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submitted to the letters section.
Footwork is critical to effective fighting and sparring and many other
sports. One important aspect of footwork is going backwards. There are
numerous techniques, shuffle back (right and left) cross step back, and
back step. It takes practice and uses different muscles to avoid falling
on your butt. The back step is used to gain space, change timing, rhythm,
distance and defense. The specific technique to focus on tonight is
hitting while back stepping.
Probably the best example is the Ali vs.
Frazier fight, the "Thrilla' in Manilla" where Smokin'
Joe keeps charging in, head down,
swinging. Ali is back stepping around the ring, leading Frazier, and as
Ali back steps, he shoots off punches that catch Frazier coming in. When
Ali can sense Frazier is stung, he reverses forward and flurries with a
combination. Ali is always just a step away. Our coach always told us to
change up the rhythm. Don't step, punch step, punch mechanically, like
Frazier. Soon the charging bear gets exhausted, and the back stepper can
move in for the knockout, and has scored points all during the defensive
phase. This type of tactic can work when entering a position and when
you don't quite get the bottom tick like some traders I know.
Ducks vs. Gulls, by GM Nigel Davies
During the last couple of years I've had much
opportunity to watch the feeding practices of ducks
and gulls, which share the same habitat at the local
park. Under normal circumstances the gulls are more
than a match for the ducks, being highly aggressive
when bread is thrown and able to intercept it in
flight. But this morning, with freezing conditions,
there was a change in the normal status quo. The ducks
became much more aggressive.
It reminded me of the situation of chess players in
Hungary before the Berlin Wall came down. Although
there weren't 'professionals' as such (the authorities
wanted to avoid this kind of nomenclature), most of
the Hungarian players only went into work to collect
their salaries, spending the rest of the time
'relaxing' (OK, they were 'supposed' to be studying
chess in order to crush Westerners, but very few saw a
pressing need for such squishing).
Of course, things are very different today and
relaxation is a thing of the past. Many play in
tournaments designed to provide title norm
opportunities to Westerners, these 'businesses' having
offshoots such as female 'tour guides' (with the
optimal pay off being to marry some naive Western
chess anorak and get the hell out of Budapest). Others
have become 'coaches' and still others have left
'professional chess' altogether. But they learned to
be competitive with the gulls when the chips were
Thoughts Inspired by an Unsatisfactory Day, by Victor Niederhoffer
I am one of those people who, although having traded continuously for some 10,000
consecutive days, has never had a satisfactory one. Yesterday was no exception.
Among other things I did not get out of all the positions I wanted to at the
close, I allocated much too much of my capital to a certain search engine stock
powered by executives too smart by 4/5ths, and I suffered from faintheartedness
the previous day when I should have taken out the cane on 82nd Street, but
instead merely used a walker.
As punishment for my gaps, at the end of the day I
bought "The National Enquirer," Clocker Lawton's
"Handicap Selections," and "The Gold
Sheet." Lawton has been clocking for some 60 years, and I used his sheet regularly when
I bet on races in the 1950s. Strangely, he has not aged, and he still maintains a
staff of clockers and other researchers in New York who are "salaried employees and
[those] other from him [from] whom he buys services." His selections are sold at most
leading newsstands near OTB parlors, although I was disappointed to note that
they do not seem to be available at the gate of the track the way they were in my
youth. The key to his selections are the early morning workouts that the ponies
take and his crack team of operatives, who can tell how fast the ponies are and how
hard they're trying despite the efforts of the boys to disguise their true
It reminds me of a certain gold broker who handled the Hunt's trades
and had a tendency to come up the elevator to the fifth floor of the World Trade
Center and buy thousands of contracts of gold after lunch. Counterparts of
Clocker Lawton on the floor paid early warning sentries hundreds of dollars to
signal ahead when the broker pressed the button to go up so they could buy in
advance. Why take the risk of having a position open for a hour or two, when you
could just have exposure for the one-minute ride up to the fifth floor before
front-running? The idea of finding out when executives are holding their annual
meetings, directors' meetings, or meetings before analysts' societies, and
monitoring the flow of pizzas and coffees being ordered by the operatives at
the federal agencies would seem to be a variation of the Clocker's techniques.
