Tuesday, September 08, 2009
Elevating Michael Davey
Check out this guy, up 67% on the year with his trading.
He's been flipping stock for 20 years plus and really knows his sh*t - especially this year.
Remarkably, he started playing the long side AFTER the initial leg of the bear market rally in March. This took some real stones and I'd say he deserves *credit* for reading the strong tape so deftly - BUT he doesn't need it. Instead he's got the plentiful *cash* generated by his personal bets!
I specifically remember Mike saying at one point, after the market started levitating, that *there would be plenty of time to get short on the way down*. On that point I completely disagreed. I thought this was going to be a year (like 2008) to sell hard into rallies....and walk away. Obviously I was wrong and Davey was spot on. It was a year to defenestrate fundamentals, valuations, and all reason. 2009 has been a year to trade like a disciplined robot, like a computer.
At the beginning of March I was up over 50% in my accounts....then disaster struck.
There's no way Michael Davey will give back his profits. He's too smart and experienced for that.
Me, I've recently soured on trading. After almost 14 years, I've realized some things about the endeavor that don't sit well with me. For one thing, trading does not engage my entire, massive brain. Secondly, there's nothing *productive* about it.
Y'all can read Mike's blog here - Centrifugal Deforest.