Fall of the Mighty

Soros, Buffett, Robertson. They're out of synch with stocks, and you can learn from their errors

A vague cultural phenomenon snapped into sharp focus for me recently at a restaurant opening in Manhattan. The revelers at Dylan were mostly twentysomethings and soooo trendy. They looked like a bunch of Gap models with cell phones pressed to their beautiful little ears. More on point, virtually all of them were chastened day traders. A young partner in the restaurant venture confided that the volatile NASDAQ had all but ruined him, prompting him to--oh no!--start a career.

Not that he'll stay away from trading for good--just until he can recapitalize.

If every generation has its vice, day trading is it...

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