Trading

“Anyone that's really succeeded in investing or trading is first and foremost a great risk manager.”

“Dedicating your life to this craft for a time period was one of the things that I think separated me.”

“I feel like trading is not subject to anything which is fundamentally sound. It is a lot of emotion. As long as emotion can't be modeled for, it will be tough for AI to make better calls than a human being.”

“In the past, it was all about information asymmetry. Even in the stock market, someone got some information, someone else. Nowadays, that information asymmetry is gone with the advent or anything. So I think having a better sense of the market and you can call…”

“You just create, like, a very well-defined small box to start, where you just have, like, a few elements to worry about. Only had a small number of trades, a small number of potential trading instruments, small holding periods, You kind of define the types of …”

“The most important thing everyone can know is just don't trade. Just don't trade. It's so easy to make money in crypto by simply investing and waiting.”

“Maybe it's because writing is a creative profession that people don't treat, like professional sports or, you know, trading or anything where it's just sort of excuse, like, because people think it's hard and they don't understand how it works. They're just a …”

“It really showed that we're adding a lot of value in security selection and a large amount of value in Sizing and really not much value in trading at all. Good news was we weren't destroying value in trading, but we weren't adding a lot of value in trading.”

“In the world that I live in, you know, for better or worse, we know that we're going to make mistakes all the time, that we are effectively just running experiments and getting feedback and then updating our approach and running a new experiment again the next…”

“On the trading side, sort of this principle of charity is really giving somebody credit for knowing what they're doing when they're trading against you. This is what sort of protects you from being run over by somebody who has better information than you do.”

“One thing you learn in in trading is it's not about being right. It's about making money. You could be right. And if everybody thinks you're wrong or everybody thinks you own them all, you're going to lose.”

“So, 31% of quant trading today is from quantitative traders, and it's almost like the dumb money has left the table, the poker table, and you're going up against the sophisticated guys.”

“Being an investor and being a trader, it felt like every day I would have a report card And you live and die on the merits of the work you did.”

“I think the, it's so dramatically understated the, you know, how important trading is in any investment strategy, market impact, implementation.”

“Most people will struggle for at least three, four, five years before they really see any type of consistency or success. You know, that's a bit of a generalization, but you know, it's not far from the truth.”

“Trading is an act of hubris, and the less you trade, the fewer opportunities for error you generate over time.”