Is it even possible? What does Mother Nature think?
Excerpt:
JP Morgan reported their trading results for the first half of the year yesterday which included 128 trading days. Lo and behold…they were a perfect 128 for 128 days where they made money, not one day did they lose even a dime. Is this even possible? I mean with the bond volatility that we saw… not to mention the currencies, commodities and precious metals. Did they actually “time” every single move perfectly or at least close enough so that winning trades outdid any losers (were there even any losers) EVERY SINGLE DAY?
I can still remember going to college during the caveman days of the early 80?s and listening to professors and then beginning a Wall Street career where I was told that anyone who traded and had a “win” ratio of 55-60% would be considered the equivalent of Babe Ruth in baseball. This current feat by JP Morgan is like Babe Ruth, Michael Jordan, Wayne Gretzky and Tiger Woods all wrapped up into one. I would have included God on that list but Goldman Sachs already chose him for their team they now say they are “doing God’s work.”
So, does anyone want to tell me that the market, ALL markets are not a bit (totally) rigged? Is it statistically possible for a firm to win …all day…every day…day after day? Without inside information? Or without being so big that they can push, pull or force markets to react how they wish? Of course, not “marking” assets (liabilities) to any “market” other than “fantasy” certainly helps their cause but…there is such a thing as “Mother Nature.”
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