| From the Desk of Don Yocham: When I first started working in the trading pits many moons ago, I was struck by how much every decision mattered.
Traders live and die by their decisions. The good ones make sure they risk only enough at any point in time to trade another day. But running from the consequences of their actions is not an option. That is unless you trade for a Too Big to Fail bank, get bailed out by taxpayers, and still pocket a bonus – but I digress.
Trading means getting up close and comfortable with cause and effect. It's an accountability crucible. And, to me, an environment of ultimate accountability meant love at first sight.
This accountability is what Nassim Taleb means by having skin in the game. He asserts that you should never trust anyone making big decisions, especially decisions that affect others, who doesn't have skin in the game. And my contempt for politicians and bureaucrats stems almost entirely from the fact that they don't have skin in the game.
They don't eat their own cooking. In fact, they do everything in their power to avoid it.
And one career politician in particular has been cooking up decisions and force feeding it to the world for 50 years. Never has he had to stomach the bitter consequence of his policies.
But stick around long enough, and I guess everything comes back around.
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| Disclaimer & Disclosures
The information in this email is intended for informational purposes only and does not guarantee specific results as there is a high degree of risk involved with trading. Also, our traders are real traders and may have financial interests in the companies discussed. Please see our Terms and Conditions for more information.
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This email was sent to edwardlorilla1986.paxforex@blogger.com by Long Weekend | |
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