On PRICE: "Price is nothing other than the equilibrium of liquidity. It’s where people agree." Reading some notes taken by a talk, at UC Haas, given by hedge fund manager John Burbank, of Passport Capital, this quote struck me as very relevant. Rooster360 goes on and on about "following price" but a consideration about the nature of price wouldn't hurt and I found this observation by Burbank to be fascinating. It's all you have to work with. Burbank had been quoted as calling "price a liar" but that is an incomplete statement. It needs to be 'true' for the participant at EXIT, so it is not an inveterate liar to the value/arbitrage/variant investor/speculator.
"Price Is A Liar" - John Burbank
"Price Is A Liar" - John Burbank
"Price Is A Liar" - John Burbank
On PRICE: "Price is nothing other than the equilibrium of liquidity. It’s where people agree." Reading some notes taken by a talk, at UC Haas, given by hedge fund manager John Burbank, of Passport Capital, this quote struck me as very relevant. Rooster360 goes on and on about "following price" but a consideration about the nature of price wouldn't hurt and I found this observation by Burbank to be fascinating. It's all you have to work with. Burbank had been quoted as calling "price a liar" but that is an incomplete statement. It needs to be 'true' for the participant at EXIT, so it is not an inveterate liar to the value/arbitrage/variant investor/speculator.