YouSaid · the spoken record

John Roque

lines on the record: 105
first: 2016-12-19
most recent: 2016-12-19
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Because I think I wish I knew then what I know now, but I feel like even though I've picked up a lot in the last 10 years, there's still so much to learn. And I think every single day you go to work, you know, juiced not only because you want to win, but because it's a learning environment. It's an active learning environment. And I think that's a lucky environment to be in.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Everything, I mean. I wish I knew everything then that I know now, and I haven't learned anything, I think, in the last 10 years.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And read just about anything you can, not only finance, because I think sometimes you're best thinking about finance is when you're not thinking about finance. Sure. Because you're reading a biography about Billy Martin. It could be because you're reading about the Comanches and Empire of the Summer Moon. It could be because you're reading Lonesome Dub by Larry McMurtry. I don't know, but I think you should read as much as you can.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm a Westchester guy, but listen, driving down to Orchard Beach from Lower Westchester is an easy thing to do, less, yes, a very easy thing to do.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Listen, like a lot of guys, I like to go to the gym. I like to be active. I like to spend a little time walking down at the Bronx Riviera, which is otherwise known as Orchard Beach. The Bronx.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that they're ubiquitous both for their presence and their comments. And I think that they'll run through their cycle just like every other item runs through a cycle.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think we're in an environment where people are looking at. For a lack of a better phrase the political financial elite in a different light than they had in prior cycles. I think so many of their missteps are well categorized or delineated. And that information is well dispersed whereby perhaps it may have only been in prior cycles, people in our business who are aware of who the head of the central bank was.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“In fact, in my mind, that has been a bubble in its own right. And I think that we are realizing that central bankers are far from omniscient.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think I think that there's a major shift occurring where investors are moving away from the belief of the omniscience of central bankers.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Uh, I think what's changed is that it was easier then to come up with some sort of sentiment read for the market. I think it's harder now. And with the individual investor in an asset gather, you know, having been asset gathered rather than via the old broker method, I think it's harder to figure things out in that regard. It's a natural evolution. I think the advent and ubiquity of ETFs, the continued involvement of central bankers, the evolution of central bankers from behind the scenes practitioners of the Hippocratic Oath to virtual financial celebrities, those are all tremendous changes over the last 20 years.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Over the past 25 years. When we got into the business, there was a tremendous broker client component to the business, which to a great degree doesn't exist now. It's more of an asset gathering component, whereby then it was more transactional And I can remember a lot of guys that I knew in the business, they started their career making cold calls. I don't know.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Fooling around type of. He played really hard. And I'd say back then it was sort of a killer be killed in baseball. I know I'm making too much of it, but there was no fraternizing. But he was thought to have been a bad guy. I don't necessarily think that he was a bad guy in this new biography would say that he wasn't.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“One of my favorites of all time is the Lords of Finance by Lyapod Ahmed Ahmed. And the subtitle of the book is The Bankers Who Broke the World, which I think is as good as it gets. Mania's Panics and Crashes by Charles Kindleberger, Shut Up and Deal by Jesse May. I'm a big sports book guy as well. I recently read a biography about Ty Cobb, which sort of changed the way people originally thought about Cobb.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, just great I really like that a lot. I really liked it a lot. With respect to market stuff, market wizards by Jack Schwager, I think, is... Is a required reading, more money than God. I really like the creature from Jekyll Island, which was by Edward Griffin. That was about the start of the Federal Reserve.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Otherwise. Okay, so I really liked a book about the Comanches called The Empire of the Summer Moon, which was really, really a fantastic book.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I've tried to listen to anything or read anything that these people have said, and some of them I worked with and for. So Steve Chobin, Scott Bessant, Howard Marks, who is a value guy, and anything he's ever written, I've tried to read his memos when they are recorder. Right. Stan Druckenmillis, George Soros, Paul Jones. And I really appreciate anything Nasemeb has to say. I really like his common sense sort of contrary approach to the business and to the thinking in the business.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, and you're still making out six out of ten times. So he understands the mistake part of the business, thankfully for me, and I'm lucky to be a part of Key Square and with him.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“While Soros Fund management, I worked for Robert Soros, who was a gentleman to me as well, a guy who was always open to technicals and looking at markets and charts. And I've been fortunate for the last five years to work for a guy named Scott Besson who encourages imaginative thinking. He's always interested in listening to an idea. He's really pragmatic. And he's instilled confidence because he's allowed me the freedom to make a mistake. And I don't want to dismiss that point. We don't want to make mistakes, but you make them. It's the nature of the business.