Death of a Day Trader, (De)Evolution of Experts, and Negative Equity

Pete’s Letter: Volume CI, Issue #20

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Another week blown by. I spent a short-lived couple of days as a Day Trader. Turns out Robinhood won’t let you day trade with a small account. Now I’m looking at intermediate trading. I don’t know if it’s momentum, or swing trading; whatever you call it, I’m trying it. Does that make me a Quant? Either way, you can follow along and watch the slow moving train wreck. Bring popcorn.

Collaborative Fund | Morgan Housel

“The biggest risk to an evolving system is that you become bogged down by experts from a world that no longer exists.”

Some expertise is timeless, a few behaviors always repeat, but most things evolve. And they usually evolve faster than people’s beliefs.

Panic with Friends | Howard Lindzon

This is an oldie but a goodie, because April 2020 seems a lifetime ago. It may have been a fortuitous warning to hear Chris’ story about ‘leveraging’ his student loans to trade the market. He reportedly turned $12M into -$4M in 72 hours. But I won’t let that stop me.

YouTube | Logically Answered

This is a pretty good run-down on how Bernard Arnault built LVMH and became one of the richest people in the world.

Disclaimer: All information provided is for educational purposes only and does not constitute investment, legal or tax advice, or an offer to buy or sell any security. I have a disclosure policy.

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Pete Weishaupt

Pete Weishaupt

Twitter: @peteweishaupt Website:

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