The Importance of Hard Work
I interviewed Marty Schwartz in the evening after a long trading day. He was in the middle of doing his daily market analysis in preparation for the next day. It was a lengthy interview, and we finished quite late. Schwartz was visibly tired. But he wasn’t about to call it a day. He still had to complete his daily market analysis routine. As he explained, “My attitude is that I always want to be better prepared than someone I’m competing against. The way I prepare myself is by doing my work each night.”
My attitude is that I always want to be better prepared than someone I’m competing against. The way I prepare myself is by doing my work each night.
I was amazed to find that so many of the great traders I interviewed were workaholics. Although I could provide many examples, we will take a look at just two of the traders I interviewed to provide a flavor of the work ethic that typifies highly successful traders.
David Shaw is the founder of D.E. Shaw, one of the most successful quantitative trading firms in the world. Shaw assembled scores of the country’s most brilliant mathematicians, physicists, and computer scientists to develop multiple computer models that in combination could extract consistent profits from the markets by exploiting pricing discrepancies among different securities. The entire trading ...