On my Wednesday, March 1, sheet, the Clocker has successfully handicapped 8 top
winners in 11 races and 9 winners, 8 on top, at the Meadowlands the previous Sunday,
doubles, exactas, a picke 3 a trifecta gold, a most preferred play, a
cut losses maneuver, and Preferred Play Vince the man won and paid 5.60.
It would be good if market commentators were to post their record, even if it
were not as good as the Clocker's, and also, if they had a cut-losses maneuver
and various parlays.
As for the "Gold Sheet," the level of analysis was so far superior to
anything I've seen in markets there's no comparison. The sheet starts out with a
lengthy article on the psychology of conference tournaments that could be a
model for psychological investigations of incentives in markets. Of course the
coaches want to get on a winning note for the big one, but they do not want to
show too much of their good stuff. The author concluded, "The teams most
likely to try the hardest are members of major conferences who find
themselves on the proverbial bubble for the NCAA tournament and teams from mid-major conferences who know that the only way for them to make the NCAA field is
by going the distance in their conference affair." If only there were a way for
analysts to tell when companies were going to devote all their efforts to
winning for their stockholders with such fine distinctions.
I would recommend
that some major brokerage hire the "Gold Sheet" analysts for an analysis of
motivation and sharp testable conclusions that would give its customers a
unique edge. The hoop ratings and point spread records for all basketball
teams contained in the "Gold Sheet" is so far advanced over anything I've seen in
the market that I want to throw in the towel on my own research efforts and
just hire them to do a comparable thing for markets and retire to Acapulco. Such things as average points scored away and at home, for and against, the
home court value, the current power rating (a combo of some kind), the
they beat the point spread, the straight up record at home and away, the record
of beating the point spread when they were favorite and dog, all broken down by home
and away. There is much further quantitative analysis, much of it is too
small for me to read, but I can say it's so far in excess of anything I've ever
seen vis-a-vis individual stock analysis that there's no comparison. The
qualitative analysis they give of each game includes teams to beat, top
contenders for each day and each game in the future and this is very similar to
what one sees on the street.
After being inspired by the extent and quality of research in these two
related fields, one's displeasure with oneself is somewhat allayed and one is
much more ready to join the fray the next day.
Stefan Jovanovich comments:
Your note reminded me of what Teddy Roosevelt wrote about
the man in
the arena. They -- both Roosevelt and the man in the arena -- never had a
satisfactory day either.
I understand why you, as someone trading every day, find valuation
methods suspect. Most of them are. They rely on an unproven and
unprovable correlations based on past events. They do not measure the
heat of the present moment, (The reason that I am not a fan of
Ball is that the statistics can tell you how to win the regular season
games but they do not measure heart. That is why, under Billy Beane,
the Oakland A's have consistently failed in the post season.) But, those
of us in the Kindleberger seats are not entirely spectators. Like
Clocker Lawton we enjoy studying the morning workouts, and our
old-fashioned calculations of value work better than chance. We do have
our own capital at risk. We are not playing with some institution's
money, but we are not at the plate or on the mound, either. At best, we
are in the dugout watching like the bench coach and making the
occasional remark about the tendencies of the next hitter or pitcher.
In the end the race remains in the hands of the jockeys just the way the
market remains in the hands of the traders. Enjoy day 10,001 as best you
Dr. Goulston adds:
Perfection is an ideal to aspire to; once you make it the standard to live by,
you're doomed to be dissatisfied, if not downright unhappy.
I did house calls on a dying iconic composer some years ago who felt miserable
beyond the fact he was dying. I asked him what that was about and he replied:
"I've been successful in the eyes of the world for more than 40 years, but
there have only been five times when the music in my head matched the music I
composed and played. Knowing it was possible caused me to try to do it every
day, and every day other than those five occasions come up short."
I told him he had blown it (in our relationship he appreciated my
direct/bluntness vs. the many sycophants he had.) To know utter perfection at
his level five times in a lifetime was something almost no one experienced. He
had foolishly treated an ideal as his standard for daily living and he should
stop it already.
On another note, we experts don't always practice what we preach. For instance
, I suffer from a similar malady, where when I accomplish something, it doesn't
make me happy (because I too chase the elusive carrot of: "I could have always
done better"), but when don't accomplish something, it makes me miserable. I
have however used this distorted mind set to deal better with mistakes or
disappointment, by saying to myself: "Hey, even if it went perfectly, you still
wouldn't be happy. So just let it go." It sometimes works.
