The thing is that it doesn't have to be just about trading, you need these four pillars and just about anything in life. And so if you have ever succeeded at something, right? You have probably already attained these four pillars, or you've used them somehow, some way, and you already know what they are. But when it comes to trading, for some reason, we think it's totally different. Things is, if it gets unique. I don't especially, I don't know what it is, but we kind of forget what the pillars are. So let's go through them and talk about how they directly relate to trading. Now, there are four pillars, right, these are the four things that you need. Two of them are completely mandatory, meaning without these you will not succeed, there's no way ever, the other two are not mandatory, but they help a lot. And they speed up the process. And they make it a lot faster, they make it a lot easier, they make it a lot more fun, and they make it a lot more profitable. Okay, so what normally takes people years, without, if you only had the first two, it could take you years and years to be successful at trading, when you have all four, it could be in a lot less time. Now look, you cannot succeed without the pillars. But even with the pillars, it does not guarantee you will succeed because it's still trading. And there are still other things that are more related to you, versus the things that everybody can have, if that makes sense. Okay, there are some limitations that every single person has, there might be something that's stopping you personally from achieving success. But these are the four things that I can say that everybody needs to have in order to succeed. Now look, when you start trading, you start on the ground, right, you're on the ground floor, you don't know anything, you don't know what you don't know, that's one thing. And you want to get on top, you want to get on top of the markets, you want to get on top of your finances, you want to get just achieve, right? And so you need support. You need the four pillars 1234 pillars, again, with two of them, you can get by, right? You might have a gap in the middle, you have one on one side or on the other side, and the gap in the middle will be sagging, kind of, but it can still survive with only one you're gonna fall off. And there's no way you're gonna stand up with three you might get there with four you definitely most likely will. So what are they? Number one, this strategy? This is pillar number one, this is the strategy. This is where most traders start. This is what they want to know first, like what do I do what to do? This is knowing what to do. And so if you are a passive trader, that means you know, covered call one strategy naked put credit spread, strangles, straddles, iron condors, diagonals, ratios, back spread, there are so many of them, right? There are so many strategies out there. Most traders, they grab the first strategy they see, and they try to make it work. But that is the wrong way to do it. The problem is not all strategies work for all people. Now you can say you know what, I'm going to learn every single strategy. And I'm going to master all of them. And I'm gonna get really good at all of them. Could be, but they're not just these few strategies. There are lots of other strategies out there as day trading. There's real estate, there's crypto, there's swing trade, there are all kinds of different strategies, and there's no way you are going to be an expert at all of them. And no way should you want to be an expert on all of them. Because that's not how success happens. Success happens when you focus. All right? So for example, buy and hold is a strategy. And it works. If you have 40 to 50 years. It's true, right? The stock market and the indexes, especially the indexes, they are created in a way that over time they are going to go up. That's just the way they work. That's the way they're created. Because they keep taking out the bad stocks that are holding the index down and they replace them with stocks that are jumping, right? So over time, it's going to continue to increase but it's going to take you 40-50 years to actually make any decent amount of money on it and be able to retire probably. If not, if that doesn't work for you right, 40 to 50 years, then this is not a strategy that will work for you. If you want to wait, that's fine, do it, it's great. You know, success is almost guaranteed. If that's not a thing, 40-50 years, then you need to find a different strategy. So step one, is you have to find a strategy that works for you. Okay, it has to match your risk appetite. What do you mean by that? Well, some people are more conservative than others. Some people like to go in 100% on one trade, some people like to put in 1% on one trade, right, they just like I'm gonna dip my toe in. So the aggressiveness or the conservative of the strategy has to be tailored to you, depending on how you feel and how you are, if you are very risk adverse, you don't like gambling, then day trading, not going to work for you, right? If you are a gambler, or like a big time gambler, and you need excitement, excitement, excitement, passive trading, where you're doing trades that are very boring, you know, they work but they're very boring, might not be for you. Right, you might have to shift over to something, even though you might agree with the passive trading philosophy, you might have to shift to something a little bit more frequent. So you have to change the strategy. Account Balance also is a big deal. You know, how much money do you have to play with as your account grows, your strategy can grow or you can add to it, to change your strategy, hedge it, etc. Discipline, how disciplined you are? This is another one. Passive trading works for me because I'm not that disciplined. Right? And so it works for me, because even if I get the trade wrong, I can still win. Okay, experience. There are some strategies that are for people that have a lot of experience. Iron condor, probably not the first strategy I would recommend for somebody, right? It's like, hey, why don't you sell some spreads first, you know, sell, sell one spread, then you can do the condor. Once you understand the basics, that kind of thing, time devoted, how much time do you want to spend on your trading, you wanna sit there all day long? Well, then yeah, more active style is for you, you want to spend a few minutes a day like we do, then a little bit more passive, definitely more passive is going to work for you. What are your goals? How much are you trying to accomplish? Do you want to triple your money every year? Well, then you have to do one strategy. I don't know if there's any strategy out there like that, that can continuously do that every single year. But if you are, if that's your goal, then you have to be a lot more aggressive and that'll dictate what strategy you choose. If you're okay with 20%, you know, 10% 5% a year strategies, definitely totally different. And the time to result? How fast do you want your result? Right? Are you willing to wait several years, then your strategy can be different. If you want it right away, strategy is going to be definitely different. So these are the different things that have to mesh your strategy has to mesh with you because if it doesn't, then it's going to cause internal problems. It's going to cause psychological issues with you, and you're going to make mistakes, you're not going to follow the plan, you're not going to do it properly, you're not going to follow the strategy properly, and it's going to lead to losses. All of this stuff has to match. Step number two, you have to verify and be sure the strategy actually works. What? Really? It has to work? Yes, it has to work. And not all strategies work. No, not all strategies work. I'm sorry to tell you that. Right? You have to do some research. Like how many people are doing it? Are they having success? How long has it been around? If it's a strategy that just popped up two months ago? I ya know, sorry? No, no way. I want a strategy. If I want to do something, I want a strategy that has at least two years worth of real money results. And people have approached me and they said, You know, I want to trade for a hedge fund, I have a great strategy is working really awesome. I'm like, Okay, how long have you been doing it? And then they go quiet. Well, I back tested it. No, that's not that's not real money. That's not real trading. You know, and then there was another guy that I had been doing for six months, and I've had all these wins. I'm like, That's great. When you get to two years, give me a call. After you've been trading for two years plus with real money, then I'll talk to you about maybe investing my money with you, or letting you trade for our fund. Not until that. Okay? Is the strategy very simple? Or is it complicated? The more complicated it is, the more room for error, the more experience you're going to need, the more time it's going to take to make sure everything is I's dotted T's crossed. Right. Where did you hear about this strategy? Did you hear it about at some random post on some crazy website? Or was it actually like a legit trader, right? Who did you hear from? Who's the source of this strategy? Somebody that you know is actually making money from it? Right? Or, again, some random stranger on a Facebook post or something? Do they have any proof of this strategy? Does it work? These are all the things you have to look into and verify and make sure. Now the strategies that we've been teaching are passive trading. The only way we teach them is if we've done them ourselves with real money for a long period of time, right? There are lots of strategies and new strategies are introduced every day. I mean, they're the same, but they're little tweaks and they come up with different names and blah, blah, blah, well, if we haven't done them for ourselves with real money and tested them in different markets, we don't teach them. That's it. It is like, Hey, I'm not going to experiment with you, I'm going to experiment with my own money. And then I'll tell you what works. That's my job, right? That's why I'm here to tell you what works, what doesn't work, there are more than a million ways to trade, you only need one, you only need one strategy as long as it works. And it has to work for you. Right, this is where most traders mess up, they choose a strategy that is too difficult for them, or does not match their personality. And then they never master it. So they might have wins, but then they give up losses, and they have a big loss. They might do well for a little bit, but then the market changes. They don't understand why, what happened. But eventually they give up and they quit. So that's it. That's number one. pillar number two, is what I call the trading plan. This is the how to implement the what the strategy, right, this is how you do the trade. So let's say you decided, hey, I'm going to do covered calls. That's great. That's a strategy. You know, it works. You know, lots of people are doing it. I mean, here, you know, Warren Buffett says he's been doing it with billions of dollars. Okay, that's pretty good. I think that's, that's proof that it works. But we don't know how he does it. Right? That's the trading plan. How does he do the covered call? Does he sell at the money options? Does he sell out of the money options? Does he sell in the money options? Does he do weeklies, does he do 30 days expiration? Do they do a 180 days expiration? Does he look for 2% a month, 5% a month? I don't know, that's all part of the trading plan. That's what you have to find or come up with and test. So a good plan will incorporate all of these steps. This is how we identify what we're going to trade the underlying security. This is how we're going to know that it's a good time to place the trade, right? Like our setup, this is the actual trade that we're going to place the strategy. If it's a covered call, then which options are we going to trade on that strategy? What timeframe? What is our return our goal, all of this stuff, these are the steps one by one by one, you have to do this, okay, first you do this, then you do this, then you do this. That's all part of the plan. Now, also, as part of the plan is the timing. When do you get into the trade? When do you get out of the trade? What are you looking for? What do you're not looking for risk management? What happens if the trade goes bad? What happens if the market changes? You have to know in advance this should and has to be part of your plan? You cannot go into a trade without knowing what you're going to do if it goes bad. And it can't be well figured out? No, you got to know in advance. Otherwise, it's not a good plan. Your asset allocation? How much money do I put into every trade? That's a very big component of it. Right? It's part of being safe. And your goals? What is your ROI? You have to know how much money can I make on this trade? Is it good enough? Is it going to help me get to my goals? Does it have to be perfect? In order for me to get to my goal, then that's not a good enough ROI, right? Or is it too much? What are you aiming for? So there are millions of trading plans out there. Most of them suck. And if they did not suck, then there would be everybody was making money, right? a trading plan must be complete. And it must be time tested with real money. It should be working in up markets down markets, sideways markets, high volatility markets, low volatility markets, bear markets, bull markets, all of the above everything and anything. I want plans that have stood the test of time. Right? Maybe they don't work in a crazy scenario, like a great recession that we had in 2008 2009 maybe doesn't work then fine, put on the sideline for a little bit. But most of the time, 90% of the time I want this thing to work otherwise I can't rely on it. Because I can't guess if it's gonna work or not. I wanted to be able to work right? Most of the strategies that we trade they just work that's it. Because they are set up to work in all the different markets. Now most strategies are tailored for bull markets. That's most of them are like that. You know the even the covered call the naked put these are bullish strategies. So when the market is going up, they make money and everybody's a genius. Anybody can make money in a bull market. All right. And most plans work in bull markets, right. But they gave back all of it back when the market shifts. So if the market changes, this bull market, you know, plan is not going to work anymore. Now I look for plans that have worked for at least 10 years. I want to I want a 10 year plan. I know I told those guys two years, but I want at least a 10 year, if I'm going to be trading it consistently, I want a 10 year plan. And I want to know it with real money, no back testing. Okay, that's what I'm looking for. Now, when the market shifts, it happens at a time that most play market traders at home traders, they don't even realize they don't know. It's like, oh, the market shifted, market changed. Okay, what do I do now? What do they do, they keep doing the same strategy. So when there was a bull market, they were doing this strategy, and they were putting on trades, and it was working, he knows where he is where he's working. So now they're like, I don't know, they're addicted. They're in habitual, whatever it is. But then the market shifts, and they don't anything to do, they don't know what to do. So they keep doing the same thing. Even though it's not working, even though they lose money, or lose money again, and again and again. And they're like, oh, man, this trading thing doesn't work. Yeah, because you're using the wrong plan in the wrong market. Okay, so they just run out of money and quit. That's it. Sorry. Remember, a good plan works in a bull market, or a bear market. That's a good plan, you know, a great plan works in all markets. And if you have a great plan, then you only need one plan, because they're gonna work in all the markets. There might be some times from time to time that you're like, hey, you know what, yeah, this thing is getting a little bit crazy for me, I'm gonna take, I'm gonna step to the sidelines. You know, that's, that's how you also save a lot of money. That's all how you stay in the game. By not taking excess risk, the market gets too crazy, you get on the sidelines, that should be part of your plan to when to be trading, when not to be trading, that has to be part of your plan. Okay, so once you have a great plan, you match that with a strategy that you enjoy. And you can be successful, right? It's not that hard. But how long will it take to choose a strategy, find a plan and then test the plan with real money. It normally takes years and years and years. And that's why pillars three and four are essential. Okay? Because remember, you got to have one, and you got to have two, you got to have a strategy, you got to have a plan that works With that alone, you can go and be a good trader. But if you have pillars, three and four, it just almost cuts that time in into a fraction of what it would normally take, which is usually. Okay, so let's go to pillar three. Pillar three is the guide, or the coach, the guide is the is essential to your journey, your trading journey. If you look at any of your favorite movies, what happened in your movies? Well, they had a hero or heroine, and they had a problem. And then they had a guide, or a teacher. Right? It was a guide character, a mentor, whose role it was to help the hero or the heroine. Make sense? Right? Think about it. You can have Luke, you can have Frodo you can have Rambo, Neo Batman, Lightning McQueen. You know, even the cartoons, they need coaches. Right? They need mentors. Okay, so think back