analyst75
JF-Expert Member
- Jun 24, 2015
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INSIGHTS INTO THE MINDSET OF SUPER TRADERS – Part 20
“Books are great mentors, but where else can you learn? By standing on the shoulders of giants. When it comes to making money, here is the million dollar secret...follow someone smarter than you...”– James Altucher
Name:James Tisch
Date of birth: January 2, 1953
Nationality: American
Occupation: Investor and businessman
Career
James, who’s of Jewish ethnicity, was born in Southampton, New York, USA.
His dad was co-chair of Loews Corporation, plus his brother Preston Tisch. He went to Cornell University and later got his MBA from the Wharton School of the University of Pennsylvania.
James has held prestigious positions, including having a seat in the directorate of the Federal Reserve Bank of New York. He’s been the CEO of Loews Corporation since 1999.
One thing special about him is that, in terms of percentage, his investments have outperformed Warren Buffet’s.
He’s married to Merryl and blessed with 3 children. James has a mansion which is about 8,000 square feet in Southampton, New York. James is an avid philanthropist, and a supporter of certain politicians. He and his wife donated $40 million to found a cancer research institute, named after them.
Insights:
Conclusion: Do you think you’re a god who can predict the markets, Can you predict football matches with utmost certainty, even before the matches start. If you could do that, would you do that for other types of sports? Can you predict exactly when you will die or when a healthy person will die? Why do you still think future can be predicted? Why do you still think you can predict the markets? People get frustrated only because they think they can predict the markets (but they can’t, in reality). When you agree that it’s unrealistic to think that you can predict the market with whatever tools you may have, then you’ll find a solution to your trading problems. You’ll develop a system that enables you to make money without predicting the markets. James Tisch was able to attain good performances because he’s formulas that make him victorious while not being able to know the future.
This article is ended by the quote below:
“Event-driven trading can be very lucrative.”– Dr. Adrian Manz
Source: www.tallinex.com
“Books are great mentors, but where else can you learn? By standing on the shoulders of giants. When it comes to making money, here is the million dollar secret...follow someone smarter than you...”– James Altucher
Name:James Tisch
Date of birth: January 2, 1953
Nationality: American
Occupation: Investor and businessman
Career
James, who’s of Jewish ethnicity, was born in Southampton, New York, USA.
His dad was co-chair of Loews Corporation, plus his brother Preston Tisch. He went to Cornell University and later got his MBA from the Wharton School of the University of Pennsylvania.
James has held prestigious positions, including having a seat in the directorate of the Federal Reserve Bank of New York. He’s been the CEO of Loews Corporation since 1999.
One thing special about him is that, in terms of percentage, his investments have outperformed Warren Buffet’s.
He’s married to Merryl and blessed with 3 children. James has a mansion which is about 8,000 square feet in Southampton, New York. James is an avid philanthropist, and a supporter of certain politicians. He and his wife donated $40 million to found a cancer research institute, named after them.
Insights:
- Transparency matters in business success. If you claim you’re good at trading/investing, then you must make your audited track records known.
- Transparency leads to credibility. Credibility leads to more and more success. Simply look for ways to make your career credible. Success would then be very easy.
- James has been investing for many years. He’s really a veteran of the markets. Successful trading needs a commitment of a lifetime – just like a successful marriage. Commitment is what you need to realize your dreams, not mere interest.
- If you’re good enough, you can outperform the bigwigs. This means you can gain better than they can, in terms of percentage, though their portfolios may be bigger than yours. You can make 40% per annum on a $100,000 portfolio: whereas someone who’s managing $10 million could only make 6% per annum. Can you see the difference? As mentioned earlier, one thing special about James is that, in terms of percentage, his investments have outperformed Warren Buffet’s. He may not be as rich as Warren, but he outperforms him in terms of percentage gains. Since the year 2000, James has grown by almost 400% while Warren has grown by only 100%.
Conclusion: Do you think you’re a god who can predict the markets, Can you predict football matches with utmost certainty, even before the matches start. If you could do that, would you do that for other types of sports? Can you predict exactly when you will die or when a healthy person will die? Why do you still think future can be predicted? Why do you still think you can predict the markets? People get frustrated only because they think they can predict the markets (but they can’t, in reality). When you agree that it’s unrealistic to think that you can predict the market with whatever tools you may have, then you’ll find a solution to your trading problems. You’ll develop a system that enables you to make money without predicting the markets. James Tisch was able to attain good performances because he’s formulas that make him victorious while not being able to know the future.
This article is ended by the quote below:
“Event-driven trading can be very lucrative.”– Dr. Adrian Manz
Source: www.tallinex.com
