LastShadow's Position Trading Message Board

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Strategies & Market Trends : LastShadow's Position Trading

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To: LastShadow who wrote (20884)	8/31/1999 10:12:00 PM
From: Jay Lyons	Read Replies (1) of 43080

Hey all, Was catching up on the thread and this quote in reference to CMGI...Steinberg advises investors to fight the urge to follow the crowd...called to mind this quote, from William Eckhardt, Richard Dennis' original partner... If a betting game among a certain number of participants is played long enough, eventually one player will have all the money. If there is any skill involved, it will accelerate the process of concentrating all the stakes in a few hands. Something like this happens in the market. There is a persistent overall tendency for equity to flow from the many to the few. In the long run, the majority loses. The implication for the trader is that to win you have to act like the minority. If you bring normal human habits and tendencies to trading, you'll gravitate toward the majority and inevitably lose.

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