to when you were younger on a sports team? Or if you didn't play sports when you were younger. Think about any sports team for little kids. Okay? Did they ever just like, Hey, kids come together? Here's the ball, go figure it out. No, every team has a coach. Hopefully the coach knows what they're doing. They know the rules they've played before they played currently. And the better. The more excited the coaches. The more interested the more into it the coach is, the better the team does, right? Yet when it comes to trading. We all think we can do it on our own. Ah, yeah. All right. I'm just gonna open an account. Put some money in it. Press these buttons. I'm gonna be a billionaire. Yeah, I love the idea. I will hear that. Oh, easy, but it's not. Right. Now. Look, if you go to Wall Street, and you get a job, any firm any trading firm out there, right? Are they gonna like oh, hey, welcome first day. Yeah, yeah, okay, you're gonna have a lot of fun today. Here. Here's a bunch of money. Go figure it out. No, right. I got a good look for it. Make some money. Come back to us. Let me know how you do. No, they're not gonna do that. You know, they're gonna teach you. They're gonna assign you a mentor who is then responsible for you if you screw up it is on his head. Right? He's responsible, he's gonna make sure he's watching you like a hawk, make sure you don't lose the firm's money. And he's gonna teach you what to do and what not to do. And guess what, he's got a mentor. And then they got a mentor, and they got a mentor, and he goes all the way up the line. There's nobody on Wall Street that does not have somebody on top of them, coaching them and mentoring them. So why do at home traders, retail traders? What do they think they can skip this pillar? It's perplexed me for the longest time. I mean, I was there, right in that shoes. And I think maybe it's just because it's more sexy. You know, it sounds better. That Hey, I did it on my own. I didn't need anybody. Right? We go into trading for mainly the same reason. We want to make more money. Right? That's where you go to trading. And what are you gonna do with the money? The most common thing I get is I want more freedom. I don't want anybody telling me what to do. I won't be able to do what I want when I want. And we talked about the three freedoms. Right? That's great. So that is counterintuitive to what it takes to be successful. Because yes, you don't want anybody tells you what to do. But you need somebody to tell you what to do. Because otherwise you don't know what to do. And then you lose the money. Does that make sense? So it's like, we want one thing, but we actually need the opposite. So we have to put our ego on the side, and take the sexy part out of it would be like, You know what? I'm gonna be okay. If I don't do it on my own, you know, because when you go to the bank, and you deposit money, they don't ask you like, Oh, hey, did you make this money on your own? Was it really hard to make this money? Did you blood, sweat, and tears suffering to make this money, if you do this, awesome, we'll take it, we'll deposit the money. But if you made it easy, like if you had a guide, and that guide, told you what to do, and you just did it, well, we're not gonna take your money, because your money is not good. Are they  banks are gonna do that, no banks are not gonna do that. No way, no bank will be doing that the bank don't care, right, you got to buy a car, they don't care how you got the money, they just want the money. So the easy path is to get the mentor to tell you what to do. And then when you make enough money, and you learn the skill, you don't need that mentor anymore than you don't need him. And then he can't tell you what to do anymore, you fire him, right? Or you find another mentor. That's how it works, you move to the next level, and you find somebody at the next level to give you more mentoring, the mentoring never stops, to be honest, never stops. Okay? If you want to do it yourself, you might be able to, eventually, after many, many years of trial and error, and many, many 1000s and losses. It's true. I mean, I understand, because I skipped most of this pillar when I was starting out. And I mean, it took me over 10 years, 10 years, to get to the point where I can get to my I can get my students, I can get to them in one year. So what it took me to learn in 10 years, I can get my students to that same point in one year or less. Because I've been through the potholes and the potholes. And I know the mistakes and I know what they're thinking, I know what they're doing certain things, right. And I can tell them, hey, don't do that. Or hey, watch out for that. A check this out. Right? And if they listen, then yes, they will get there much, much, much, much faster. But then when I was starting out, I thought that I didn't have the money. I can't afford a mentor, man, these coaches are expensive. I don't have the money for that. I lost a lot more mistakes, than it would have cost me to have 10 mentors. I gotta hire lots of mentors, with the money that I lost. Okay, so a, you know, I'm your mentor right here. You're listening to this, I'm coaching you, I'm coaching you on this, find somebody that knows what they're doing. Find somebody that's doing what you want to be doing, having the success you want to have, and learn from them. Alright, that is pillar number three. Time goes by too fast. Right? We think oh, man, I'm still young. I don't have to retire for another five years, or they're retired on the 10 years. Oh, I got money. I got fine. I got time. You do? You do? You probably have time. And like if you listen to any my other episodes, you can probably say that you know what? We're gonna live longer and longer longer. So you have plenty of time, maybe. But still goes by too fast. He goes, we don't know. I mean, you'd be gone in a blink of an eye. But even if you have all the time in the world, wouldn't you rather have the rewards now? Then five years from now? 10 years from now? Right? Wouldn't you want to have the life you desire now? And if you have to listen to somebody, heaven forbid, the guy knows what he's talking about. You listen, and you get the results now and you don't make all the mistakes. It makes sense. I hope so. So save your time, save yourself the agony, get yourself a mentor, there is no glory in figuring out on your own. All right, let's go to pillar number four, the community. So I recently attended a fund managers conference, where Jim Rogers was one of the speakers. Now, Jim Rogers is a co founder of a quantum fund. That's what it's called. And he's made several billions of dollars over the years. So he made billions and then he quit. And he went and traveled around the world did all these things, investing on his own money. And while he was speaking, he was telling us, you know, I think this is going to happen. The mark indicates I'm investing here, I'm missing here. But he made like a off the cuff remark, like a really, you know, just like a throwaway thing. He said that when he started, and he was talking about how old he is. But he said, when we when he started the quantum fund with George Soros, there were only four or five hedge funds at the time in New York. Right? I mean, the hedge fund was still a new concept, and there were only a few of them, and that they would all be able to go out to dinner. He's like, Oh, yeah, all those fit in one dining room. And he just started, how about some news? Did you catch what he just said, all the hedge fund managers, the guys that will be competing with each other, the guys that are trying to get better returns than each other up each other, get the, you know, they want to get the all the investor money for themselves. They would hang out at night, and go to dinner, and talk shop, they would share their ideas, and they will share their trait. If you read some of the books that these guys have written other hedge fund managers or mutual mutual fund managers, you can see that they actually do this. In New York, they get together, they share ideas, they talk to each other. Right. And if you think about it, go back to any book on Wall Street. Any book that you might have or read in the past, if it's about Wall Street and how it works. You'll see a similar vein. So there's the book, The Big Short, anything from that that's a more recent one, right? All the way to go back in time. One of my favorites is reminiscence of a stock operator by Jesse Livermore. He was one of the greatest traders day traders. plungers is what he called it of all time. And they all do the same thing. They would get together, they would talk to each other, they would share ideas. And whenever they need information, they just call up their friend at another firm. Right? They all work together. Because these guys they go from company to company to company anyway, so they make friends with each other, or they've gone to school with each other. So they know each other. Right? Oh, hey, hey, did you see the stocks going up? What's going on? Oh, I heard this and this and this crazy. Oh, man. Okay. Hey, if you hear anything else, let me know. Okay, cool. So then they gotta tell somebody, Hey, I just heard this news. Oh, yeah. No, no, that's not happening. This is happening. Oh, really? Okay, cool. I'll call you back. And he goes, Hey, this isn't happening. That's how they make money. They share the information. Now, is this legal? I don't know. As long as it's not insider information. It's perfectly legal, right?  They also hire people, and computers and whatever, to see what each other are doing. So if there are some firms that are like totally quiet, quiet, they want to other other firms want to know what they're doing. So they hire like, a way to spy on each other. And then they get their information, and then they do it that way. So at a at a hedge fund, and I learned this when I started my hedge fund, the broker that you use is a it's called a prime broker. Okay. One of the benefits of having a top prime broker is that the broker is connected. And they know everything that's going on. And they can tell you this, they can tell you what's going on. You just call them up, say, Hey, what is unique about this, you're gonna think about this. I want to get into this, who do I talk to? The broker will tell you if you give them enough business, right? So if you want to learn more about this, you can watch. There's a there's a show called billions, actually called billions. The first couple of seasons were about the hedge fund, and it got into all different kinds of crazy drama and stuff. But I was watching it for that, like how do they run the hedge fund? What's going on? How do they deal with each other? I don't know how realistic it is. But it was cool to learn and see. Right? So then, let me ask you, if these hedge fund guys, these big traders, billionaires are talking to each other, like they go to Davos every year, you know, and that's just one conference that these big investors go to. And what do they do? They talk to each other. They share their biggest ideas. They're like, look, this is what I'm investing in. This is what I think is gonna happen. This is what I think is gonna happen. They share their ideas with each other. Now you and I, we're not going to get invited to Davos anytime soon. Right? So we have to wait for like CNBC or Fox News to go there and cover it. And we might get like a little tidbit on this. And now we're not gonna get the real juicy stuff, because we're not big enough to be in the room. So if these big mega whales share and talk to each other, and don't worry about the competition so much, why are you trying to do it yourself? I don't know, why, why you shouldn't do it yourself. That's what you got to answer. Who is out there that you can bounce your ideas off of, right? Who do you know that is better at trading than you are, will take your calls and work with you, or give you advice. Or even if they're not better than you they're least as good as you are, they know what you're doing. And you guys have a understanding that you know what each other is doing. And you can help each other? Do you have a community of like minded traders that have similar goals, trading in a similar way? Because that is pillar number four, this is a shortcut. Not only that, but it makes it a lot more fun. Because without a community trading is very, very, very, very, very lonely. And you're going to miss stuff, you're going to miss a lot of things. You cannot watch all the news, you cannot watch all the attention, you cannot pay attention to everything. So if you have a team, you succeed, right. But it can't be just any community, it can't just be any team of people, they have to know what they are doing. So you can't just go to some random group on Facebook, or Reddit, or discord, or whatever. Right. That is why the best communities of traders are very hard to find. And they're very hard to join. Because they want to keep out people. Right? They have enough people that want to join, they have to keep out people. That's the main goal. Now, thanks to the communities in our coaching programs that we have. So our coaching programs, we create a community for each one. My students keep me on my toes. Seriously, I am constantly learning new things from them. Even though I've been doing this for close to 20 years, they still point out new things. And they go hey, did you check this out? There's a new update on the software. And you can do this and this. Oh, wow. That's really cool. Oh, hey, did you know this was introduced? Oh, that's really cool. Because, you know, I've been doing stuff my way. And I've been, I'm gonna keep doing it my way until I find a better way. And so when they see something, they're like, Oh, hey, we could do this. We could do this. I was like, Oh, wow, let's take a look. Right. For the longest time, we've been trading oil options. And just recently, they introduced micro options on oil. Now a couple of years ago, they came out with weekly options on oil. I was like, yeah, no, I don't know, you know, and my students were the ones that introduced that, like, "Hey, can we take a look at it?", there wasn't enough volume, and the weekly eventually went away. But now there are micros. And so we are learning how to do those, and how to use those and how different they are. And we find out that yeah, you know what, we can use these, we can definitely use these. Right, our communities, our trading communities, and the ones that we set up for our coaching programs. They give us a safe space, to ask questions without getting ridiculed. And to give feedback to other people without people think oh, he's a know it all, you know, the things you notice everything Oh, he's a dork. No, we help each other. That's the point. And we root for one another, right? Because we want all of us to succeed. One person posts a trade, other people might do the same. We all want to succeed, right? We all rowing in the same direction. And that's what makes a good community. So then here are again, the four pillars, just to recap, that you should have to learn trading as soon as possible. Number one, you got to have a strategy that works and fits your individual style of trading. What works for you might not work for the next you. So you might be in the same community or neighborhood or meet up. But he might be doing something totally different from you. So you really cannot learn that much from him. Right? Number two, a battle tested trading plan that you will follow is not gonna do any good. If you don't follow it. If it doesn't match you, right doesn't match your goals doesn't match your time doesn't match your aggressiveness. All the things that we talked about earlier. If he doesn't match you, you ain't gonna do it. And you might be Oh, I don't have discipline. No. I mean, that might be true. But most likely, it's because it doesn't match. Right? It's a lot easier to follow something if you enjoy it. And it makes sense to you. And it doesn't make you all freaked out. Number three, a mentor or a coach that can help you avoid mistakes and shortcut the learning curve. What could take years can be done within months.  And that's what I've seen happen over and over and over again with different students. And we've built our programs our way it's like hey, If you just you know, I know what strategy works, I'll give you my trading plan, I will be your coach and your mentor. And I will give you a community. And that's how we set up our coaching programs, we give them all four pillars, you get this, you get this, you get this, you get this, we do it all together. And so in a matter of months, bam, you know exactly what to do, how to do it. And you know how to do it and handle in different situations, and you become consistent very quickly. That's what these four pillars do. And lastly, the fourth pillar is a community of like-minded, caring, similarly trained traders. Right? So if you have a community of four people, one guy's a day trader, one guy is trading, crypto, one guy is trading Forex, and the other guy's trading options. There are some things you guys can talk about. But when it comes down to your strategy, you're not really gonna be able to up to there. That's just the way it is. So you need like-minded, caring, because you have to care about you, and you have to care about them. Similarly trained. So you guys know the same strategy, you know, that if you make a mistake, they'll be able to point it out to you and say, Hey, you didn't do that part. You didn't do that step. Oh, that's what I've been messing up on. Yep. could be as simple as that. So those are the four pillars. I hope this was been helpful. If you need help with any of them, you can reach out to us and trade with the odds in your favor. Take care.

