Once again, about the lokas. - page 50
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Lock
There's a grail being sold for a million euros with a guarantee, and you're still lock, lock...
Grail is boring, here's a LOK!
>
They're anarchists, the whole herd! And with a cocktail (M) (and the doctors are pests of course!)
Locke and Closure are twin brothers!
We say Locke means Closure, we say Closure means Locke!
Another anecdote with a beard comes to mind:
England, left-wing demonstration. Banners, motorbike helmets, shop windows start to be smashed...At some point the police start to disperse it by force.
Everyone is fighting, shouting and then a grey-haired gentleman jumps out of an alley and starts hitting demonstrators with an umbrella.
A policeman grabs him and beats him with his truncheon. The old man yells: "What are you doing? I'm an ANTI-communist!"
To which the policeman replies: "Sir! The law doesn't care what kind of communist you are."
So it's the anarchists, the whole herd! And with a cocktail (M) (and the doctors are pests of course!)
Someone around the corner is shouting: - idiots, funds, idiots! That's right idiots - whoever listens to the "voices" can only do so in their heads.
A classic passage from J. Schwager's The Stockbroker's Magicians.
Michael Steinhardt
So while your view of the fundamental conditions is unchanged, you will be firm in your position, no matter how much it goes against you?
Correct. Of course, in a nightmare scenario I would probablytrade against my position to ease the pressure a bit ."Yes, my business is bad . There are only buyers around," I say to myself. -Why don't I join them? Maybe I can make some money? Thinking about it thisway, I'm sort of split in two.Inwardly I am confident in my fundamentalforecast and try to separate it from the transient excitements and tensions that can be observed on the market .Therefore, even by keeping a short positionin this situation, I may becomea buyer from time to time.
In such periods may your position become net long or will it oscillate only between fully short and neutral?
Itwill never come close to a neutral position because if it does,the long element may only have a positive effectin a very short period.I'd rather have a 20, 30 or 40 percent position, but I will trade directionally.
Let's say you have a negative outlook on a stock, but not necessarily on the industry as a whole, and you're shorting that stock. Do you sometimes hedge yourself by buying another stock of the sameindustry group against your short position?
I have tried that sometimes, but eventually came to the conclusion that itis useless.Usually you get two problems instead of one. Normally,your knowledge of this other rising stock will be relatively scarce, because you just grab it for a hedge .If the situation is so serious that it requires a hedge, wouldn't it be better to act on it directly rather than opening an entirely separate position?Let's say you're shorting a certain company's stock in a paper market that is going up, and so you buy another paper company's stock .Maybe your short stock will go higher, or maybe another stock will go higher. Who knows? If you've made a mistake - fix it, not makeit worse.
There is no difference between Closure and Lock. Go out of position -> welcome to lock.
Partial Closure is a partial Lock, full Closure is full.
No matter how many times you call the Lock a Closure, its essence (namely, I do not know, I do not know, I do not understand) will not change from that.
And vice versa, no matter how many you call Closure as Locke, its (CLOSE-LOC) essence (namely do not know, do not know, do not understand) will not change from that.
There is no difference between Closure and Lock. Go out of position -> welcome to lock.
Mm-hmm. Tell that to those who were out on a stop out in the lot because of the spread that widened. Or those who paid negative swaps for both orders in the lot. Or even more positive :)) . And I will not even mention losing the spread.