Milton Lee, who was recently interviewed by the Wall Street Journal about his new job, just revealed the super secretive Steve Cohen’s 2 main trading mantras.
We’re a little concerned that he’s getting a call about them later, especially because he seems to have made the second one up, putting words in Steve Cohen’s mouth.
Steve Cohen (at S.A.C. Capital) had two mantras: Keep on moving, don’t be idle and don’t sit on positions. The other unspoken mantra was you are not going to be right all the time.
Then he explained the second one using a basketball analogy, because the Nets just hired him to re-make their team using his fancy Wall Street quant formulas.
It’s like basketball if a guy waits for the 100% perfect shot he is never going to take the shot. If you are waiting for the perfect trade you are going to too late. You understand there are a lot of different things that go into a good shot or a good investment than setting up the one perfect opportunity.
Good luck, Lee.
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