"Reminiscences of a Stock Operator" by Edwin Lefèvre is a fictionalised biography based on the life and experiences of Jesse Livermore, a famous stock trader.  Jesse Livermore is considered a pioneer of day trading and at one time, Livermore was one of the richest people in the world;  Some of Livermore's trades, such as taking short positions before the 1906 San Francisco earthquake and just before the Wall Street Crash of 1929, are legendary within investing circles. However, he eventually committed suicide, largely due to the amount of leverage he took on and at that time he had liabilities greater than his assets. Some observers have regarded Livermore as the greatest trader who ever lived, but others have regarded his legacy as a cautionary tale about the risks of leverage to seek large gains rather than a strategy focused on smaller yet more consistent returns. The book provides insights into the mindset, strategies, and challenges faced by a successful speculator in the stock market during the early 20th century. 

CÁCH MUA CỔ PHIẾU ĐÚNG CÁCH VÀ BẢO VỆ VỐN KHI ĐẦU TƯ CHỨNG KHOÁN CỦA BẬC THẦY JESSE LIVERMORE Vì sao nhiều nhà đầu tư, nhất là Nhà đầu tư mới hay bay mất 40%-50% tài khoản của mình? Họ trở thành nhà đầu tư giá trị bất đắc dĩ khi thị trường biến động và mất tiền.

