Two quotes from the seventies that stayed with me, both from interviews with keyboardists- I can only paraphrase from memory.
(a) Marilyn Mason, the University of Michigan organist. Persistence is more important than talent. A 'less talented' musician who continues to practice daily will far outperform a talented colleague who doesn't.
(b) I want to say Warren Zevon, but I can't say for sure. There are two ways to become a proficient improviser. The first involves an organized approach- taking lessons or going to music school, for instance. The second derives from simply spending hours at the piano each day playing- and after several years, one becomes proficient.
Both quotes are powerful, powerful observations that can easily be applied to the art of trading.
Each step in the process of becoming a jazz pianist (at least for me) involved a long plateau period, during which no progress would be noticeable. Highly frustrating. Then one day, it all comes together, and it's clear that what was once difficult is well on its way to becoming effortless.
Put that together with the 'always darkest before the dawn' nature of human achievements, and it's now clear that trading the leveraged ETFs was meant for me. It's a combination of gaming (another 'art' that I discovered maybe 15 years ago- pretty much an accidental craps player), and psychology (of all the reading I do, I spend most of that time reading about the quirks and eccentricities of human nature).
Without much ado, I made several trades this week in the leveraged inverse shorts that, in retrospect, at least approached the city limits of 'effortless.' I didn't get them all right, and I didn't profit from them all, but I had one hell of a good time, and I was able to inwardly 'smile' as each impulse move hopscotched into 'WTF' range.
Yeah, I enjoy journeys into the minds of tortured souls, and I enjoy trading the leveraged ETFs.
I posted the above on the CC site, and fully expect to get gored by at least one responder. But WTH, you always run into a spoilsport on the way to the bank...
ReplyDeletehttp://shine.yahoo.com/event/haven/the-worlds-most-spectacular-pools-2217827/#photoViewer=7
ReplyDeleteMark- The photo of the pool you built in Sonoma County would not be out of place in this line up.
David- We made a trip to Santa Clara this afternoon, which included a visit to Santouka Ramen, located inside the Mitsuwa Marketplace at 675 Saratoga Avenue in Santa Clara.
ReplyDeleteSince it was brunch time, I had a steaming bowl of miso with Ramen topped with pork belly. 10 bucks. Absolutely delicious.
Now I'm home, finishing off a 300 mL ($4.99) bottle of Shiro Sasa unfiltered white sake.
Life is good.
2nd - i love it up your way man. great area. weather isn't as good as it is down here in san diego, but it's much more diverse.
ReplyDeleteMark,
ReplyDeleteYou asked who is Felix Zulauf. Here is what Barry Ritholz says in the intro to his audio interview:
" Felix W. Zulauf, for those unfamiliar with him, is a legend in the asset management business. He has worked in the financial markets for almost 40 years, starting his investment career as a trader for Swiss Bank, then training in research and portfolio management in New York, Zurich and in Paris."
Here is the link to the interview:
http://www.ritholtz.com/blog/2010/08/the-big-picture-interview-felix-zulauf-2/
The audio is fairly long and divided into two parts. Part 2 has the scary analysis of the future but both parts are interesting.
2nd_ave -- I am glad that you made good of your trip to Santa Clara.
ReplyDeleteWe have just returned from an overnight camping trip to the Brannan Island State Recreation Area: http://www.parks.ca.gov/?page_id=487. It is only 1:20 away from Santa Clara, but the river is warm enough to swim and we had a good time with a bunch of friends camping together with us. It is definitely a nice place for a day trip.
Thanks illini!
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