Daily Speculations

The Web Site of Victor Niederhoffer & Laurel Kenner

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9/7/04
Some Advice for Fixed System Traders as to how to Stem their Losses before Capitulation by Gibbons Burke

"For even military rules are subject to technical progress. What was good for 1914 is only good today where the majority of the formations engaged on both sides, or at least on the side which is attacked, are made up of non-motorized infantry units. Where this is the case the armor still acts as the cavalry, with the task of outrunning and cutting off the infantry. But in a battle fought between two fully-motorized adversaries, quite different rules apply...

"However praiseworthy it may be to uphold tradition in the field of soldierly ethics, it is to be resisted in the field of military command. For today it is not only the business of commanders to think up new techniques which will destroy the value of the old: the potentialities of warfare are themselves being continually changed by technical advance. Thus the modern army commander must free himself from routine methods and show a comprehensive grasp of technical matters, for he must be in a position continually to adapt his ideas of warfare to the facts and possibilities of the moment. If circumstances require it, he must be able to turn the whole structure of his thinking inside out."
[Erwin Rommel, "The Rommel Papers", p.204]