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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Bilow who wrote (1568)7/6/1999 5:22:00 AM
From: JB2  Read Replies (1) of 18137
 
Carl, Oh I'm sure they (high volume scalpers) exist too!
Maybe the ones with assistants tell their assistants to
preference different marketmakers, or to delay jumping in
behind them. It would seem obvious that as your capital
grows, your methods have to change. Your strategy would
naturally turn from high focus on wealth creation, to
more focus on wealth preservation. Y'know I keep hearing
how Warren Buffett built his fortune on $100k of borrowed
money, and he never daytraded---but when he started
managing that fund it was in the 1950's (or earlier). I
mean think what $100k was worth back then: you could buy
an average home for around $3k, so a similar portfolio in
today's dollars would be equivalent to 33 average homes,
say $150k each, that is a cool $5mil. If you had THAT to start with, would you bother with trying to scalp??

Besides today you probably couldn't get by with the tactic he used to get
that huge infusion of capital to begin with: get your
congressman father's influential friends to pony up
"contributions" to your new "investment fund" when you get
out of college. Former Oregon Senator Hatfield retired
recently following a flap over similar type "bribes" as
they were called in the press, when it became known that
his children received college tuition gratis, and his
wife received questionably favorable real estate deals
(ala Hillary's commodity windfall) from D.C. bigwigs
currying favor on Capitol Hill.
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