hemispheres

Friends,

Stan Drunkenmiller has been in the news recently for his WSJ op-ed. Besides its message, much is being made of his use of AI to write it. While I’d prefer he didn’t use AI to write, it’s preferable to him saying nothing at all.

[It’s not enjoyable to read AI writing if you can tell the difference, and while I’m sure all of you, an audience that is self-selected into this letter, can, I’m quite bearish on the general population’s level of discernment.]

But today’s letter isn’t about his message. It’s about discretionary trading. When you hear that phrase, “discretionary trading”, Stan is the archetype that pops into your head. The versatile market surfer, patiently waiting for the set, spotting the main wave amongst the chop, and then paddling at full steam.

It’s a romantic image because all the technical details are stripped away. He sees the angle and jumps straight to “bet moar”. Stan’s only problem is his name is slang for fanboy thanks to Eminem when it should be the other name with a short “a” sound — Chad. [That’s my em-dash I assure you. Unlike Stan, if I write like a robot, nobody will listen to me.]

But if we suspend our stanning for Stan for a moment, we’d likely find something quite mundane at the source of his brilliance. Process.

I know, I know. Process, groan, I’m dying of boredom, blah blah.

Gimme a chance to help organize YOUR thoughts by explaining how I see process.