10 LỜI KHUYÊN ĐẦU TƯ CHỨNG KHOÁN KINH ĐIỂN CỦA HUYỀN THOẠI JESSE LIVERMORE Bất cứ nhà đầu tư cá nhân tham gia thị trường chứng khoán nào trên thế giới đều ít nhất nghe qua một lần về Jesse Livermore - nhà đầu cơ khét tiếng với biệt danh “Con gấu vĩ đại của phố Wall”. Trên đây là những kinh nghiệm “xương máu” mà bạn có thể học hỏi từ nhà đầu cơ này.

Ryan talks about using trailing stops versus manual hard stops, and the benefits of the latter over the former. He also briefly talks about Jesse Livermore as a trader and whether his principles still applies today in swing trading. Whiskey: Jack Ryan 12 Year Irish Whiskey Be sure to check out my Swing-Trading offering through Patreon that goes hand-in-hand with my podcast, offering all of the research, charts and technical analysis on the stock market and individual stocks, not to mention my personal watch-lists and regular updates on the most popular stocks, including FAANG stocks, Microsoft and Tesla. This is provided each and every week! Check it out now at: www.swingtradingthestockmarket.com

Aunque este libro nos cuenta la historia de un tal Livingstone, realmente se trata de un alter ego de Jesse Livermore.Livermore fue un pionero del trading que vivió en Estados Unidos entre 1877 y 1940. Su vida fue tan fascinante que el periodista Edwin Lefèvre le dedicó una docena de artículos en prensa, que pronto se convertirían en el germen para este libro.Por tanto, «Memorias de un operador de bolsa» es una especie de biografía novelada que evoca un relato en primera persona de Livermore, escrito por Lefèvre.

Fill The Gap Live: Investment Management Trends at an Inflection PointInterview recorded Live at CMT APAC Summit 2022 in Mumbai India on Nov 5, 2022In this live installment of Fill the Gap, the official podcast of the CMT Association, global money management veterans share how they use technical analysis in their trend following investment process for market outperformance over the long run.With front row seats to the evolution of equity markets for more than three decades, Atul Suri and David Lundgren, CMT, CFA have learned many lessons managing returns over multiple market cycles. They will discuss the strategies used in their respective funds and unpack the objectives of trend following including how to identify, engage, and stay in trending securities by utilizing the tools of technical analysis.As an investment style, trend following has existed for a very long time. Some 200 years ago, the classical economist David Ricardo's imperative to “cut short your losses” and “let your profits run on” suggested an attention to trends. Early in the last century, the legendary American trader Jesse Livermore stated explicitly that the “big money was not in the individual fluctuations but in … sizing up the entire market and its trend.” Understanding that the market is efficient, but also trends, confirms how technical analysis can help investors uncover attractive investment opportunities. Leading, coincident, and lagging indicators of trend change as well as Relative Strength will give the audience a clear perspective on how they might incorporate technical analysis into their own investment process.Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. Join us in conversation with the men and women of Wall St. who discovered, engineered, and refined the discipline of technical market analysis to improve your own investment decision making and approach to markets.For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/

LÃI SUẤT TĂNG MẠNH, CƠ HỘI NÀO CHO ĐẦU TƯ_ CƠ HỘI NÀO CHO DOANH NGHIỆP VÀ CỔ PHIẾU Ngân hàng nhà nước chính thức tăng lãi suất điều hành thêm 1% từ 5%-6% từ ngày 24/10/2022, môi trường lãi suất sẽ lên cao, cơ hội nào cho thị trường? Cho doanh nghiệp và cho đầu tư? Các bạn nên xem hết video này. Nếu bạn muốn học hỏi về thị trường chứng khoán thì bạn có thể: ⭕ Tìm hiểu và đăng ký sử dụng giải pháp hỗ trợ đầu tư Kungfu Stocks Pro tại đây: https://bit.ly/Kungfu-Stocks-Pro ⚡ Tìm đọc thêm các quyển sách về đầu tư khác: * 101 Lời khuyên tài chính cá nhân từ Thái Phạm: https://bit.ly/bk-101-tk * Trend Following: https://bit.ly/bk-trend-tk * The Art and Science of Technical Analysis: https://bit.ly/bk-art-tk * Payback Time - Ngày Đòi Nợ: http://bit.ly/ngay-doi-no-tiki-happy-live * Tuyệt kỹ Giao dịch bằng đồ thị nến Nhật: https://bit.ly/nen-nhat-tiki * Hệ thống giao dịch Ichimoku Charts: https://bit.ly/he-thong-giao-dich-ichimoku-charts-tiki-happy-live * Phương pháp VSA chính gốc: Nghiên cứu cách giao dịch của Wyckoff: https://bit.ly/phuong-phap-vsa-chinh-goc-cua-wyckoff-tiki-happy-live * Nghệ thuật đầu tư Dhandho: http://bit.ly/nghe-thuat-dau-tu-dhandho-tiki-happy-live * Làm Giàu Từ Chứng Khoán CANSLIM: http://bit.ly/bo-sach-lam-giau-tu-chung-khoan-thuc-hanh-canslim-tiki-happy-live * Cách kiếm lợi nhuận 18.000% từ thị trường chứng khoán: https://bit.ly/cach-kiem-loi-nhuan-18000-tu-thi-truong-chung-khoan-tiki-happy-live * Phương pháp kinh doanh và đầu cơ cổ phiếu của Jesse Livermore, huyền thoại đầu cơ Phố Wall: https://bit.ly/how-to-trade-in-stocks-tiki-happy-live * Điều quan trọng nhất: https://bit.ly/dieu-quan-trong-nhat-tiki-happy-live * Lạc Quan Tếu - Irrational Exeburance: https://bit.ly/lac-quan-teu-tiki-happy-live **Tủ Sách Tinh Hoa Chứng Khoán Toàn Tập 2021: https://bit.ly/tu-sach-tinh-hoa-chung-khoan-toan-tap-2021-tiki __

NẾU TẬP ĐOÀN LỚN SA THẢI 50% NHÂN VIÊN THÌ SAO? LỢI VÀ HẠI? Việc sa thải nhân sự ồ ạt theo kế hoạch của một tập đoàn lớn cho thấy những khó khăn gì ở doanh nghiệp? Tại sao nhà đầu tư lại cần quan tâm đến chủ đề này? Xem nhé bạn hữu! Nếu bạn muốn học hỏi về thị trường chứng khoán thì bạn có thể: ⭕ Tìm hiểu và đăng ký sử dụng giải pháp hỗ trợ đầu tư Kungfu Stocks Pro tại đây: https://bit.ly/Kungfu-Stocks-Pro ⚡ Tìm đọc thêm các quyển sách về đầu tư khác: * 101 Lời khuyên tài chính cá nhân từ Thái Phạm: https://bit.ly/bk-101-tk * Trend Following: https://bit.ly/bk-trend-tk * The Art and Science of Technical Analysis: https://bit.ly/bk-art-tk * Payback Time - Ngày Đòi Nợ: http://bit.ly/ngay-doi-no-tiki-happy-live * Tuyệt kỹ Giao dịch bằng đồ thị nến Nhật: https://bit.ly/nen-nhat-tiki * Hệ thống giao dịch Ichimoku Charts: https://bit.ly/he-thong-giao-dich-ichimoku-charts-tiki-happy-live * Phương pháp VSA chính gốc: Nghiên cứu cách giao dịch của Wyckoff: https://bit.ly/phuong-phap-vsa-chinh-goc-cua-wyckoff-tiki-happy-live * Nghệ thuật đầu tư Dhandho: http://bit.ly/nghe-thuat-dau-tu-dhandho-tiki-happy-live * Làm Giàu Từ Chứng Khoán CANSLIM: http://bit.ly/bo-sach-lam-giau-tu-chung-khoan-thuc-hanh-canslim-tiki-happy-live * Cách kiếm lợi nhuận 18.000% từ thị trường chứng khoán: https://bit.ly/cach-kiem-loi-nhuan-18000-tu-thi-truong-chung-khoan-tiki-happy-live * Phương pháp kinh doanh và đầu cơ cổ phiếu của Jesse Livermore, huyền thoại đầu cơ Phố Wall: https://bit.ly/how-to-trade-in-stocks-tiki-happy-live * Điều quan trọng nhất: https://bit.ly/dieu-quan-trong-nhat-tiki-happy-live * Lạc Quan Tếu - Irrational Exeburance: https://bit.ly/lac-quan-teu-tiki-happy-live **Tủ Sách Tinh Hoa Chứng Khoán Toàn Tập 2021: https://bit.ly/tu-sach-tinh-hoa-chung-khoan-toan-tap-2021-tiki __

