I received a nice note recently from a retired pathologist. Some subtle sarcasm came in today from him:
This week I was at an ice creme shop in a fancy part of town. A visiting hegd fund evaluator sat down next to me and in our conversation he said his approach involved more than metrics on financial performance and included finding out if a firm attended to the business side of the business. This reminded me of the latter 1/3rd of your book which focussed on turtle subsequent success. I mentioned that to the evaluator who knew of your work and the “trend followers”. Because he was not a trader himself, I suggested he might find your book well worth the read. He also was concerned about the explosion in volume, variety and interconnected risks in his world. I wondered if we are really in for a rough ride given [what he described of] W.D. Gann’s admonition that log rises are followed by severe contraction and Soros’s contention that speculative markets tend to always get out of control, lacking reliable self correcting homeostatic mechanisms and credit default swaps daisy chained to India. “Come on.” said the retired pathologist as he finished up his cup of rum raisin.