I smart, I just tripled my money." Then they rash out and have to do something else with that money. They can't just
sit there and wait for something new to develop.
Do you always wait for a situation to line up in your favor? Don't you ever say, "I think this market
is probably going to go up, so I'll give it a shot"?
What you just described is a very fast way to the poorhouse. I just wait until there is money lying in the
corner, and all I have to do is go over there and pick it up. I do nothing in the meantime. Even people who lose
money in the market say, "I just lost my money, now I have to do something to make it back." No, you don't. You
should sit there until you find something.
Trade as little as possible.
That is why I don't think of myself as a trader. I think of myself as someone who waits for something to come
along. I wait for a situation that is like the proverbial "shooting fish in a barrel."
Are all your trades fundamentally oriented?
Yes. Occasionally, however, the Commodity Research Bureau charts will provide a catalyst. Sometimes the
chart for a market will show an incredible spike either up or down. You will see hysteria in the charts. When I see
hysteria, I usually like to take a look to see if I shouldn't be going the other way.
Can you think of any examples?
Yes. Two years ago, I went short soybeans after they had gone straight up to $9.60. The reason I remember
it so vividly is because that same evening, I went to dinner with a group of traders, one of whom was talking about all
the reasons why he had bought soybeans. I said, "I really can't tell you why all the bullish arguments are wrong; all I
know is that I'm shorting hysteria."
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