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Why Money Managers Are No Good

Topic closed. 5 replies. Last post 9 years ago by pacattack05.

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Coin Toss's avatar - shape barbed.jpg
Zeta Reticuli Star System
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Posted: July 14, 2007, 6:24 pm - IP Logged

From the book: Fortune's Formula

The Untold Story Of The Scientific Betting System That  Beat The Casiois And Wall street 

by William Poundstone

Why Money Managers Are No Good

William Sharpe was one of the most militant of the Random Walk Cosa Nostra. He would go around asking money managers if they really beat the market. They would ususally huff and say they did: then Shapre would turn prosecuting attorney and grill them over the details. Sharpe subscribed to the view that successful portfolio managers are like successful astrologists - good at convincing the wealthy and gullible that their services are valuable. 

p 168 

Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

Lep

There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

    Coin Toss's avatar - shape barbed.jpg
    Zeta Reticuli Star System
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    Posted: July 14, 2007, 8:27 pm - IP Logged

    Anyone who even entertains the thought of entertaining the thought of hitting a jackpt should read this book.

    Anyone who entertains the thought of hitting a jackpot and going to Vegas should have to read this book.

    Topics include The Gambler's Ruin and Nature's Admonition to Avoid The Dice.

    Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

    Lep

    There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

      justxploring's avatar - villiarna
      Wandering Aimlessly
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      Posted: July 14, 2007, 9:41 pm - IP Logged

      I Agree!

      I learned the hard way.  What I mean is to educate yourself and spend some time studying.  Not all money managers are flim-flam men.  There are many people who have lots of experience and can offer good advice but only you have the final say on whether or not to take it. 


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        Posted: July 14, 2007, 11:39 pm - IP Logged

        It's actually self explanatory.

        If the person is making a living as a consultant teaching people how to manage their money, he wouldn't need the job in the first place.

        Think about it. If he or she were truly managing their money to the point where they were satisfied with the results to run on automatic, then why have a job?

        I wouldn't need a career. The experience and planning would suffice.

        All my ducks would be in a row, and no need to spill my guts to the world, as I have recently learned.

        If I knew how to beat the p-3 on an on going basis, straight, do you think I would expose myself by revealing my method to the masses?...Probably...but hesitant.

        NOT!

        Finding the holy grail would be enough of a shock to my system, much less ruin it for me by making the officials change the rules.

        All those gurus are like the weatherman, or woman. If they could predict the weather accurately, they'd be better off making serious cash at the stock market trends, not weather models. There's no serious cash in weather reporting......lol.... But they don't.

        And the reason they don't is because no one has a formula for success. They would have to have morphing systems, that will nurture the ever changing profile of chaos itself.

        And that's pretty difficult if you ask me...LOL

          Coin Toss's avatar - shape barbed.jpg
          Zeta Reticuli Star System
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          Posted: July 14, 2007, 11:45 pm - IP Logged

          pac

          One time at a seminar I attended the speaker had been a financial adviser. He said that most all of his clients needed one thing, more money! - not his advice.

          Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

          Lep

          There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.


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            Posted: July 14, 2007, 11:53 pm - IP Logged

            pac

            One time at a seminar I attended the speaker had been a financial adviser. He said that most all of his clients needed one thing, more money! - not his advice.

            Good one...

            Sometimes i think the audience is more intelligible than the speaker. 

            Any system needs to be fluid. If numbers change, then whatever system I use must consistently change. That's just the way it is in my opinion. Nothing stands still for even a single moment.