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Taming the Lion: 100 Secret Strategies for Investing by Richard Farleigh

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2. Comparative Advantages

2.0 To outperform the market you need a comparative advantage

After my disastrous foray into the markets with my own money in 1984, I started trading almost reluctantly for my employer, Bankers Trust Australia, two years later. It began as a part-time activity, because my real job at the time was in swaps, for clients. Risk taking (i.e. trading) became a necessity though, since it was not always possible to cover the risk thrown off when we did a transaction. We were mostly involved with interest rates, and sometimes I would have to cover, say, a five year interest rate risk, with three and ten year instruments. So I started to take a view on what would happen to the different parts of the interest rate curve – ...

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