This comment was forwarded to me about one of my books:
A good conscience especially an elevated consciousness of conscience is worth more to me than all the money in the world, when I clumped [Jack] Schwager’s books with Covel’s book with current top traders and fund managers, I realized after reading the book that I and probably most people would not be able to do this from a home computer with the typical technical and fundamental stuff and I would also feel very uncomfortable doing what I call frend [friend] following where some people work within exclusive nonpublic groups or networks and have access to nonpublic information and capital.
I welcome criticism, but it makes sense to correct the non-opinion stuff:
1. Trend following does not use fundamental analysis. Period.
2. Having “friends” in high places doesn’t help trend following traders. Trend following is based on price movements not phone calls to Goldman Sachs’ CEO or the POTUS. Those moves are Warren Buffett’s game not the game of successful trend following. Relationships like that are of no use to trend following traders.