VNINDEX SẼ TEST LẠI ĐÁY 1000 ĐIỂM VÀ PHỤC HỒI VỚI THANH KHOẢN THẤP??? Thị trường Việt Nam tuần mới sẽ như thế nào? Nhà đầu tư nên làm gì, đi theo phương pháp CANSLIM hay Payback Time - Ngày đòi nợ? Xem nhé bạn hữu! Nếu bạn muốn học hỏi về thị trường chứng khoán thì bạn có thể: ⭕ Tìm hiểu và đăng ký sử dụng giải pháp hỗ trợ đầu tư Kungfu Stocks Pro tại đây: https://bit.ly/Kungfu-Stocks-Pro ⚡ Tìm đọc thêm các quyển sách về đầu tư khác: * 101 Lời khuyên tài chính cá nhân từ Thái Phạm: https://bit.ly/bk-101-tk * Trend Following: https://bit.ly/bk-trend-tk * The Art and Science of Technical Analysis: https://bit.ly/bk-art-tk * Payback Time - Ngày Đòi Nợ: http://bit.ly/ngay-doi-no-tiki-happy-live * Tuyệt kỹ Giao dịch bằng đồ thị nến Nhật: https://bit.ly/nen-nhat-tiki * Hệ thống giao dịch Ichimoku Charts: https://bit.ly/he-thong-giao-dich-ichimoku-charts-tiki-happy-live * Phương pháp VSA chính gốc: Nghiên cứu cách giao dịch của Wyckoff: https://bit.ly/phuong-phap-vsa-chinh-goc-cua-wyckoff-tiki-happy-live * Nghệ thuật đầu tư Dhandho: http://bit.ly/nghe-thuat-dau-tu-dhandho-tiki-happy-live * Làm Giàu Từ Chứng Khoán CANSLIM: http://bit.ly/bo-sach-lam-giau-tu-chung-khoan-thuc-hanh-canslim-tiki-happy-live * Cách kiếm lợi nhuận 18.000% từ thị trường chứng khoán: https://bit.ly/cach-kiem-loi-nhuan-18000-tu-thi-truong-chung-khoan-tiki-happy-live * Phương pháp kinh doanh và đầu cơ cổ phiếu của Jesse Livermore, huyền thoại đầu cơ Phố Wall: https://bit.ly/how-to-trade-in-stocks-tiki-happy-live * Điều quan trọng nhất: https://bit.ly/dieu-quan-trong-nhat-tiki-happy-live * Lạc Quan Tếu - Irrational Exeburance: https://bit.ly/lac-quan-teu-tiki-happy-live **Tủ Sách Tinh Hoa Chứng Khoán Toàn Tập 2021: https://bit.ly/tu-sach-tinh-hoa-chung-khoan-toan-tap-2021-tiki __

TIẾT KIỆM, VÀNG, TRÁI PHIẾU, SO SÁNH CÁC KÊNH ĐẦU TƯ CÁI GÌ HƠN? Trái phiếu có phải kênh đáng để đầu tư, đặc biệt so với tiết kiệm và vàng? Bốn đặc điểm nào sẽ quyết định công cụ đầu tư mà bạn muốn đặt cược tiền của mình vào? Nghe nhé! Nếu bạn muốn học hỏi về thị trường chứng khoán thì bạn có thể: ⭕ Tìm hiểu và đăng ký sử dụng giải pháp hỗ trợ đầu tư Kungfu Stocks Pro tại đây: https://bit.ly/Kungfu-Stocks-Pro ⚡ Tìm đọc thêm các quyển sách về đầu tư khác: * 101 Lời khuyên tài chính cá nhân từ Thái Phạm: https://bit.ly/bk-101-tk * Trend Following: https://bit.ly/bk-trend-tk * The Art and Science of Technical Analysis: https://bit.ly/bk-art-tk * Payback Time - Ngày Đòi Nợ: http://bit.ly/ngay-doi-no-tiki-happy-live * Tuyệt kỹ Giao dịch bằng đồ thị nến Nhật: https://bit.ly/nen-nhat-tiki * Hệ thống giao dịch Ichimoku Charts: https://bit.ly/he-thong-giao-dich-ichimoku-charts-tiki-happy-live * Phương pháp VSA chính gốc: Nghiên cứu cách giao dịch của Wyckoff: https://bit.ly/phuong-phap-vsa-chinh-goc-cua-wyckoff-tiki-happy-live * Nghệ thuật đầu tư Dhandho: http://bit.ly/nghe-thuat-dau-tu-dhandho-tiki-happy-live * Làm Giàu Từ Chứng Khoán CANSLIM: http://bit.ly/bo-sach-lam-giau-tu-chung-khoan-thuc-hanh-canslim-tiki-happy-live * Cách kiếm lợi nhuận 18.000% từ thị trường chứng khoán: https://bit.ly/cach-kiem-loi-nhuan-18000-tu-thi-truong-chung-khoan-tiki-happy-live * Phương pháp kinh doanh và đầu cơ cổ phiếu của Jesse Livermore, huyền thoại đầu cơ Phố Wall: https://bit.ly/how-to-trade-in-stocks-tiki-happy-live * Điều quan trọng nhất: https://bit.ly/dieu-quan-trong-nhat-tiki-happy-live * Lạc Quan Tếu - Irrational Exeburance: https://bit.ly/lac-quan-teu-tiki-happy-live **Tủ Sách Tinh Hoa Chứng Khoán Toàn Tập 2021: https://bit.ly/tu-sach-tinh-hoa-chung-khoan-toan-tap-2021-tiki __

RUNG LẮC HAY TIẾP TỤC PHỤC HỒI TUẦN MỚI? CẦN LƯU Ý GÌ? (ĐIỂM TIN TUẦN) Thị trường Việt Nam tuần qua đã có sự phục hồi tự nhiên với nỗ lực phục hồi trong 3 phiên, kỳ vọng gì cho thị trường tuần mới, ngành nào sẽ tiềm năng cho đà phục hồi kỹ thuật; cơ cấu danh mục ngắn hạn và dài hạn ra sao? Đón xem nhé bạn hữu! Nếu bạn muốn học hỏi về thị trường chứng khoán thì bạn có thể: ⭕ Tìm hiểu và đăng ký sử dụng giải pháp hỗ trợ đầu tư Kungfu Stocks Pro tại đây: https://bit.ly/Kungfu-Stocks-Pro ⚡ Tìm đọc thêm các quyển sách về đầu tư khác: * 101 Lời khuyên tài chính cá nhân từ Thái Phạm: https://bit.ly/bk-101-tk * Trend Following: https://bit.ly/bk-trend-tk * The Art and Science of Technical Analysis: https://bit.ly/bk-art-tk * Payback Time - Ngày Đòi Nợ: http://bit.ly/ngay-doi-no-tiki-happy-live * Tuyệt kỹ Giao dịch bằng đồ thị nến Nhật: https://bit.ly/nen-nhat-tiki * Hệ thống giao dịch Ichimoku Charts: https://bit.ly/he-thong-giao-dich-ichimoku-charts-tiki-happy-live * Phương pháp VSA chính gốc: Nghiên cứu cách giao dịch của Wyckoff: https://bit.ly/phuong-phap-vsa-chinh-goc-cua-wyckoff-tiki-happy-live * Nghệ thuật đầu tư Dhandho: http://bit.ly/nghe-thuat-dau-tu-dhandho-tiki-happy-live * Làm Giàu Từ Chứng Khoán CANSLIM: http://bit.ly/bo-sach-lam-giau-tu-chung-khoan-thuc-hanh-canslim-tiki-happy-live * Cách kiếm lợi nhuận 18.000% từ thị trường chứng khoán: https://bit.ly/cach-kiem-loi-nhuan-18000-tu-thi-truong-chung-khoan-tiki-happy-live * Phương pháp kinh doanh và đầu cơ cổ phiếu của Jesse Livermore, huyền thoại đầu cơ Phố Wall: https://bit.ly/how-to-trade-in-stocks-tiki-happy-live * Điều quan trọng nhất: https://bit.ly/dieu-quan-trong-nhat-tiki-happy-live * Lạc Quan Tếu - Irrational Exeburance: https://bit.ly/lac-quan-teu-tiki-happy-live **Tủ Sách Tinh Hoa Chứng Khoán Toàn Tập 2021: https://bit.ly/tu-sach-tinh-hoa-chung-khoan-toan-tap-2021-tiki __