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. My very first boss was a guy named Tom McKee. He was a great boss. He taught me how to do my job responsibly. And then I worked for Ken Saffian at Safe and Investment Research, and he gave me a lot of freedom to do a lot of things for him. And it was a great learning experience. Steve Chobin, I can't say enough about. I worked for a guy named Jeff Collier and John Arnhold. John Arnhold and S. Bleichroder. And both were gentlemen to me.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Went from one of many to another guy. It wasn't because of any I was displeased on the other side. I just said, you know, here's an opportunity for myself.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It was a great place. I worked with a guy named Steve Chaubin. I've mentioned his name a few times today. He was exceedingly patient and kind with me. He answered millions of my questions. He was, he still is one of the quippiest guys in the business. Quippiest. I mean, he's never at a loss for a quippy comeback, and you just laugh because he was just so darn fast with them. Lehman was a great place. He was a great place. I just had a chance to be the technical guy at Arnhold and S. Bleicher, and I thought it was a chance to, you know, sort of be.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Until you get rid of it But sometimes our best decisions are made stepping away from the screen. I get it. That stock might have some difficulties because I might have not had the best entry point But overall, it is in an uptrend. And because it's in an uptrend, I'm going to give that stock the benefit of the doubt on any pullback. Now, you might have to set up a risk parameter for yourself that says, okay, I know it's an uptrend, but if it breaks some percentage retracement level, I don't care what that trend says. I have to reduce my position because it impacts the rest of my portfolio. But I think when an item is in an uptrend and you are along that item, it deserves the benefit of the doubt, meaning that, you know, it can get knocked around a little bit, but the trend is not broken.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sometimes you overthink your positions. I'll use you as my example. Let's say you bought something today. Invariably, you come in on Monday morning, you're questioning yourself whether or not you should have bought that. Tuesday, you're doing the same thing. And you do that every single day that you own that item”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so I think my strength is trying to stick with trend rather than trying to be able to trade better than somebody who's doing it every single minute they're in their chair.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You and John Henry. Yeah, I can't figure that I'm going to be any better than somebody who is a traitor. I'm not a traitor. I'm an analyst. Right.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's another reason that I think it's more appropriate for me to try to stick with longer-term trends rather than trying to be a trader because I can't figure that I'm going to be any better than any machine”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“London traded online betting I mean, 10 years ago, I couldn't have done that. 20 years ago, it was inconceivable. And if you did it, you had to do a calculator if you had one or a spreadsheet if you had Lotus 123, you know, and then I can do it with a handful of keystrokes on Bloomberg. That's...”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the effect on technical analysis is incalculable. Really? It's, I mean, the Bloomberg terminal is what you can do on the Bloomberg term. It's insane.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's trillions more today. The active versus passive now has really the ratio has shifted and the rate of change for assets going into passive versus assets going into active has really benefits the passive side of the business of which the ETFs are.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But I do recall, so it wasn't August 15th, it would probably have been August 2014, where we were down really sharply over a few days. And there was some dislocation with respect to ETFs. And ETFs that were sort of supposed to be more stable were marked down tremendously. Maybe that was sort of a preview of what could happen. But again, I'm not. I don't think I can take a guess as to what it could look like. It might be fine. It might be well contained. It might not be. I don't know.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think it's I don't think anybody understands, and I'm at the forefront of not understanding what it could mean on the downside. We haven't seen it.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think most people who use those ETFs don't understand that. And I also think that if you have a portfolio of individual stocks and you add in an ETF, let's say the spider, your risk profile has changed because some of the stocks you already own are in the spider. So, your risk parameter is not what you thought it was. You've actually created sort of a derivative product and a leverage product by using a simple ETF.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“They may be problematic when we go down. I think because people don't understand them. For example, if you call your broker and say, I'm going to buy an order of spiders, the SPY, You buy spiders, but you've created an unnatural bid for every stock in the SP 500.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I thought that that was the smokescreen. Not that I'm not dismissing the book. I'm not dismissing high frequency trading, but I think high-frequency trading was getting the blame for something that it shouldn't be getting the blame for. I think the real risk to our business is in the ETF side of the business.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But now it's so widely dispersed that I think everybody has a flavor for it. And I think that's a very good thing for technical analysis.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's actually made it stronger. I think it has made it more rigorous because people can check really quickly. By looking at what you're looking at. Again, I'll go back to Steve Chaubin's line. It's the singer, not the song, right? It's the interpretation that means more. But I think there's a certain degree of rigor with respect to technicals that wasn't there in the past when it was only, I don't want to say controlled, but let's say dominated by a few. Because it was so hard to do these disciplines, right? Everything was pretty much done by hand.