Monday, January 31, 2011
We have to go through hard times for five years to repair the damage that was committed over 20-25 years by the Federal Reserve, by the Treasury, by the politicians, and somebody has to tell the truth. But the politicians keep on fueling the illusion that you can spend yourself out of the misery, and that by printing money you will improve the economy, which is not the case."
But it does appear the economy has been improving.
Sunday, January 30, 2011
"Plus, there's shortages developing in commodities. I don't know if you've tried to buy any tin recently or any rubber recently or any cotton even. Shortages are developing everywhere no matter what currency the commodity is denominated in."
You pick an instrument and there's whole variety of benchmarks, things that you look at when trading a particular instrument whether it's a stock or a commodity or a bond. There's a fundamental information set that you acquire with regard to each particular asset class and then you overlay a whole host of technical indicators and that's how you make a decision. It doesn't make any difference whether it's pork bellies or Yahoo. At the end of the day, it's all the same. You need to understand what factors you need to have at your disposal to develop a core competency to make a legitimate investment decision in that particular asset class. And then at the end of the day, the most important thing is how good are you at risk control. 90% of any great trader is going to be the risk control."
Paul Tudor Jones
Greece, Greece is terrible. The U.K. is terrible. They have serious, serious problems. Ireland is in serious trouble, which is worse? The U.S. can print money and therefore it can conceivably put off its problems further than anyone else. But at the same time, it looks like the European Central Bank is going to continue to bail out some of the European countries that are in serious trouble.
They're all bankrupt. The U.S. is bankrupt. Greece is bankrupt. We're sitting around deluding ourselves. The U.K. is bankrupt. If you look at the numbers there's no way the U.S. can ever pay off its debt. I haven't done enough homework to know, but there are friends of mine who've said the U.S. cannot pay its debt. Within five years, the U.S. will be defaulting on its bonds. I have not done that homework myself."
Then something will come along where you know it's right. Take all your money out of the money-market fund, put it in whatever it happens to be and stay with it for three or four or five or 10 years, whatever it is.
You'll know when to sell again, because you'll know more about it than anybody else. Take your money out, put it back in the money-market fund, and wait for the next thing to come along. When it does, you'll make a whole lot of money."
Saturday, January 29, 2011
"I know that China is booming. I know that every time I go to China, and I've been going to China for 26 years -- the first time I went it was 1984 -- and I assure you China is growing very rapidly and doing a lot of things right. Whether it's 8% or 12%, I mean you look at the Indians. Who can believe the Indian number; certainly not me.
I've been going to India for many years, too, and I know they're not growing as fast as China, but they claim to be. The Indians wait for the Chinese to announce their growth numbers and then they announce theirs. They want to make sure they are in the same league. But all of these numbers are made up; you must understand that by now."
Friday, January 28, 2011
Besides trading, there is probably no other profession where you have to admit when you’re wrong. In trading, you can’t hide your failures."
Thursday, January 27, 2011
Former George Soros trader, Victor Sperandeo, discusses hyperinflation.
Wednesday, January 26, 2011
Mark D. Cook
Tuesday, January 25, 2011
And in comparison to other politicians, I think he came in on a platform as a president that would want to change the government in Washington, and actually he's made it worse. We foreigners, we just laugh at someone like Mr. Obama. I was very critical of Mr. Bush, but at least he had one line and he stuck to that line, and at least he set out to do a thing and he was relatively straight on the thing that he did. He may have been wrong, but at least he didn't change his mind continuously, and didn't prostitute himself."