Larry Hite is a long-time successful hedge-fund manager who doesn’t believe he — or really anyone — can predict what the stock market will do next, or which seemingly successful companies will suddenly crash. Rather, the 78-year-old has become fabulously wealthy using computer programs to detect and follow price trends — and by following one simple rule: cutting his losses early. He founded Mint Investment Management Co.
Q.: You’ve made lots of money as a trend trader, and you write in your book that you make money because you do what the market tells you do. If only it were that easy! Why, in your opinion, is this not a more crowded strategy? A.: No, it’s not. I respect the intelligence and devotion of economists and historians who have tried to understand global markets and develop a theory of human behavior and market dynamics. But when you start believing you have remarkable market-predicting powers, you get into trouble every time.
Q.: Do you take into account a company’s fundamentals like earnings forecasts and how fast it is growing vs. its sector, valuation measures like P/E ratios, and other factors, or is that all irrelevant as a trend follower?
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