“If a betting game among a certain number of participants I played long enough, eventually one player will have all the money. If there is any skill involved, it will accelerate the process of concentrating all the stakes in a few hands. Something like this happens in the market. There is a persistent overall tendency for equity to flow from the many to the few. In the long run, the majority loses. The implication for the trader is that to win you have to act like the minority. If you bring normal human habits and tendencies to trading, you'll gravitate toward the majority and inevitably lose.” IfsHumansLongEnoughHandsHappensRunningCertainGamesWinningProcessLosesNumbersPlayerHabitInvolvedSkillsNormalFlowMajorityTendenciesMinoritiesStakesLong RunsTradingEquityPersistentImplicationsParticipantsConcentratingTradersAccelerateBetting Author:William Eckhardt
“I may be biased, but I tend to find a much lower tendency among female programmers to be dishonest about their skills, and thus do not say they know C++ when they are smart enough to realize that that would be a lie for all but perhaps 5 people on this planet.” PeopleKnowsMayEnoughWould BeLyingRealizingPlanetsSkillsSmartFemaleTendenciesProgrammersBiased Author:Erik Naggum
“Trying to find this industry's tendency to celebrate the physical is a waste of time. So I'm happy to play the game. But I am also thirsty for input. I'm not a dunce whose only skill is knowing how to take a photograph, you know? And at the end of the day, I think it makes me slightly less replaceable.” ThinkingKnowsTryingEndsPlayGamesKnowingIndustrySkillsWastePhotographTendenciesCelebrateThe End Of The DayWasting TimeInputThirstyAnd At The End Of The DayDunces Author:Olivia Wilde