Betfair Terms and Conditions:
1) Whatever we do is right
2) Whatever you do is wrong
Nice trading quote
'Like many businessmen of genius he learned that free competition was wasteful, monopoly efficient. And so he simply set about achieving that efficient monopoly'.
Mario Puzo (author of The Godfather)
Jeff
Mario Puzo (author of The Godfather)
Jeff
pdupre1961 wrote:Betfair Terms and Conditions:
1) Whatever we do is right
2) Whatever you do is wrong
"We need to give [our customers] no reason to go anywhere else."
Stephen Morana, Interim Betfair CEO
From http://www.telegraph.co.uk/finance/news ... ivals.html
BTW, the above article talks about a faster website. Was that what yesterday's downtime was about?
Jeff
Stephen Morana, Interim Betfair CEO
From http://www.telegraph.co.uk/finance/news ... ivals.html
BTW, the above article talks about a faster website. Was that what yesterday's downtime was about?
Jeff
pdupre1961 wrote:Betfair Terms and Conditions:
1) Whatever we do is right
2) Whatever you do is wrong
I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, “My God, they’re purple and green. Do fish really take these lures?” And he said, “Mister, I don’t sell to fish.”
Charlie Munger (Warren Buffett's right hand man)
Some assorted wisdom from Mr Munger: http://valuegroup.nl/waarde.beleggen/as ... wisdom.pdf
Jeff
Charlie Munger (Warren Buffett's right hand man)
Some assorted wisdom from Mr Munger: http://valuegroup.nl/waarde.beleggen/as ... wisdom.pdf
Jeff
The most useful and practical part of psychology—which I personally think can be taught
to any intelligent person in a week—is ungodly important. And nobody taught it to me by the
way. I had to learn it later in life, one piece at a time. And it was fairly laborious. It's so
elementary though that, when it was all over, I felt like a fool.
And yeah, I'd been educated at Cal Tech and the Harvard Law School and so forth. So very
eminent places miseducated people like you and me.
...
The elementary part of psychology—the psychology of misjudgment, as I call it—is a terribly important thing to learn.
...
Terribly smart people make totally bonkers mistakes by failing to pay heed to it.'
Charlie Munger (from the link in the previous message)
to any intelligent person in a week—is ungodly important. And nobody taught it to me by the
way. I had to learn it later in life, one piece at a time. And it was fairly laborious. It's so
elementary though that, when it was all over, I felt like a fool.
And yeah, I'd been educated at Cal Tech and the Harvard Law School and so forth. So very
eminent places miseducated people like you and me.
...
The elementary part of psychology—the psychology of misjudgment, as I call it—is a terribly important thing to learn.
...
Terribly smart people make totally bonkers mistakes by failing to pay heed to it.'
Charlie Munger (from the link in the previous message)
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rubysglory
- Posts: 309
- Joined: Thu Nov 04, 2010 7:02 am
Wisdom of Hafiz: the Philosopher Takes to Racing
My son, if you go to the races to battle with Ikey and Mo,
Remember, it's seldom the pigeon can pick out the eye of the crow;
Remember, they live by the business; remember, my son, and go slow.
If ever an owner should tell you, "Back mine" -- don't you be such a flat.
He knows his own cunning no doubt -- does he know what the others are at?
Find out what he's frightened of most, and invest a few dollars on that.
Walk not in the track of the trainer, nor hang round the rails at his stall.
His wisdom belongs to his patron -- shall he give it to one and to all?
When the stable is served he may tell you -- and his words are like jewels let fall.
Run wide of the tipster, who whispers that Borak is sure to be first,
He tells the next mug that he meets with a tale with the placings reversed;
And, remember, of judges of racing, the jockey's the absolute worst.
When they lay three to one on the field, and the runners are twenty-and-two,
Take a pull at yourself; take a pull -- it's a mighty big field to get through.
Is the club handicapper a fool? If a fool is about, p'raps it's you!
Beware of the critic who tells you the handicap's absolute rot,
For this is chucked in, and that's hopeless, and somebody ought to be shot.
How is it he can't make a fortune himself when he knows such a lot?
From tipsters, and jockeys, and trials, and gallops, the glory has gone,
For this is the wisdom of Hafiz that sages have pondered upon,
"The very best tip in the world is to see the commission go on!"
Andrew Barton Paterson ('Banjo')
My son, if you go to the races to battle with Ikey and Mo,
Remember, it's seldom the pigeon can pick out the eye of the crow;
Remember, they live by the business; remember, my son, and go slow.
If ever an owner should tell you, "Back mine" -- don't you be such a flat.
He knows his own cunning no doubt -- does he know what the others are at?
Find out what he's frightened of most, and invest a few dollars on that.
Walk not in the track of the trainer, nor hang round the rails at his stall.
His wisdom belongs to his patron -- shall he give it to one and to all?
When the stable is served he may tell you -- and his words are like jewels let fall.
Run wide of the tipster, who whispers that Borak is sure to be first,
He tells the next mug that he meets with a tale with the placings reversed;
And, remember, of judges of racing, the jockey's the absolute worst.
When they lay three to one on the field, and the runners are twenty-and-two,
Take a pull at yourself; take a pull -- it's a mighty big field to get through.
