Lawyers and Psychologists
Steve Saville has a post out called Don’t Think Like a Lawyer. In the post he notes the following…
“The job of a judge or juror is to impartially weigh the evidence and arguments put forward by both sides in an effort to determine which side has the stronger case. The job of a lawyer is to argue for one side, regardless of whether that side happens to be right or wrong. As a speculator it is important to think like a judge or a juror, not a lawyer.”
While I often talk about the same concept in psychological terms (subordinate ego, bias and automatic thinking regimens in service to one simple goal; being on the right side of markets) the lawyer analogy works as well. Lawyers often argue cases that are lost causes; that is their job. The market and its millions of inputs from man, machine and casino patron alike is the judge and jury because it renders the verdict to any given stance.