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Wall $treet Week Hall of Fame member and the man called by the late Louis Rukeyser as simply the world's best stock picker shares why investors should follow the example of traders. He has concluded that traders have significant advantages: They understand the market; they know that it goes up and down and three days in a row does not constitute a bull market and they are not fazed if an economic indicator or two goes down or is worse than expected. Traders pay attention to the market. Their view of interest rates is based on what the banks are doing, not what the economists are saying. Most importantly, traders are transaction oriented, i.e., they want to make money. As a result, they ignore seasonal issues, they are not interested in scenarios of what the market could or could not do. If we go 55 days in a row with no 1% moves, it means we went 55 days without a 1% move and nothing about the next day or next week. As a result, probably 75% of what is considered research or commentary is, to a trader, noise. These ideas-and others-will be developed and abundant examples will be provided including a take-home takeaway, which will have some of his favorite trading stories, quotes, and short articles.
Laszlo Birinyi
Birinyi Associates, Inc.,
President
Laszlo Birinyi is president of Birinyi Associates, a research/asset management firm. A graduate of The University of North Carolina and New York University he began his career as a sales trader. At Mitchell, Hutchins he introduced the first trading calendar and in 1989 he left Salomon Brothers and formed his own firm.
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