Is the club handicapper a fool? If a fool is about, p'raps it's you!
Beware of the critic who tells you the handicap's absolute rot,
For this is chucked in, and that's hopeless, and somebody ought to be shot.
How is it he can't make a fortune himself when he knows such a lot?
From tipsters, and jockeys, and trials, and gallops, the glory has gone,
For this is the wisdom of Hafiz that sages have pondered upon,
"The very best tip in the world is to see the commission go on!"
Andrew Barton Paterson ('Banjo')
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psycho040253
- Posts: 109
- Joined: Thu Mar 10, 2011 9:29 pm
That last post has to go straight in the book.
Cheers.
Psycho
Cheers.
Psycho
'My success comes from my love of the markets. I am not a casual trader. It is my life. I have a passion for trading. It is not merely a hobby or even a career choice for me. There is no question that this is what I am supposed to do with my life.'
Ed Seykota
Ed Seykota
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mister man
- Posts: 363
- Joined: Tue Jul 27, 2010 2:10 pm
Ferru123 wrote:'My success comes from my love of the markets. I am not a casual trader. It is my life. I have a passion for trading. It is not merely a hobby or even a career choice for me. There is no question that this is what I am supposed to do with my life.'
Ed Seykota
what a pretentious rear end Mr seykota must be.
how anyone can be so up themselves to believe they were put on this earth to gamble is almost as sad as it is ridiculous.
I disagree.
A friend of mine thinks he was put on this earth to be a graphic designer. He is extremely passionate about his job, and loves the creative process. I've tried to convince him that there are other things he could do well and enjoy, but he's not interested. I think he's addicted to the joy of that comes from creating. Maybe Ed Seykota is similar, in that when he trades, he creates - in his case, wealth. Self-actualisation can be a powerful drug.
I am reminded of a quote by a chess grandmaster, Siegbert Tarrasch:
"Chess is a form of intellectual productiveness. Therein lies its peculiar charm. Intellectual productiveness is one of the greatest joys --- if not the greatest one --- of human existence. It is not everyone who can write a play, or build a bridge, or even make a good joke. But in chess everyone can, everyone must, be intellectually productive and so can share in this select delight. I have always a slight feeling of pity for the man who has no knowledge of chess, just as I would pity the man who has remained ignorant of love. Chess, like love, like music, has the power to make men happy".
The same can be said of trading...
Jeff
A friend of mine thinks he was put on this earth to be a graphic designer. He is extremely passionate about his job, and loves the creative process. I've tried to convince him that there are other things he could do well and enjoy, but he's not interested. I think he's addicted to the joy of that comes from creating. Maybe Ed Seykota is similar, in that when he trades, he creates - in his case, wealth. Self-actualisation can be a powerful drug.
I am reminded of a quote by a chess grandmaster, Siegbert Tarrasch:
"Chess is a form of intellectual productiveness. Therein lies its peculiar charm. Intellectual productiveness is one of the greatest joys --- if not the greatest one --- of human existence. It is not everyone who can write a play, or build a bridge, or even make a good joke. But in chess everyone can, everyone must, be intellectually productive and so can share in this select delight. I have always a slight feeling of pity for the man who has no knowledge of chess, just as I would pity the man who has remained ignorant of love. Chess, like love, like music, has the power to make men happy".
The same can be said of trading...
Jeff
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mister man
- Posts: 363
- Joined: Tue Jul 27, 2010 2:10 pm
bid difference, graphic design other people can benefit from it, music, love, are creative forces, even chess other people can see the the intellectual process and wonder at it.
gambling is not like that at all, if mr seykota said hes benefitting mankind, or a charity, his country, neighbourhood, his neighbours by devoting large chunks of his winnings,then ill buy the statement.
otherwise its pretentious twaddle from a deluded sad person..
i would say its one of the saddest things ive read on here.
good luck tonight,if playing on the football.
gambling is not like that at all, if mr seykota said hes benefitting mankind, or a charity, his country, neighbourhood, his neighbours by devoting large chunks of his winnings,then ill buy the statement.
otherwise its pretentious twaddle from a deluded sad person..
i would say its one of the saddest things ive read on here.
good luck tonight,if playing on the football.
But surely skillful trading has a certain aesthetic appeal, like a fine piece of music or a beautiful football goal. As the poet Keats put it, 'Beauty is truth, truth beauty'.
Here's a famous Seykota quote which some people will find profound, and others pretentious:
'Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.'
Jeff
Here's a famous Seykota quote which some people will find profound, and others pretentious:
'Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.'
Jeff
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mister man
- Posts: 363
- Joined: Tue Jul 27, 2010 2:10 pm
"Seykota turned $5,000 into $15,000,000 in 12 years"
i take it then that he didnt and hasnt offered the benefit to mankind of his wealth, and kept the "beauty" for himself..
like i said mr rodney seykota
i take it then that he didnt and hasnt offered the benefit to mankind of his wealth, and kept the "beauty" for himself..
like i said mr rodney seykota
'Elements of good trading: clear thinking, ability to stay focused, and extreme discipline. Discipline is number one: take a theory and stick with it. But you also have to be open-minded enough to switch tracks if you feel that your theory has been proven wrong.'
Tony Saliba - Market wizard
Tony Saliba - Market wizard