so some proof as to what I say .
circa mid 90's , east asian market boom - I a proprietary broker whose clients inculed the in house traders for - Merril's , Hoare govett , UBS .
The small market is now going through thr roof as daily volumes peak out. Every month small caps would make all time highs , all you had to do was buy at a good level and sometimes the price would double within a few days . For a stock that's a lot , hard for an index to double harder for a stock .
loads of people were getting rich .
enter my firm's " in house trading team " - bunch of pencil necked dweebs with michael douglas pretensions plus 1 very hot chick.
so the months pass , and the market roars ahead , a few months down the line and some very large rumours start cirulating around the firm - the in house people made a LOSS !!
how does someone make a loss in this kind of market ? it's like going long and losing in the dotcom boom !!
but lose thay did . the team disbands , the " head " sacked .
But Miss hotchick - giess what a famous US bank snaps her up . How's that ? how does a losing trader get another trading job at such a huge bank ?
why do you think ? it certainly wasn't her trading skills or academic qualifications
It was the head of trading's fantasies that did , and ironically he didn't even get anything out of her if you know what I mean .
there you go .