Part III. Following the Smart Money
Our best thoughts come from others. | ||
| --—RALPH WALDO EMERSON | ||
The pleasure of A new idea or original insight is one of the best parts of an investor's job. But though it's fun—and potentially profitable—to generate novel ways of considering the market, it's also wise to look at what other investors are doing. Traders who follow and understand moves made by other market participants effectively stand on those investors' shoulders, gaining a better overall view of the market.
The upcoming chapters examine how to track the market's movers and shakers: company executives who see business unfold before them daily; big money working in the futures market; the really big money working in the credit markets; the money that flows through IPOs, mergers, and buybacks; and the gurus and superstar investors with great instincts and deep research staffs. We'll talk about why they do the things they do, discuss their blind spots and limitations, and examine the insights retail investors can gain from them.
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