Kim Zussman notes:
Isn't the discrepancy because people want to represent
trading/investing/speculating as loftier than gambling?
In Bodie Merton finance text, the chapter on futures explains their
use for hedging (especially agricultural commodities). It goes on to
describe financial futures speculating, and adds that critics claim
it has no social value (to borrow a phrase from old
anti-skinflick cases). The book counters with the oft heard arguments
that speculation improves price accuracy and provides liquidity.
Besides futures contracts, what are some other products that have no
- Tennis rackets
- Fiction (which includes non-fiction)
- Dogs and cats
- Las Vegas
- Alimony futures
Steve Ellison comments:
Extending these ideas to business, no company I have worked for has
ever said that it would be OK to ease up a bit this quarter. However,
organizational culture and structure may unintentionally provide
motivations to employees to let up at times. For example, Oracle has
a very expensive product that may require a long period of intense
persuasion to make a sale. The sales force has incentives based on
Oracle's fiscal year. Thus the sales reps work around the clock as
fiscal year end approaches to close deals and beat their quotas. It
may not take any additional prompting for "the boys" in the sales
force to decide that the weeks after fiscal year end are a time to
attend to neglected families, relax, and begin working on new sales
prospects that will take months to close. Oracle often shocks Wall
Street with poor first quarter earnings.
Just as champions can become complacent, a long period of success may
sap an organization's motivation. For example, Nike has attempted to
replace Phil Knight three times. The board and Knight himself believe
the company needs change to stop rapidly rising costs and rethink the
company's growth strategy. Yet when recently fired CEO William Perez
began making changes, the employees rebelled and said that the
proposed changes were not compatible with the company culture. Knight
is unable to resist stepping back in when one of his successors is not
doing something the way he would have done it. After Nike's decades
of success, it may take a catastrophic event to shake the employees
out of their complacency (a former CEO of a company I am familiar with
who is often mocked on this lists' website had a similar thankless
A reader shares:
Reminds me of my naive first days as a clerk in the silver pit back in 1983 when
one my more worldly colleagues would curiously categorize a tiny sliver of the
floor population as either a former "elevator kid", who had previously plied his
trade hanging out in the lobby pending some guy's arrival, or a member of a more
established and decidedly more flush genus, known as a "bathroom guy."
Regarding the latter, there was an infamous Comex board meeting back in January
1980 during which the ruling powers decided on a "liquidation only" rule to
thwart the Hunts' silver play. According to legend, it seemed that as the
discussions began to take an apparent and obviously consequential direction
there was an unusual number of people in the room who seemingly took turns
excusing themselves to use the men's room. The way I understood it, either
there was a fat tail of impatient bladders not ordinarily found in a normal
urological distribution, or there was a series of surreptitious phone calls to
Rouse Woodstock and the other after-hours bullion desks around at the time.
All made by those cagily if suddenly bearish.
BBQ Tell, from Big Al
I was driving down route 21 towards Austin, and it was about lunch time. I
was wondering where I should stop. There was a place that had a sign up for
"deli sandwiches", but my experience with little country stores and "deli"
sandwiches has never been very positive - soggy wonderbread, tasteless
"cheese", etc. Then I saw it: the Texas state trooper cruiser pulled in at
Bullseye Bar-B-Q in Caldwell. You gotta figure that a state trooper, who
covers a big area with a lot of lunch possibilities, would know where to
eat. So I pulled in to Bullseye, too. Smokey was having the ribs, and that
sounded good to me. It was a wise decision.
Poisons and Markets, by Victor Niederhoffer
"The Elements of Murder: A History of Poison" is the kind of book that
tries to relate all aspects of history and criminology to poison. It promises
to show the inside details of poison and the history of civilization, the fall
of Rome, and the British Empire, the inside details of the deaths of every
famous person you know including Mozart, Handel, and Beethoven, King Charles, Napoleon,
and all the Roman Emperors. It fails miserably in each of these attempts,
as each seems so far fetched that even the author doesn't seem to believe in the
extension that apparently some misguided editor advised him to make.
What the book does contain is a discussion of the prevalence, the isotopes
that cause death, the main murders committed, and the antidotes for the three
elements that are most commonly used as poisons: mercury, arsenic, and thallium.
Also, there is some commentary on other harmful elements such as lead, nickel, beryllium, fluoride, and selenium thrown in as a roundup.
