Word: trader
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...Until that magical day, uncertainty is tying traders in knots, and the techs will keep bouncing unpredictable around their current semi-dismal levels. One proprietary trader (essentially, a day trader who works for someone) threw up his hands yesterday and took the rest of the week off to play golf...
...amazing aspects of Lebed's story, or that of any Net fraudster, is that people act on the hype they see online. Large banks like Chase Manhattan pay millions of dollars a year in premiums to insure against a rogue trader like Leeson. Your best protection against a rogue Internet hypster is just not to listen. Most pump-and-dump schemes involve micro-cap stocks. That's your first tip-off. Often they hype them as likely to double or better in weeks. If you have questions, the SEC has a brochure, "Pump&Dump.con," with tips for avoiding scams...
...also where their version of the competitive Olympic spirit kicks in. Bud Kling, a 53-year-old tennis coach from Pacific Palisades, Calif., has been to six Games and has more than 20,000 pins, which cover his office walls and sparkle in custom-made display cabinets. A fellow trader comes up to gloat, having snapped up a sought-after NBC guest pin. "So what did you have to give up?" asks Kling. "If I told you, you'd die," his friend replies with a self-satisfied grin. "They took a UPS [corporate pin]." There's a pause as Kling...
Politically, also, there are weird similarities. Pat evolved during our Crossfire years from a free trader to a protectionist and from a Reaganite internationalist to an America First isolationist. Styling himself the tribune of the workingman has led him down other paths that even he probably finds surprising. If it were anyone else, you'd say his views have become more complex and subtle, even tentative. But Pat manages to retain the certitude of simplicity even as his opinions evolve...
...drone about performance falls on little ears as well as big. With such incentives, grade-schoolers leap naturally from this-little-piggie-went-to-market to this-little-kiddie-plays-the-market. "This has become a national pastime," says Yale Hirsch, a stock-market historian and publisher of Stock Trader's Almanac. "What's the difference between this and baseball...