Sunday, June 28, 2009

Inside the Mind of the Turtles

"Behold the turtle. He makes progress only when he sticks his neck out." - James Bryant Conant

I usually do not read books about the stock market/trading etc. but I figure a change never hurts. It is apt that I would read it since I am staying in the Hamptons this weekend courtesy of my Oppenheimer broker - Kyle Wool (thanks Kyle)

Inside the Minds of the Turtles by Curtis Faith is a book about risk, markets and trading. The Turtles are a group of traders who studied under Rich Dennis in the mid eighties. They were rampantly successful.

The book emphasizes the need for risk taking (and as an entrepreneur, I always do take calculated risks). It also emphasized the need to moderate those risks. I have always said "fail often, fail fast, fail cheap". Turtles focuses mostly on the fail often and fail cheap. And not to let fear paralyse.

Faith says "Fear is a mind killer", "Fear can paralyse" and "adapt or die - survival of the fittest is not survival of the strongest but survival of the most adaptable". So true.

In reading, I was worried the "systems" practised got results only through luck. Or perhaps I missed the logic underlying the decision. Perhaps I do not believe in trading systems and believe more in fundamentals.

Not sure I will take any action as a result of reading but it was an interesting and fun read. Almost like a good fiction book. He shared stories of skydiving, sailing accidents and adventures. Good book for a diversion.


Post a Comment

<< Home