“One trader's move in the market can be interpreted by another trader as relevant additional information due to the uncertainty he faces.”

— Didier Sornette

Source: Why Stock Markets Crash - Critical Events in Complex Systems (2003), Chapter 6, Hierarchies, Complex Fractal Dimensions, And Log Periodicity, p. 182.

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Didier Sornette 27

French scientist 1957

J.A. Hobson (1858–1940) English economist, social scientist and critic of imperialism

The Morals of Economic Irrationalism (1920), p.11

“I don't think traders can follow rules for very long unless they reflect their own trading style. Eventually, a breaking point is reached and the trader has to quit or change, or find a new set of rules he can follow. This seems to be part of the process of evolution and growth of a trader.”

Ed Seykota (1946) American commodities trader

Source: Schwager, Market Wizards, page 166

“If the organization is faced with greater uncertainty due to technological change, higher performance standards due to increased competition, or diversifies its product line to reduce dependence, the amount of information processing is increased. The organization must adopt at least one of the four strategies when faced with greater uncertainty.”

Jay R. Galbraith (1939–2014) American business theorist

Source: Designing complex organizations, 1973, p. 26

“There is a saying that bad traders divorce their spouse sooner than abandon their positions. Loyalty to ideas is not a good thing for traders, scientists - or anyone.”

Nassim Nicholas Taleb book Fooled by Randomness

Source: Five: Survival of the Least Fit—Can Evolution be Fool by Randomness | A Review of Market Fools of Randomness Constants | The Traits They Shared
Fooled by Randomness (2001)

“Envisaging the whole range of foreign commerce… the image of it as a prize which governments can, and ought to win for their traders at the expense of the traders supported by other governments, has been a most fertile source of international misunderstanding.”

J.A. Hobson (1858–1940) English economist, social scientist and critic of imperialism

p, 125
The Morals of Economic Irrationalism (1920)

“The acceleration of the number of traders buying into the market in the inflating bubble captures the oft-quoted observation that bubbles are times when the "greater fool theory" applies.”

Didier Sornette (1957) French scientist

Source: Why Stock Markets Crash - Critical Events in Complex Systems (2003), Chapter 6, Hierarchies, Complex Fractal Dimensions, And Log Periodicity, p. 185.

“But, for news traders, these things perhaps are not saleable.”

Narendra Modi (1950) Prime Minister of India

2009, "The nation is waiting for a strong, experienced leader", 2009
Context: You tell me, since Independence, in the field of justice delivery, has so much work been accomplished anywhere? But, for news traders, these things perhaps are not saleable. Now you tell me if these things are pro-poor or not.

“Systems don't need to be changed. The trick is for a trader to develop a system with which he is compatible.”

Ed Seykota (1946) American commodities trader

Source: Schwager, Jack D., Market Wizards, HarperCollins (1989), page 159, ISBN 0-88730-610-1

“According to the academic world view that markets are efficient, only the revelation of a dramatic piece of information can cause a crash, yet in reality even the most thorough post-mortem analyses are typically inconclusive as to what this piece of information might have been. For traders and investors, the fear of a crash is a perpetual source of stress, and the onset of the event itself always ruins the lives of some of them.”

Didier Sornette (1957) French scientist

Source: Why Stock Markets Crash - Critical Events in Complex Systems (2003), Chapter 1, Financial Crashes: What, How, Why, And When?, p. 3.

“Jack is the showman—the brassy frontman and the snake-oil trader.”

Jack White (1975) American musician and record producer

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“One trader's move in the market can be interpreted by another trader as relevant additional information due to the uncertainty he faces.”

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