Monday, January 26, 2009

MISH gets it right

Mike Shedlock is the best economic analyst blogger out there right now that I have seen. He's (self) educated in Austrian economic theory, but he's also a trader, or he has a trader mentality. You can see that in his comments below.

"We are not permabears or permabulls, nor do we daytrade. We review and reposition our strategies monthly, but if something noticeable happens mid-month, we try to react to it.

Unlike Schiff, we attempt to position our clients for what the market is actually doing, not what we think it ought to be doing. The distinction is paramount, especially when such thinking just might be wrong."

It reminds me of George Soros' style of formulating a hypothesis, testing it with real money, and limiting his risk if he is wrong.

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