⛔️(LIVESTREAM): TIN ĐỒN, ĐẶC SẢN CỦA CHỢ CHỨNG KHOÁN VIỆT NAM! THỔI BAY CẢ CHỤC TỶ ĐÔ LA VỐN HÓA Thị trường Chứng khoán Việt đang như một con bệnh ốm yếu, gặp đủ loại tin đồn ác ý, bạn cần phải làm gì lúc này? Nếu bạn muốn học hỏi về thị trường chứng khoán thì bạn có thể: ⭕ Tìm hiểu và đăng ký sử dụng giải pháp hỗ trợ đầu tư Kungfu Stocks Pro tại đây: https://bit.ly/Kungfu-Stocks-Pro ⚡ Tìm đọc thêm các quyển sách về đầu tư khác: * 101 Lời khuyên tài chính cá nhân từ Thái Phạm: https://bit.ly/bk-101-tk * Trend Following: https://bit.ly/bk-trend-tk * The Art and Science of Technical Analysis: https://bit.ly/bk-art-tk * Payback Time - Ngày Đòi Nợ: http://bit.ly/ngay-doi-no-tiki-happy-live * Tuyệt kỹ Giao dịch bằng đồ thị nến Nhật: https://bit.ly/nen-nhat-tiki * Hệ thống giao dịch Ichimoku Charts: https://bit.ly/he-thong-giao-dich-ichimoku-charts-tiki-happy-live * Phương pháp VSA chính gốc: Nghiên cứu cách giao dịch của Wyckoff: https://bit.ly/phuong-phap-vsa-chinh-goc-cua-wyckoff-tiki-happy-live * Nghệ thuật đầu tư Dhandho: http://bit.ly/nghe-thuat-dau-tu-dhandho-tiki-happy-live * Làm Giàu Từ Chứng Khoán CANSLIM: http://bit.ly/bo-sach-lam-giau-tu-chung-khoan-thuc-hanh-canslim-tiki-happy-live * Cách kiếm lợi nhuận 18.000% từ thị trường chứng khoán: https://bit.ly/cach-kiem-loi-nhuan-18000-tu-thi-truong-chung-khoan-tiki-happy-live * Phương pháp kinh doanh và đầu cơ cổ phiếu của Jesse Livermore, huyền thoại đầu cơ Phố Wall: https://bit.ly/how-to-trade-in-stocks-tiki-happy-live * Điều quan trọng nhất: https://bit.ly/dieu-quan-trong-nhat-tiki-happy-live * Lạc Quan Tếu - Irrational Exeburance: https://bit.ly/lac-quan-teu-tiki-happy-live **Tủ Sách Tinh Hoa Chứng Khoán Toàn Tập 2021: https://bit.ly/tu-sach-tinh-hoa-chung-khoan-toan-tap-2021-tiki __

NHỮNG BÀI HỌC TÀI CHÍNH CÁ NHÂN TRƯỜNG HỌC KHÔNG DẠY BẠN Đây có lẽ là những bài học về tài chính cá nhân và làm giàu mà bạn ước mình đã có thể biết được từ khi còn ngồi trên ghế nhà trường. Nhưng không bao giờ là quá muộn để theo đuổi tư duy giàu có cả. Xem ngay nhé bạn hữu! ⭕ Tìm hiểu và đăng ký sử dụng giải pháp hỗ trợ đầu tư Kungfu Stocks Pro tại đây: https://bit.ly/Kungfu-Stocks-Pro ⚡ Tìm đọc thêm các quyển sách về đầu tư: * Payback Time - Ngày Đòi Nợ: http://bit.ly/ngay-doi-no-tiki-happy-live * Làm Giàu Từ Chứng Khoán CANSLIM: http://bit.ly/bo-sach-lam-giau-tu-chung-khoan-thuc-hanh-canslim-tiki-happy-live * Cách kiếm lợi nhuận 18.000% từ thị trường chứng khoán: https://bit.ly/cach-kiem-loi-nhuan-18000-tu-thi-truong-chung-khoan-tiki-happy-live * Tuyệt kỹ Giao dịch bằng đồ thị nến Nhật: https://bit.ly/nen-nhat-tiki * Phương pháp kinh doanh và đầu cơ cổ phiếu của Jesse Livermore, huyền thoại đầu cơ Phố Wall: https://bit.ly/how-to-trade-in-stocks-tiki-happy-live * Phương pháp VSA chính gốc: Nghiên cứu cách giao dịch của Wyckoff: https://bit.ly/phuong-phap-vsa-chinh-goc-cua-wyckoff-tiki-happy-live * Điều quan trọng nhất: https://bit.ly/dieu-quan-trong-nhat-tiki-happy-live * Hệ thống giao dịch Ichimoku Charts: https://bit.ly/he-thong-giao-dich-ichimoku-charts-tiki-happy-live * Lạc Quan Tếu - Irrational Exeburance: https://bit.ly/lac-quan-teu-tiki-happy-live **Tủ Sách Tinh Hoa Chứng Khoán Toàn Tập 2021: https://bit.ly/tu-sach-tinh-hoa-chung-khoan-toan-tap-2021-tiki__

OPEC+ DỒN ÔNG BIDEN VÀO THẾ BÍ GIỮA NHIỆM KÌ! GIÁ DẦU? NĂNG LƯỢNG SẼ RA SAO? LẠM PHÁT? Mỹ muốn giá dầu giảm để kéo lạm phát xuống, trong khi Saudi Arabia luôn muốn giữ giá dầu ở một mức nhất định để đảm bảo ngân sách. Ông Biden có vào thế bí? Giá dầu, năng lượng sẽ ra sao? Đón xem video này bạn nhé. ⭕ Tìm hiểu và đăng ký sử dụng giải pháp hỗ trợ đầu tư Kungfu Stocks Pro tại đây: https://bit.ly/Kungfu-Stocks-Pro ⚡ Tìm đọc thêm các quyển sách về đầu tư: * Payback Time - Ngày Đòi Nợ: http://bit.ly/ngay-doi-no-tiki-happy-live * Làm Giàu Từ Chứng Khoán CANSLIM: http://bit.ly/bo-sach-lam-giau-tu-chung-khoan-thuc-hanh-canslim-tiki-happy-live * Cách kiếm lợi nhuận 18.000% từ thị trường chứng khoán: https://bit.ly/cach-kiem-loi-nhuan-18000-tu-thi-truong-chung-khoan-tiki-happy-live * Tuyệt kỹ Giao dịch bằng đồ thị nến Nhật: https://bit.ly/nen-nhat-tiki * Phương pháp kinh doanh và đầu cơ cổ phiếu của Jesse Livermore, huyền thoại đầu cơ Phố Wall: https://bit.ly/how-to-trade-in-stocks-tiki-happy-live * Phương pháp VSA chính gốc: Nghiên cứu cách giao dịch của Wyckoff: https://bit.ly/phuong-phap-vsa-chinh-goc-cua-wyckoff-tiki-happy-live * Điều quan trọng nhất: https://bit.ly/dieu-quan-trong-nhat-tiki-happy-live * Hệ thống giao dịch Ichimoku Charts: https://bit.ly/he-thong-giao-dich-ichimoku-charts-tiki-happy-live * Lạc Quan Tếu - Irrational Exeburance: https://bit.ly/lac-quan-teu-tiki-happy-live **Tủ Sách Tinh Hoa Chứng Khoán Toàn Tập 2021: https://bit.ly/tu-sach-tinh-hoa-chung-khoan-toan-tap-2021-tiki__

OPEC+ CẮT GIẢM SẢN LƯỢNG 2 TRIỆU THÙNG/NGÀY, CÁI "TÁT" VÀO BẦU CỬ GIỮA NHIỆM KỲ CỦA MỸ OPEC+ đã nhất trí cắt giảm sản lượng dầu mỏ ở mức 2 triệu thùng/ngày, đều này sẽ ảnh hưởng đến luồng dịch chuyển vốn đầu tư như thế nào? Xem hết video này nhé bạn hữu! ⭕ Tìm hiểu và đăng ký sử dụng giải pháp hỗ trợ đầu tư Kungfu Stocks Pro tại đây: https://bit.ly/Kungfu-Stocks-Pro ⚡ Tìm đọc thêm các quyển sách về đầu tư: * Payback Time - Ngày Đòi Nợ: http://bit.ly/ngay-doi-no-tiki-happy-live * Làm Giàu Từ Chứng Khoán CANSLIM: http://bit.ly/bo-sach-lam-giau-tu-chung-khoan-thuc-hanh-canslim-tiki-happy-live * Cách kiếm lợi nhuận 18.000% từ thị trường chứng khoán: https://bit.ly/cach-kiem-loi-nhuan-18000-tu-thi-truong-chung-khoan-tiki-happy-live * Tuyệt kỹ Giao dịch bằng đồ thị nến Nhật: https://bit.ly/nen-nhat-tiki * Phương pháp kinh doanh và đầu cơ cổ phiếu của Jesse Livermore, huyền thoại đầu cơ Phố Wall: https://bit.ly/how-to-trade-in-stocks-tiki-happy-live * Phương pháp VSA chính gốc: Nghiên cứu cách giao dịch của Wyckoff: https://bit.ly/phuong-phap-vsa-chinh-goc-cua-wyckoff-tiki-happy-live * Điều quan trọng nhất: https://bit.ly/dieu-quan-trong-nhat-tiki-happy-live * Hệ thống giao dịch Ichimoku Charts: https://bit.ly/he-thong-giao-dich-ichimoku-charts-tiki-happy-live * Lạc Quan Tếu - Irrational Exeburance: https://bit.ly/lac-quan-teu-tiki-happy-live **Tủ Sách Tinh Hoa Chứng Khoán Toàn Tập 2021: https://bit.ly/tu-sach-tinh-hoa-chung-khoan-toan-tap-2021-tiki__

