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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James Sogi

Hero, A Movie Review with Market Insights

Hero, starring Jet Li, is a story set in ancient China about a failed assassination attempt told from several viewpoints. The facts are fixed and quite simple, but as each person who tells the story has different reasons for deception, different motivations and different political agendas, versions vary widely. This explain why news does not have a predictable effect on the markets; the facts mean different things to different people.

I took a few notes during my second viewing on some interesting bits of wisdom that might be useful to speculators.

1. "Martial arts and music share the same principles. Both wrestle with complex chords and rare melodies."

2. "Calligraphy and swordsmanship both rely on merging the power of the wrist with the spirit of the heart. " For traders who trade with their hands, the interplay of the heart and wrist are worthy of study.

3. "The brush and sword are interconnected." This was the secondary key to the entire movie.

4. "Who would have thought that Broken Sword and Snow were so emotionally fragile." Indeed, who would think that of himself?

5. "The truth of calligraphy has to be grasped intuitively. Same with swordsmanship" (and trading).

And from the special features,

In Chinese and Japanese the singular and the plural are the same, there is no difference. Are the concepts of the self and others the same?

Jet Li trained for 10 years relentlessly without rest.

The director said, "You have to know when to give in."

Here's what I learned from the movie. Each of us, even ordinary people, can be heroes, and the road there is often the path we travel every day, the one we know best.

Kevin Ho adds: Do you want to have Jet Li's super reflexes? In an interview in Men's Health, he says to play badminton often.

Courage, by Ken Smith

The following is excerpted from Wyckoff's Stock Market Technique, published 1933.

A great deal of talent is lost in the world for want of a little courage. Every day sends to their graves obscure men whom timidity prevented from making a first effort; who, if they could have been induced to begin, would in all probability have gone great lengths in the career of fame. The fact, is that to do anything in the world worth doing, we must not stand back shivering and thinking of the cold and danger, but jump in and scramble through as well as we can. It will not do to be perpetually calculating risks and adjusting nice changes; it did very well before the Flood, when a man would consult his finds upon an intended publication for a hundred and fifty years, and live to see his success afterwards; but at present, a man waits, and doubts, and consults his brother, and his particular friends, till one day he finds he is sixty-five years old and that he has lost so much time in consulting others that he has no more time to follow their advice.


James Sogi is a philosopher, Juris Doctor, surfer, trader, investor, musician, black belt, sailor, semi-centenarian. He lives on the mountain in Kona, Hawaii, with his family