Not Much Change at the Big Brokers


Michael, thank you for writing Trend Following! I read your book while I was interning on a sales & trading desk (sadly it wasn’t required reading). Until I read Trend Following, I was always baffled by how analysts came to conclusions and how fundamentals were weighted and valued. Intuitively, I thought it rather absurd that the majority of analyst recommendations were BUY and that all SELL recommendations tended to come around the same time. I’m only 22 years old, but my goal is to learn as much as I can about trend following, practice it, hone my system, and eventually become a successful trend follower. Your website has been more helpful than my $200 college text books. Thanks!

While I appreciate the nice words, this email is really useful as a reminder about how little Wall Street has changed since the Dot Com Bomb 6 years ago. Here is a young guy making his way into the field and all he sees are people making predictions. And the only reason that the predictions never stop? The end user, the doctor, the attorney, the ‘get rich quick guy’ demands predictions. They love them! Human nature never changes!