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It could be an overview analyst from Hong Kong. It could be an overview analyst from Australia, wherever. It could be somebody here in town, one of the II ranked overview people. When they come in, their presentation packages are chock full of charts. And so it may not be that they're technically oriented, but they are chart-oriented. And I really believe charts are the language of Wall Street.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I'm glad you said that because I think charts are the language of Wall Street. No matter who comes in to make a presentation,”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, Billy Bean popularized money ball, but guys in the business will tell you that you still have to watch baseball players play. That's the reason teams pay scouts to go watch high school and college players. They have to see if they can play. It's sort of like getting a high school kid or a kid who played in a league that wasn't a strong league and he hit 600. Well, is that a legit 600 versus a kid who may have played in a league that was really tough? who hit four and a quarter. I don't know. Maybe you need to see them play to be able to determine who's really the better player. So I think you have to look at what you're thinking about with respect to stocks indexes, yields, currencies, commodities across the board.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm going to try to answer it like this. Let's say that I'm a real estate broker and I call you up And I said to, hey, Barry, I got a place I'd like you to see. What's the first thing you say to me? You likely say to me, what does it look like? Where is it? Right. It's probably akin to saying what is it? Can I look at the chart? If, let's say I had a younger brother and you had a younger sister and we would like them to sort of, you know, meet, perhaps they can go on at a date and we introduced the idea to each of them separately. What's the first thing that they would say to us? What does that person look like? I think it's appropriate to think of it the same way with respect to charts. I mean You have to look at something to be able to have an idea as to what you're talking about.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“For whatever reason, I'll leave Bose Frank, but it's always an after the right. I'll leave those reasons to the fundamental guys, but Price moved. And then here's the reason Price moved.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's a pretty good tenant, but I'm also very fond of a tenant that was said by, I believe, Paul Tudor Jones. He said something to the effect of price moves first fundamentals follow, meaning that price moves and then a narrative develops around the price move. So I'm not dismissing what Ralph said. I think it's right, but I think Paul Tudor Jones has a little bit more, it's a wry observation and probably a little bit more cynical. It's sort of, you know, stocks move sharply, especially financials in the last week on the Trump election. And now people are trying to ascribe what will happen going forward.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we can practice however many offensive sets or plays that are in my playbook. But if our team doesn't hit our free throws, regardless of how many offensive plays we have, we're probably not going to play that well.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Perhaps to Westchester County Hall of Fame basketball coach and he wins about 80% of his games. And I watch the games a lot and sometimes I see how they're playing or how they're winning. And I wonder, you know, Whereas, sort of hit according to your style in baseball or swing at strikes would be akin in basketball to making your free throws.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh boy. For investing. You know, I keep coming back. So I think a good one is that. So, I watch a lot of basketball, I watch a lot of high school basketball, my former CYO coach is a very famous. High school basketball? I watch a lot of high school basketball because my former CYO coach is a friend of mine is.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The shorter over the middle. Chess, not check. It's checkers, not, pardon me, it's chess, not checkers, as Denzel Washington said to Ethan Hawk in Training Day.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think an appropriate football metaphor is that Brady and the Patriots are so successful not because he throws over the top to Gronkowski 30 yards down the field every time, but because he hits Edelman or Amendola or when they had Wes Walker, he would hit them in the flat for five or six yards, move down the field, move down the field, and then go over the top to Gronkowski, right? But to set it up so that you're taking short gains, short gains, then you have a lead. He forces the backs to tighten up a little bit. Then you have a lead, the yardages in your favor, and then you could go over the top to try to hit a mixed metaphor home run.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But conceivably, you're seeing less of the basket. It might be thought to be harder. When my father was a player, you know, when they still had laces on basketballs, he would have told you that's a poorer percentage shot because you're not seeing the entire basket. Well, you”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I really think baseball is about as good as there is. We could go into basketball too, and I think there are a lot of basketball metaphors too. And you could see now that teams really want to shoot three pointers. They know that you're getting 50% more per basket made than you would be when you're shooting a two-pointer, right? Despite the fact that some of them might be low percentage shots, but the reward. is so much greater”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“They're making a reasonable And I think the same thing applies to stocks, right? You want to find a stock that fits your style. What's the tendency of a stock to do? Something after it looks like it looks now And so over time, you recognize that a pattern looks like it does now, and that usually is followed by some reaction. And that's because you tend to understand or you tend to have seen so many of them over time. You tend to, I don't want to say foretell, but expect a certain result.”
2016-12-19 · Masters in Business · Interview With John Roque: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source