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« The Little Book of Sideways Markets: A Profitable Read | Main | ETF Forecast for 2011: Seeking Alpha Interviews Jeff Miller »

January 22, 2011



Thanks Paul and Brett. I know that many of us are facing the same problems. Brett's analysis is something to keep in mind.


Brett A.


There is nothing wrong with emotion. It is a natural extension of those that are passionate about their profession and their work. As somebody who has worked with clients for a very long time part of the reality is that you can only help people who want to be helped. I didn't think it was true in my early years, but the great Ed Seykota is exactly correct when he said that "Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money." There is nothing wrong with having a reasonable bearish posture at any given time. This is what makes markets. The end of the world scenarios and other such silliness sells monetarily and psychologically to a certain part of the investing public. These folks are gaining far more psychologically and emotionally from swapping emails, reading gloom and doom on the internet, and seeking comfort in each other that the collapse in humanity is right around the corner than they could possibly receive from an increase in the value of their brokerage statement. This is Ed's comments on display in real life. I believe for many, like drugs or alcohol, calamity has become an addiction.

The only thing I would add that has shocked me about this development is that it has happened to some very smart people. Folks who have had wonderful professional careers that have depended on them being emotionally and psychologically stable. Somewhere during the last few years, many of these folks have had a switch flipped inside the brain.

Paul Nunes

your a moneymaker Jeff!


Barbara -- Thanks! It is only worth it if I have a fair number of readers like you that will actually use the links and think about the data.

Basically, I collect ideas during the week. Then I come up with a theme. It still takes several hours to write each WTWA piece, so it would be a bad model if I were shooting for page views!

Next week I will be taking off from writing this to play in the Chicago Invitational Pairs. I hope we will get some top boards there, for sure.

Thanks again.


Barbara Foell


You too merit your very own fawning groupie and an affirmation, as a counterbalance to ‘the ugly’.

I want you to know that I view my time spent reading your blog and where it sends me as quality time. This is no 2 minute trip for me, as I follow the links, including those today which took me to your early articles on multiple expansion/compression.

Your writing is elegant, credible and informative. I value your filtering of other sources which you commend for my additional reading

Thank you for your generous sharing with us students of the markets.

Top board for you today!


Jeff - The VIX is one of the 18 components of the Index. I'm sure there is a correlation from that, as well as from the fact that those trading options are looking at the same factors as the SLFSI measures.

As you might expect, I am doing some original research on how the SLFSI could be used.

Thanks for the good question, which others may also have.



Interesting use of SLFSI as a meaure of risk. I normally have used the Volatility Index (VIX) as a measure of financial risk. Would these two measures be highly correlated?

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