What they miss is that their competition has all this information, too -- so it doesn't give anyone an edge. They also don't understand that, in addition to all this information, the folks they are competing with have millions and millions of dollars to spend gathering information that will never be published anywhere or appear on an screen or chart or graph.
That's where the expert networks come in. That's where contact networks in general come in. That's where one-on-one meetings with managements and suppliers come in.
One glance from a CEO in response to a pointed question can contain more information than 500 pages of SEC filings. One nugget of scuttlebutt about the status of an important contract can make you more money than 500 hours of studying charts and graphs. Most small investors don't understand that their competition gets this sort of information all day long.
In short, it doesn't matter whether the trading game is played on "a level playing field" (and of course it isn't.) The New York Jets will still destroy any high-school football team, no matter what field the game is played on.
The REAL lesson most investors should take away from the largest institutional insider-trading investigation in history is that competition in the global financial markets is so intense that it's basically idiotic to trade.
Trading is what is known as a "zero sum game." To win, you have to beat the competition. (And you have to beat the competition by more than the amount that it costs you to trade, which is extraordinarily hard to do, especially after tax).
发表于 2010-11-22 13:49
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发表于 2010-11-22 13:57
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