TUẦN SÓNG GIÓ CỦA CHỨNG KHOÁN TOÀN CẦU, CHỨNG VIỆT THUỘC TOP GIẢM MẠNH NHẤT THẾ GIỚI Thị trường chứng khoán Việt Nam thuộc top giảm mạnh nhất toàn cầu trong thời gian gần đây, chuyện gì đang xảy ra? Kỳ vọng nào dành cho thị trường trong tuần mới? ⭕ Tìm hiểu và đăng ký sử dụng giải pháp hỗ trợ đầu tư Kungfu Stocks Pro tại đây: https://bit.ly/Kungfu-Stocks-Pro ⚡ Tìm đọc thêm các quyển sách về đầu tư: * Payback Time - Ngày Đòi Nợ: http://bit.ly/ngay-doi-no-tiki-happy-live * Làm Giàu Từ Chứng Khoán CANSLIM: http://bit.ly/bo-sach-lam-giau-tu-chung-khoan-thuc-hanh-canslim-tiki-happy-live * Cách kiếm lợi nhuận 18.000% từ thị trường chứng khoán: https://bit.ly/cach-kiem-loi-nhuan-18000-tu-thi-truong-chung-khoan-tiki-happy-live * Tuyệt kỹ Giao dịch bằng đồ thị nến Nhật: https://bit.ly/nen-nhat-tiki * Phương pháp kinh doanh và đầu cơ cổ phiếu của Jesse Livermore, huyền thoại đầu cơ Phố Wall: https://bit.ly/how-to-trade-in-stocks-tiki-happy-live * Phương pháp VSA chính gốc: Nghiên cứu cách giao dịch của Wyckoff: https://bit.ly/phuong-phap-vsa-chinh-goc-cua-wyckoff-tiki-happy-live * Điều quan trọng nhất: https://bit.ly/dieu-quan-trong-nhat-tiki-happy-live * Hệ thống giao dịch Ichimoku Charts: https://bit.ly/he-thong-giao-dich-ichimoku-charts-tiki-happy-live * Lạc Quan Tếu - Irrational Exeburance: https://bit.ly/lac-quan-teu-tiki-happy-live **Tủ Sách Tinh Hoa Chứng Khoán Toàn Tập 2021: https://bit.ly/tu-sach-tinh-hoa-chung-khoan-toan-tap-2021-tiki__

HOẢNG LOẠN!! FED TĂNG LÃI SUẤT 4.6%-5.25% CÓ PHẢI TẬN THẾ VỚI CHỨNG KHOÁN TOÀN CẦU? GÓC NHÌN LỊCH SỬ Fed tiếp tục thực hiện kế hoạch quyết liệt chống lại lạm phát và dự kiến lãi suất có thể tăng đến 4.6%-5.25%. Thị trường chứng khoán thế giới nói chung và thị trường Việt Nam nói riêng sẽ phản ứng như thế nào. Tất cả sẽ được tôi phân tích trên video này, dựa trên những dữ kiện lịch sử. Đừng quên, nếu bạn muốn học hỏi về thị trường chứng khoán thì bạn có thể: ⭕ Tìm hiểu và đăng ký sử dụng giải pháp hỗ trợ đầu tư Kungfu Stocks Pro tại đây: https://bit.ly/Kungfu-Stocks-Pro ⚡ Tìm đọc thêm các quyển sách về đầu tư: * Payback Time - Ngày Đòi Nợ: http://bit.ly/ngay-doi-no-tiki-happy-live * Làm Giàu Từ Chứng Khoán CANSLIM: http://bit.ly/bo-sach-lam-giau-tu-chung-khoan-thuc-hanh-canslim-tiki-happy-live * Cách kiếm lợi nhuận 18.000% từ thị trường chứng khoán: https://bit.ly/cach-kiem-loi-nhuan-18000-tu-thi-truong-chung-khoan-tiki-happy-live * Tuyệt kỹ Giao dịch bằng đồ thị nến Nhật: https://bit.ly/nen-nhat-tiki * Phương pháp kinh doanh và đầu cơ cổ phiếu của Jesse Livermore, huyền thoại đầu cơ Phố Wall: https://bit.ly/how-to-trade-in-stocks-tiki-happy-live * Phương pháp VSA chính gốc: Nghiên cứu cách giao dịch của Wyckoff: https://bit.ly/phuong-phap-vsa-chinh-goc-cua-wyckoff-tiki-happy-live * Điều quan trọng nhất: https://bit.ly/dieu-quan-trong-nhat-tiki-happy-live * Hệ thống giao dịch Ichimoku Charts: https://bit.ly/he-thong-giao-dich-ichimoku-charts-tiki-happy-live * Lạc Quan Tếu - Irrational Exeburance: https://bit.ly/lac-quan-teu-tiki-happy-live **Tủ Sách Tinh Hoa Chứng Khoán Toàn Tập 2021: https://bit.ly/tu-sach-tinh-hoa-chung-khoan-toan-tap-2021-tiki__

⛔️(LIVESTREAM): LÃI SUẤT TĂNG CAO, NÊN ĐỂ Ý ĐIỀU GÌ KHI ĐẦU TƯ? FED đã nâng lãi suất, NHNN Việt Nam cũng đã tăng lãi suất điều hành từ 4%-5%, điều này sẽ ảnh hưởng tới môi trường đầu tư cổ phiếu như thế nào? Ta cần lưu ý điều gì? chọn ngành đầu tư ngắn và dài hạn ra làm sao? ⭕ Tìm hiểu và đăng ký sử dụng giải pháp hỗ trợ đầu tư Kungfu Stocks Pro tại đây: https://bit.ly/Kungfu-Stocks-Pro ⚡ Tìm đọc thêm các quyển sách về đầu tư: * Payback Time - Ngày Đòi Nợ: http://bit.ly/ngay-doi-no-tiki-happy-live * Làm Giàu Từ Chứng Khoán CANSLIM: http://bit.ly/bo-sach-lam-giau-tu-chung-khoan-thuc-hanh-canslim-tiki-happy-live * Cách kiếm lợi nhuận 18.000% từ thị trường chứng khoán: https://bit.ly/cach-kiem-loi-nhuan-18000-tu-thi-truong-chung-khoan-tiki-happy-live * Tuyệt kỹ Giao dịch bằng đồ thị nến Nhật: https://bit.ly/nen-nhat-tiki * Phương pháp kinh doanh và đầu cơ cổ phiếu của Jesse Livermore, huyền thoại đầu cơ Phố Wall: https://bit.ly/how-to-trade-in-stocks-tiki-happy-live * Phương pháp VSA chính gốc: Nghiên cứu cách giao dịch của Wyckoff: https://bit.ly/phuong-phap-vsa-chinh-goc-cua-wyckoff-tiki-happy-live * Điều quan trọng nhất: https://bit.ly/dieu-quan-trong-nhat-tiki-happy-live * Hệ thống giao dịch Ichimoku Charts: https://bit.ly/he-thong-giao-dich-ichimoku-charts-tiki-happy-live * Lạc Quan Tếu - Irrational Exeburance: https://bit.ly/lac-quan-teu-tiki-happy-live **Tủ Sách Tinh Hoa Chứng Khoán Toàn Tập 2021: https://bit.ly/tu-sach-tinh-hoa-chung-khoan-toan-tap-2021-tiki__

⛔️Fed liệu có tăng lãi suất thêm 1%? Chứng khoán tuần mới cần lưu ý gì?” Fed đương nhiên sẽ tăng lãi suất, nhưng tăng như thế nào và tuần mới cần quan tâm điều gì không? Mời bạn cùng xem video nhé ⭕ Tìm hiểu và đăng ký sử dụng giải pháp hỗ trợ đầu tư Kungfu Stocks Pro tại đây: https://bit.ly/Kungfu-Stocks-Pro ⚡ Tìm đọc thêm các quyển sách về đầu tư: * Payback Time - Ngày Đòi Nợ: http://bit.ly/ngay-doi-no-tiki-happy-live * Làm Giàu Từ Chứng Khoán CANSLIM: http://bit.ly/bo-sach-lam-giau-tu-chung-khoan-thuc-hanh-canslim-tiki-happy-live * Cách kiếm lợi nhuận 18.000% từ thị trường chứng khoán: https://bit.ly/cach-kiem-loi-nhuan-18000-tu-thi-truong-chung-khoan-tiki-happy-live * Tuyệt kỹ Giao dịch bằng đồ thị nến Nhật: https://bit.ly/nen-nhat-tiki * Phương pháp kinh doanh và đầu cơ cổ phiếu của Jesse Livermore, huyền thoại đầu cơ Phố Wall: https://bit.ly/how-to-trade-in-stocks-tiki-happy-live * Phương pháp VSA chính gốc: Nghiên cứu cách giao dịch của Wyckoff: https://bit.ly/phuong-phap-vsa-chinh-goc-cua-wyckoff-tiki-happy-live * Điều quan trọng nhất: https://bit.ly/dieu-quan-trong-nhat-tiki-happy-live * Hệ thống giao dịch Ichimoku Charts: https://bit.ly/he-thong-giao-dich-ichimoku-charts-tiki-happy-live * Lạc Quan Tếu - Irrational Exeburance: https://bit.ly/lac-quan-teu-tiki-happy-live **Tủ Sách Tinh Hoa Chứng Khoán Toàn Tập 2021: https://bit.ly/tu-sach-tinh-hoa-chung-khoan-toan-tap-2021-tiki__

“The sittin' and the waitin' is important. You have to sit and wait for all factors to come together to merge into the perfect play.” -Jesse Livermore One of the most important traits of a great trader is patience.  You have to know how to sit on your hands and wait. It takes patience to not be in the market all the time. It takes patience to wait for a great play. And if you don't have the patience to wait for a great play, you'll reach for a mediocre play. (And you really don't want to do that.) Jesse Livermore knows something about waiting. He predicted the crash of 1929. As a matter of fact he made $100,000,000 in one day (that's about 1.7 billion dollars today) shorting stocks right before the crash. What did Jesse Livermore know that other traders didn't? That's what today's episode is all about.  Listen to the Episode Now! 

