TTU44: Buy Low & Sell High: Is It Really That Easy? ft. Mark Whitmore of Whitmore Capital Management – 2of2
In the second part of our conversation with the founder of Whitmore Capital Management, we learn the daily challenges, and lessons learned right from the founder and owner of a fledgling firm. We dive into discussions on risk management, drawdown, attracting outside capital, and much more.
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In This Episode, You’ll Learn:
- How many currencies Mark trades and if he thinks he will trade more in the future.
- About how he diversifies his system.
- A case study of the Russian Ruble.
- His use of charts when looking at currencies.
- A discussion of cognitive biases.
- How he compares his system to trend following and how the two models can work in harmony.
- How he enters and exists a trade using his system.
- Why he is an “every end of two weeks” trader.
- How much capital he would like his strategy to manage and how much it can feasibly manage.
- How he defines risk and manages risk.
- How he deals with drawdowns as a fund manager.
- What he learns from going through drawdowns.
- How he goes about doing research for his strategy without a research team.
- How he sees red flags in his strategy and when he has changed his model.
- How Mark goes about marketing and getting interest from investors in his strategy and fund.
- How he plans to avoid becoming more risk averse as the firm grows.
- What he thinks about the “key man” issue and what he is doing to plan for the eventuality of leaving his business to someone else.
- How he decided the location of his business.
- What the hardest thing will be for him as he tries to grow the business.
- What investors should be asking him that they are not.
- What it takes to become a great trader in Mark’s view.
- What he learned from the baseball card market in the US during his university years.
- What he has learned from past failures.
- His favorite books and why he recommends them.
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Resources & Links Mentioned in this Episode:
- Mark has authored many white papers on currencies, including:
- Currency Investing: An Alpha-Rich Environment
- How to Invest When Both Stocks and Bonds are Overpriced
- The Case for Currencies as an Asset Class Becomes Stronger
- Books that Mark mentions and recommends:
- Winning The Loser’s Game
- The Obstacle is The Way
