Hedge Fund Market Wizards by Jack Schwager is a favorite of many hard core managers because it delves into the mind of the people that actually beat the market.
It is like a book of trusim and axioms.
The first article summarized and profile by financial trends is Colm O’Shea. These three are some of my most enlightening moments:
Most great trades are incredibly obvious to everyone after the fact. O’Shea points to his bearish turn at the start of the financial crisis in August 2007, when money markets seized up and LIBOR spiked. To this day, equity people wrongly point to March 2008 (Bear Stearns collapse) as the start of the crisis. The great trades don’t require predictions, but you must see what other market participants won’t.
Big price changes occur when people are forced to reevaluate their prejudices. Crisis (such as the inflationary threat from growing U.S. debt) may hit in the future when people notice and start to care. Bond yields will only signal there’s a problem when it’s too late. Fundamentals underlying the trade/event exist all along.
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