I think about it from a different perspective. I want to be a long-term investor. Short-term investments are risky; the risks are always there. Over the long term, swing trading is just one of the ways it happens. We’ve never had a guy with a million dollars trying to make a trade on the back of his own passion. Instead, we’ve had a lot of people try to outdo each other by throwing money at it. That’s not a good thing for the markets.
In other words, you think longterm investors are overpaid, and you think swing traders are overpaid?
The question has no direct answer. You have your own perspective. What we have is that you have to pay attention to things. It is not just you who has to pay attention, and it isn’t just one trader who has to pay attention. All of us have to pay attention, and have good ideas for the market.
The question has no directly answer. You have your own perspective.
I always say we have the advantage of hindsight. We are so much better than we were 25 years ago. We are much better at recognizing patterns. The same guy who got $25 back 15 times and lost a few hundred bucks on that, he’s out there going into his computer. He was out there trying to make trades back then. It wasn’t a big advantage. But now, all those guys are out there. Now we have all the information. We can see why we made mistakes, when we did, and even when we didn’t, now we can figure out exactly why we made those mistakes. We were all doing it back then. Now we can do it now.
How much would you pay an actual real world expert at the start of an investment?
If our portfolio holds $100 million of equities, we need to have an adviser who can tell us what the return should be before we put money in. If we’re short 10 percent of the market, we need to have someone who can tell us if we should put money in short positions and have confidence that there is going to be a rebound and we can get out of those positions at the right price point for the right market. That is all a trade. I think that our clients will give a lot more than I could. They will want advice, and they will not want my advice. I’m not trying to be dismissive or something of the sort — I’m not a sales
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