But, there are no principles discussed
and you end up with a hodge-podge of random facts.
The best chapter by far is the "Poisonous Elements of Alchemy". Chemistry
started with alchemy's quest for the three unobtainable goals: a philosopher's stone
that could change base metals into gold, the elixir of life that could eliminate
death, and the Alkahest, the universal solvent. The main elements used by the
alchemists were poisons, mercury, and arsenic, and it is likely that constant
use of these elements by such famous alchemists as Boyle, Newton, and Brandt (the
discoverer of phosphorus) contributed to their death or madness. One of the
interesting aspects of alchemists is that often they were gifted scientists, well
respected in their fields, and the luster from their true contributions led to
the unjust acceptance and waste of time involved in alchemic pursuits.
One of the pleasant things about poisons is that they are used less and
less as a method of crime because chemists and labs have developed techniques
that can detect even the most minute concentrations of most poisons.
The correspondence between the alchemists and the chartists, and the
chronics in our own field and the physical and financial poisons they administer
is quite clear to me. There's also a direct correspondence between prominent
hedge fundists, and investment savants and writers who espouse the alchemical
methods in our field and thereby give it undue luster. Regrettably, while
chemistry has replaced alchemy in the field of substances, and great labs and
techniques exist for identifying the poisons in the real world of biology and
physical science, no such improvement in knowledge and techniques, appears in
our field. Even more regrettable, there are no experts that regularly testify as
to the likely path, time, and modality of administration of poisons in our own
field the way it is commonly practiced in the court room or the criminal
If I had to identify the main poisons in the financial field, I could do
no better than the list that I identify as causing me nightmares at the
Spec. There is the canard that growth is bad, that earnings
woes are the key to market declines, that any trace of optimism is bad for
stocks, than any uncertainty or gilding of the lily by companies is bad, and the
whole host of technical things about moving averages and new highs and lows, and stochastics being predictive of future market movements. The worst,
immediate, deadly poison similar to arsenic's effects would seem to me, to be
the drastic, double-digit decline that often occurs when a company announces an
earnings shortfall. The worst, long lasting effect similar to mercury is the
malaise that accompanies fears about the economy slowing down, or the brake that
the Fed will mistakenly put on the economy if employment is too strong.
Fortunately, there are some market poisons that are expelled from the system
quickly like antimony. I would hope that the message, that it's good to wait for
stocks to fall to a level where you can buy companies for less than cash on
hand, the cigar butt kind of investing espoused and practiced so unsuccessfully
by Graham, and now espoused by the Sage, would be considered in that category.
PS. The best thing about reading the poison book was that it elicited some
great insights on poisons in markets by my colleagues on the list and I will
attempt to distill their insights in the near future. Please pardon the somewhat
didactic and unfinished approach here as I am have many strings pulling at me
More Poisons, from Peter Gardiner
- That there is a 'philosophers' stone' which can transmute the dross of
one's confusion and uncertainty into gold in one's pocket.
- That the assiduous cultivation of arcane, technical, abstruse, and
generally unpronounceable knowledge will provide the means of eliminating
uncertainty in markets, and if not, at least impressing your betters.
- That the happy or unhappy coincidence of one particular datum or item of
news with some imagined or perceived market event is therefore proof of a
causal relation between them.
- That competence in some other field will somehow, as if by the magic of
one's will or the superior powers of one's analysis and synthesis, be
immediately, profitably, and predictably relevant to making money in the
- That there is a 'priesthood' into which one must be inducted in order to
learn the 'secrets' of making money.
- That profitability in trading varies directly with the product of brain
power and time spent in its application.
- That 'randomness' doesn't really mean that at all if you are 'really
- That the field of speculation can be mastered as long as one is willing
to put in the time and effort, or has at least has the right professional
or personal associations.
- That one can learn how to trade by preaching to others, rather than
quietly observing what the hell actually seems to be going on.
