Daily Speculations

The Web Site of Victor Niederhoffer & Laurel Kenner

Dedicated to the scientific method, free markets, deflating ballyhoo, creating value, and laughter;  a forum for us to use our meager abilities to make the world of specinvestments a better place.



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Clive Burlin on Evolution

As Craig Cuyler rightly pointed out about five months ago, the predators are becoming extinct while the prey flourishes. Furthermore, my observations may be different from yours. For instance, in my garden because I keep water outside for a chicken, birds and my dog the mosquito problem is far worse for me than it is for my neighbor. So while I have a problem they have none. There is no reason for them to spray. Just like a stock or bond, I might think taking on a position makes me a predator, while my trading neighbor with the same position thinks that he is becoming prey. Only our individual P&L's determine which one of us is right. Isn't the market wonderful?