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Charles Faulkner tells a story about Seykota's finely honed intuition when it comes to trading: I am reminded of an experience that Ed Seykota shared with a group. He said that when he looks at a market, that everyone else thinks has exhausted its up trend, that is often when he likes to get in. When I asked him how he made this determination, he said he just puts the chart on the other side of the room and if it looked like it was going up, then he would buy it... Of course this trade was seen through the eyes of someone with deep insight into the market behavior.
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Source: Covel, Michael W., Trend Following: How Great Traders Make Millions in Up or Down Markets, FT Press (2007), pages 172-173, ISBN 0-13-613718-0

 

Ed Seykota

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To some this may appear to be a small matter, but to Mr. Harry Hook, it is very important. He is a street trader in the Barnsley Market. He has been trading there for some six years without any complaint being made against him; but, nevertheless, he has now been banned from trading in the market for life. All because of a trifling incident. On Wednesday, October 16, 1974, the market was closed at 5:30. So were all the lavatories, or 'toilets' as they are now called. They were locked up. Three quarters of an hour later, at 6:20, Harry Hook had an urgent call of nature. He wanted to relieve himself. He went into a side street near the market and there made water, or 'urinated' as it is now said. No one was about except one or two employees of the council, who were cleaning up. They rebuked him. He said: 'I can do it here if I like'. They reported him to a security officer who came up. The security officer reprimanded Harry Hook. We are not told the words used by the security officer. I expect they were in language which street traders understand. Harry Hook made an appropriate reply. Again, we are not told the actual words, but it is not difficult to guess. I expect it was an emphatic version of 'You be off'. At any rate, the security officer described them as words of abuse. Touchstone would say that the security officer gave the 'reproof valiant' and Harry Hook gave the 'counter-check quarrelsome'; As You Like It, Act V, Scene IV. On Thursday morning the security officer reported the incident. The market manager thought it was a serious matter. So he saw Mr. Hook the next day, Friday, October 18. Mr. Hook admitted it and said he was sorry for what had happened. The market manager was not satisfied to leave it there. He reported the incident to the chairman of the amenity services committee of the Council. He says that the chairman agreed that 'staff should be protected from such abuse'. That very day the market manager wrote a letter to Mr. Hook, banning him from trading in the market.

 

Alfred Denning

 

He's a pinboy. He also wears suspenders. He's a real person. You know him, but not by that name... I saw him come into the room one night and he looked like a camel. He proceeded to put his eyes in his pocket. I asked this guy who he was and he said, "That's Mr. Jones." Then I asked this cat, "Doesn't he do anything but put his eyes in his pocket?" And he told me, "He puts his nose on the ground." It's all there, it's a true story.

 

Bob Dylan

 

We must say openly that the present economic system of the EU is a system of a suppressed market, a system of a permanently strengthening centrally controlled economy. Although history has more than clearly proven that this is a dead end, we find ourselves walking the same path once again. This results in a constant rise in both the extent of government masterminding and constraining of spontaneity of the market processes. In recent months, this trend has been further reinforced by incorrect interpretation of the causes of the present economic and financial crisis, as if it was caused by free market, while in reality it is just the contrary – caused by political manipulation of the market. It is again necessary to point out to the historical experience of our part of Europe and to the lessons we learned from it.

 

Vaclav Klaus

 

When you talk about the regulators [going after market manipulation], why not the financial news networks? That's the whole point of this. CNBC could be an incredibly powerful tool of illumination for people that believe that there are two markets. One that has been sold to us as long-term: Put your money in 401Ks, put your money in pensions and just leave it there, don't worry about it, it's all doing fine. And then there's this other market, this real market that's occurring in a back room where giant piles of money are going in and out, and people are trading them, and it's transactional, and it's fast but it's dangerous, it's ethically dubious and it's hurting that long-term market. And so what it feels like—and I'm speaking purely as a layman—it feels like we are capitalizing your adventure by our pension, and our hard-earned—and that it is a game that you know, that you know is going on, but that you go on television as a financial network and pretend isn't happening.

 

Jon Stewart

 

Without civil intervention the free market tends to monopoly. What we should do is try to restore a truly free market, try to restore a market where there are no barriers to access and people have something other than their labour which they can trade or exchange..

 

Phillip Blond