Meet Malcolm Campbell, President of Midwest Mosaic, and a Toledo Ohio Based ceramic tile contractor. He has been in the tile trade for over 25 years and provides skilled ceramic tile installation to general contractors and construction managers in the greater tri-state area – Ohio Indiana and Michigan. He also provides residential tile installation to home owners, property investors, home builders and remodelers. Malcolm has an unmistakable passion for his trade, his team, and the quality he delivers to clients. You will learn the story of how Malcolm put in the work to build his foundational skills in the tile trade and the strategies and processes he's used to catapult to a 7 figure plus business in just the last few years. Tune in to hear his wisdom that is decades in the making and start growing your business to 7 figures now! Timestamps: [2:05] Introduction to Malcolm [6:00] What Keeps Malcolm in the industry [8:25] How Malcolm got started in the tile industry [9:32] Where Malcolm learned his work ethic and mindset [10:51] Malcolm's take on getting into tile at the entry level [11:11] How mentorship influence Malcolm [12:38] The importance of personal development [13:45] Where the “Take the best, leave the rest," philosophy comes from [14:37] A good decision that Malcolm made in the business [18:27] Discussing burn out [19:10] Malcolm's strategy for hiring [20:00] A bad decision that Malcolm made in the business [21:00] ‘The Fundamental Five' [24:00] ‘Tile Wisdom' [25:43] The importance of being highly qualified in the tile trade [27:39] ‘Take the 20 minutes' '[29:20] Speed round [31:26] Does Malcolm Mastermind? [33:33] If he only had one hour each day to run his business, how would he do it? Quotes: “I do have a fire. I do have a fire in my belly. They talk about entrepreneurship. I got the fire and sometimes it cuts both ways. I cut people with it and I'm always working on that to be a better me.” - Malcolm Campbell “As I started out in tile. I went to university and I got a Bachelor's of Science in Civil Engineering, which is kind of like getting a doctorate in cement.” - Malcolm Campbell “When I work with cement it's coming from that perspective of how a jazz player just takes an instrument and improvs with it.” - Malcolm Campbell “There are guys that aren't at the seven figure level yet that want to do things inside their business to grow it faster, but they have to master the little things before they can get there.” - Chaz Wolfe (Host) “You catch a lot of heat from the customers and, and I just have kept a mantra for a lot of years. This has been from when I was small and just coming up, even to now. My saying is, ‘I'll keep showing up every day until you tell me not to.'”- Malcolm Campbell Let's Connect! Malcolm Campbell: Website: http://www.midwestmosaic.us/ Personal Facebook: https://www.facebook.com/malcolm.campbell.52 Business Facebook: https://www.facebook.com/profile.php?id=100064159354830 Twitter: https://mobile.twitter.com/mudduckk Instagram: https://www.instagram.com/midwest_mosaic_inc/ Book Recommendations: “Reminiscences of a Stock Operator & Methods of Trading in Stocks,” by Jesse Livermore: https://www.amazon.com/Jesse-Livermores-Books-Market-Wisdom/dp/1946774561 If you liked this episode, please SUBSCRIBE to the podcast and drop us a FIVE-STAR REVIEW. We appreciate you, and your support enables us to keep bringing you the goods on the show!

IN THIS EPISODE, YOU'LL LEARN:01:19 - Clay's biggest takeaways from reading The Psychology of Money by Morgan Housel.04:55 - Why it's better to study broad trends and patterns rather than specific individuals.08:44 - Warren Buffett's secret weapon to becoming one of the richest people on the planet.09:30 - The story of how Jesse Livermore built a fortune trading stocks, only to eventually lose it all.14:39 - What Morgan Housel's definition of wealth is.17:25 - Why trying to make market predictions is a fool's game.24:50 - How Morgan Housel thinks about and handles his own finances.And much, much more!*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.EPISODE RESOURCESMorgan Housel's book The Psychology of Money.JL Collin's book The Simple Path to Wealth.Ramit Sethi's book I Will Teach You To Be Rich.Robert and Clay's tool for picking stock winners and managing our portfolios: TIP Finance.Follow Clay on Twitter.Get a FREE audiobook from Audible.Check out our Investing Starter Packs about business and finance.Support our free podcast by supporting our sponsors. The interval fund, a breakthrough innovation. Only at Mackenzie.Balancing opportunity and risk? The golden answer can be literally gold! Start your investment journey today with Perth Mint.Design is already in your hands with Canva. Start designing for free today.Get insights on how to plan for your financial goals with The Globe and Mail. Listeners get a special digital subscription rate for unrestricted access to everything.Read this episode's transcript and full show notes on our website.Connect with Clay: Twitter See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

After weeks of uncertainty and fear, the Great Crash finally arrives on October 24th, 1929. While America's financial infrastructure burns, Jesse Livermore makes $100 million in a single week. Wall Street's great cheerleader, Sunshine Charlie Mitchell, schemes and maneuvers to puff up the bull market and preserve his legacy. Amidst the wreckage of the Great Depression, a scrappy immigrant lawyer named Ferdinand Pecora leads a Federal investigation into Sunshine Charlie and National City Bank that shakes the very bedrock of American financial law.    SOURCES: Ahamed, Liaquat. Lords of Finance: The Bankers Who Broke the World. 2009. Allen, Frederick Lewis. Only Yesterday: An Informal History of the 1920s. 1931 Blumenthal, Karen. Six Days in October. 2002.  Charles Rivers Editors. Jesse Livermore. 2021. Charles Rivers Editors. Wall Street. 2020. Galbraith, John Kenneth. The Great Crash 1929. 1955. Galbraith, John Kenneth. A Short History of Financial Euphoria. 1990. Geisst, Charles R. Wall Street: A History. 1997. Klein, Maury. Rainbow's End. 2001.  Morris, Charles R. A Rabble of Dead Money. 2017. Nations, Scott. A History of the United States in Five Crashes. 2017. Parker, Selwyn. The Great Crash. 2008. Perino, Michael. The Hellhound of Wall Street. 2010. Rubython, Tom. Jesse Livermore: Boy Plunger. 2016. Thomas, Gordon. Morgan-Witts, Max. The Day the Bubble Burst. 1979. Learn more about your ad choices. Visit megaphone.fm/adchoices

Our guest this week is Andrew Miller. Andrew is a partner at Creative Planning where he advises clients on financial planning and investment issues. Prior to joining Creative Planning in 2020, Andrew was a partner at Miller Financial Management, where he focused on portfolio construction, financial and tax planning, as well as investment management. He's active on social media--you can find him on Twitter @millerak42--and has authored research on various financial-planning and investing topics that you can find online. Andrew is a CFA charterholder and also is a certified financial planner. He received his bachelor's degree in finance from Indiana University.BackgroundBioGeneral“Alpha, Beta, and Now ... Gamma,” by David Blanchett and Paul Kaplan, Morningstar.com, Aug. 28, 2013.Asset Allocation and Portfolio Construction“Alternative Investments--A Field Manual,” by Andrew Miller, alphaarchitect.com, Oct. 3, 2019.“Who's Afraid of a Big Bad Bear? Many Investors Shouldn't Be That Concerned,” by Andrew Miller, alphaarchitect.com, March 2, 2018.InvestingWhat Is Home Country Bias?“Investors Have Fewer Reasons Than Ever for Home Bias,” by Ben Johnson, Morningstar.com, June 7, 2019.“The Illiquidity Discount?” by Cliff Asness, aqr.com, Dec. 19, 2019.“Rebalance Your Portfolio? You Are a Market Timer and Here's What to Consider,” by Andrew Miller, alphaarchitect.com, March 23, 2017.“Large-Cap Price-to-Book Investing: What Is Dead May Never Die,” by Andrew Miller, alphaarchitect.com, June 25, 2019.“Upside-Down Markets: Profits, Inflation and Equity Valuation in Fiscal Policy Regimes,” by Jesse Livermore, osam.com, September 2020.What Is FRED?Retirement“Using Trend-Following Managed Futures to Increase Expected Withdrawal Rates,” by Andrew Miller,Papers.ssrn.com, Oct. 7, 2017.“Using Flexible Spending to Achieve Financial Goals,” by Andrew Miller, alphaarchitect.com, March 5, 2019.“Should Retirees Still Follow the 4% Rule?” The Long View podcast, Morningstar.com, Dec. 23, 2021.“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeffrey Ptak, and John Rekenthaler, Morningstar.com, Nov. 11, 2021.