Easy Money

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I was thumbing through the November issue of Technical Analysis and saw this ad:

I think this is a superb example of what a total grind this market has become. Think about it:

  1. The participants in the above contest are a self-selecting group; they choose to be followed;
  2. As such, they are probably dedicated, serious traders, most of them probably full-time investors. This is their job.
  3. And yet with the S&P 500 (a very broad-based, conservative indicator) up 20% in the first six months of 2019, the top guy with a large account made 3.4%, and second place was 0.6%. Indeed, for all accounts, one and only one guy beat the S&P, and it only took a gain of 0.3% to make the cut and see your name published in a national financial magazine.

Pretty sad state of affairs, but very representative of the up/down, up/down, grind-it-out trendless market we find ourselves in.