Y: In your book, Inside The House of Money, you interviewed some of the best traders in the world. Could you tell us one characteristic they all shared?
S: Humility. The popular image of big successful traders pounding their chest and always being right is really the guy that ends up out of the market after a couple of years when a secular or cyclical trend reverses. The best traders that have longevity, who have been through multiple market cycles and have consistently made money are very humble. They know that they are not smarter than the markets and to be in this game for the long term one has to be flexible.
I’ll report on ‘Inside the House of Money’ in a few weeks, as I’ve only just started reading it, although I will say that I am enjoying it so far. Good books on global macro are a rarity, the only other one that comes to mind and that is worthy of recommendation is George Soros’ Alchemy of Finance, a real classic.