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Robert,
I don't totally disagree with you. I mean, what I'm doing today wouldn't have
been possible to do 20 years ago. But what you are talking about is just the
method of trading. At any point, since the day I was born, it has been possible
to trade the markets. It doesn't matter *how* you do it, trading skills are
still the same today as they ever were. Just like in the past, there will be
people who work to acquire those skills and those that are either unsuitable for
it, or lack the inclination/time to learn a new skill.
Technology will make trading the markets more easily accessable, bring new ways
to look at it etc., but they will never be a substitute for trading skills.
LTCM is a prime example. Probably a couple of computer geeks that are now
wishing that they would have spent more time trying to get in all the girls
pants. From what I've read about them, they seem to have violated a few basic
rules of trading. The results of doing that are the same as they always have
been. Obliteration of the trading account. This same scenerio is going to play
out thousands of times over on a much smaller scale as trading becomes more
accessable to the masses. The inevitable result will be a resurgence of full
service brokers.
It seems like the more things change, the more they stay the same.
Alan Myers
Robert W Cummings wrote:
> At 10:30 AM 10/11/98 -0600, alan myers wrote:
> >
> No I think where there is the advantage of taking weak flaws in the system
> people will always do that.
> The S&L were before now hedge funds something will be next what that is I
> don't know.
>
> That raw talent already discovered the way to use the Internet and made
> personal computers possible today.
> My money is on the geek with the coke bottle glasses and no friends. Got
> nothing better to do than change the world instead just getting drunk and
> trying to get in all the girls pants like I did.
>
> Robert
>
> >Maybe the new raw talent coming from the universities will go on to win the
> >Nobel prize in mathematics. Maybe then they will start a new hedge fund.
> >Then...
> >
> >This message could have been posted 5 yrs. ago or 10 yrs ago etc. dontcha
> >think?
> >
> >
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