Fly Fishing the Stock Market: How to Search for, Catch, and Net the Market's Best Trades

CHAPTER 1

Three P 's in a Pod

When I was a small boy, I used to watch fishing boats drift by in front of our cabin. I remember sitting with my father on our front deck, listening to his comments about each boat: how they were fishing, whether they were experienced or novice, and whether they knew where the holes were located or were content simply to float aimlessly down the middle of the river. Sometimes he would say, “Don't they know this is my river?”

Designated a Blue Ribbon Trout Stream, the Henry's Fork of the Snake River in Idaho provides some of the best and most challenging fly fishing in the world. It was obvious to my dad which boats were successful and which were not. Those moments years ago planted some fertile seeds within me that begged for nourishment. I wanted so badly to learn how to fly fish and fly fish well. I figured that if my father was good enough to measure someone's skill simply through momentary observation, then he must be good. I wanted to be like him, whatever the cost in terms of time, money, and effort. 

Early on as a trader and a fly fisherman, I gained an appreciation for the value of observing others. Those observations have helped me realize that experienced fly fishermen feel great satisfaction and joy in every step, not just during “the kill.” Planning, preparing, tying and presenting the flies, stalking, casting, hooking, and retrieving are all vital steps, combining to produce a trophy. Whenever the fishermen would pause to savor their ...