George Zachar adds:
One of the "big lies" that poisons
our financial discourse is that
Americans don't save, and that by
a chain of inevitabilities, we're
A new Fed study, above, titled
"Recent Changes in U.S. Family Finances:
Evidence from the 2001 and 2004 Survey
of Consumer Finances", offers the following
% of families
who saved 55.2% 56.1%
net worth of all families in
thousands of 2004 $
median $70.8 $93.1
mean $260.8 $448.2
Gregory Van Kipnis adds:
To make any translation to the Fed Family Finances data from the
National Income Accounts means the journalist also has to understand
the difference between Net Income (if positive it is savings) and New
Worth, on a mark-to-market basis, which takes into account relative
value changes in asset and liability values as well as net income
Peter Earle offers:
With respect to drawing parallels between poisons and market-derived death, I note the following
general categories of deadly ingestants:
1. Corrosives - mercury falls into this category, as do acids, alkalis, and
the "salts"; disability and death via these come by severe burning and
inflammation of exposed tissues in the mouth, throat, and gastrointestinal
2. Irritants - arsenic is the prime mover in this category, which includes
lead, copper, zinc, and other metallic compounds; injury and expiration here
arrive via burning, nausea, vomiting, and at times rupture/burning of
3. Neurotics/psychoactants - strychnine, opium derivatives, and the like
fall into this category; seizure, convulsions, and general
neurological/central nervous system shut-down occurs from ingesting these in
...traveling, variously, in solid, liquid, and gas states.
I'd add, as a natural philosopher at work and with an eye extended toward
market applications, that these are good qualitative groups into which
poisons might be divided. However, that knowing as we do of allergies and
"reactions" - from hives and rashes to vomiting and, tragically, sometimes
death - that an *effective* definition, or categorization, of poison is far
from simple. Indeed, "aquagenous urticaria" describes a rare but documented
condition in which individuals experience toxicological effects from
ingesting or coming in contact with water, plain old H2O. One man's
sustenance - volatility harvesting, catching bounces, trend following, or
what you have you - is another's discomfort or demise.
Other poison topics for exploration, where markets are concerned, may
- Treatment of poison - in particular, by means of other poisons.
- Developing immunity by means of ingesting poisons in small amounts, over
- Poisons in nature (venoms, bacteria/viruses) versus man-made poisons
(mercury powders, dioxin, et al).
- Stages in "a" poisoning: ingestion; immediate, acute reactions; target
organ/system exposure; longer-term (i.e, 5/10 minute) action; fully exposed
state. Perhaps long term effects, if death is not indicated: carcinogenic,
James Sogi contributes:
Hate, greed and fear poison the mind and lead to physical
manifestations. Compassion, and its manifestation in Hawaii, as the
spirit of Aloha, are the universal solvent and antidote. This is not the
airline version of aloha with which you may be familiar. Though briefly
stated here, the truth of the foregoing is profound, and is not limited
to its attendant social benefits, but to the workings of one's own well
These poisons can spread on social scale into memes and infect
cultures, businesses and families. These poisons can contaminate your
trading room, and your living room, and wreak havoc on the bottom line.
The universal solvent does not seem like it is critical to trading, but
as an antidote to the poison, it can help the bottom line.
Poisons, have their means of insinuating themselves. In processed
foods, in radio, TV, magazines, in schools, poisons are spread and build
up in the system. It can creep in slowly, and paralyze the trader.
Chemists now are working on the electro magnetic communication between
molecules, and the competition between various chemicals for reaction
with others. Though not life, they exhibit remarkable lifelike
properties. For example, Carbon monoxide beats oxygen to the blood
platelets. Viruses that Dr. Dorn mentioned, sneak into healthy beings,
weaken the host, and turn the victims into pod victims (even though Dr. Zachar points out that core inflation is steady
and Americans DO save.)
For more posts on Poison ...
A Slice of Life and the Pizza Indicator, by Henry Gifford
I once started a file where I saved various definitions of "inflation" I saw
reported in my (rare) newspaper and magazine reading. It soon grew to
encompass so many different definitions that the exercise seemed pointless,
and I abandoned it.
I was attempting to count how many times "inflation" was used in the narrow
sense I use it, which is to describe a lowering of the value of money, which
I learned when I was 4 years old (1964) and spent evenings with my siblings
helping my father separate silver dimes and quarters from the others. My
mother reports that at the time (or a few years earlier) my father predicted
that inflation would effect every aspect of life, especially people's
attitudes toward savings and their long vs. short term attitudes toward
everything. Perhaps he meant this to include attitudes toward health too.
Anyhow, my mother said she disagreed with nothing he said, since despite
being college educated she had never heard the word "inflation."
The mention of the changing supply/demand ratio for hip replacements, and
the resulting change in price, makes it clear that price changes alone
cannot be used to measure the changing value of money. Nor does a particular
standard of living remain standard as such things continue to be invented. The resulting confusion seems to be used to the advantage of the political
My favorite way to measure inflation is by the price of a slice of pizza,
because it takes into account many factors such as real estate, taxes,
increased efficiency of supply distribution and shipping, decreased
influence of the mafia, wages, energy, etc. The man who sold me pizza for 25
cents a slice in the 1960's is still there, but doesn't remember the exact
years he changed his prices. Any accurate data anyone could provide would be
Steve Wisdom responds:
Yes, all true. But pizza is non-scalable (labor-intensive) and
inflexible, a recipe for above-normal "inflation." The methodology of
baking pizzas is about the same as 1, 2, 3 generations ago. And a NYC
pizzeria can't move to avoid the NYC tax/regulatory climate, America's
worst, since its customers are walk-ins.
Longtime Spec-listers will recall my post a while back comparing the
relative price change in beer (scalable) and theatre-tickets
(labor-intensive) since the time of Shakespeare. The relative cost of
beer has gone way down.
George Zachar salivates; and adds:
There's only so long I can ignore
a thread about pizza.
According to the Cleveland Fed's
"Inflation Central" page, 25 cents
in 1960 was equal to $1.62 in 2005.
Until recently, a slice of pizza and
a subway ride traded at rough parity.
The last bump in real estate costs
broke that, with slices now running in
the $2.50 to $2.75 area, while a ride on
the D out to Coney Island costs $2.00.
January 2006 Letter and Contribution Awards
Readership of DailySpeculations, measured both by visits and page views, set
records in January. Along with the surge in attention came many noteworthy
contributions and letters to the editor. A few highlights:
U. Maryland sophomore Henry Magram on Thoreau's market
- Brief and elegant: Steve Leslie of Melbourne, Fla., on the circumspection of old gamblers; G.M. Nigel Davies responds to a fellow Spec's question on how many balls to
- Mike Good's correction to our piece on crocodiles was such a pleasure to read that it took
away the sting, while the Las Vegas Whale's extension of the subject to
long-short and equity-neutral funds made us shake for the folks on the other
side of his trades. The Whale also weighed Byron Wien's list of predicted New
Year's "surprises" in the scales and found it wanting, and shared his own
forecast for 2006.
"Top 10 Daytrading Lies"
by Craig Maccagno and James Lackey, augmented by Nathan Stewart, set off so many
bells that we thought it was noon.
- Rod Fitzsimmons Frey's first-hand account on riding the public bus in
Madagascar; the last line applies to markets as well as jungles.
- The modest self-styled Assistant Webmaster Steve Wisdom set the standard, as
usual, with a Friday the 13th counting piece, ending with an explanation of why he does not write almanacs.
Dr. Kim Zussman also continues to generously post distinguished countings.
- Jim Sogi of Hilo, Hawaii, a regular and honored contributor, started a
Galtonian exchange on private jets, "The Friendly Skies," among George Zachar,
the Las Vegas Whale, and the Assistant Webmaster.
- The exchange among J.T. Holley, John Lamberg and Kim Zussman on parent
participation in the Pinewood Derby and classroom science experiments is a Daily
- Russell Sears' post "Tying Your Shoelaces" was a standout and a
meal for a lifetime.
The material on this Web site is provided free by us and our readers. Because incentives work, each month we reward the best contribution or
letter to the editor with $1,000 to encourage good thinking about the market and
augment the mutual benefits of participating in the Daily Speculations forum.
Prizes are awarded at the end of each month by the Chair and the Collab. This month, we award the $1,000 prize to Russell Sears for "Tying Your Shoelaces" and $250
to each of the honorable others mentioned above. -- Victor Niederhoffer and Laurel Kenner
Winning January 2006 Posts in Full
Victor's Statements on
R#fco; Media Coverage; News Story Correction Tally; Letters From Readers
The Daily Spec Archives
February 16-28, 2006
February 1-15, 2006
January 16-31, 2006
January 1-15, 2006
December 15-31, 2005
December 1-15, 2005
November 15-30, 2005
November 1-15, 2005
October 16-25, 2005
October 1-15, 2005
September 15-30, 2005
September 1-15, 2005
Practical Speculation by Laurel Kenner and Victor Niederhoffer (Wiley &
Sons, February 2003) is now available in paperback, and in Russian and Japanese.
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