YouSaid · the spoken record

Paul Desmond

lines on the record: 141
first: 2015-10-25
most recent: 2015-10-25
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

“What you have to think about is this. If right now right now ninety five percent of all the money managers in the world have a philosophy that you cannot see a bear market coming. There are no warning signs of a bear market. They just appear out of nowhere. And the only thing you can do is endure them. Anything that you try to do to avoid a bear market, it'll just follow it up and it'll make things even worse. So 95% of all the money managers believe that. What we've done is we found In the last few years, that they're absolutely wrong. Number one, there are warning signs. There are numerous warning signs that occur over a long period of time, and that an investor can easily use those warning signs to the dramatic losses. What do you think is going to happen to a money manager”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“known situations for example we're doing the segmentation of the market segmentation of not only the advanced declines but of upside and downside volume and points gain points loss and all kinds of other factors I don't think anybody else in the industry I don't know of anybody else in the industry that's doing that kind of work”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And you'd say you'd say to him, Doctor, that's no way to do an analysis of a patient. I want you to take me in the laboratory in the back. I want you to put me through sixteen different kinds of machines and see what's going on inside. It's not the outside. It's the inside that's really important. stock market analysis is the same thing. The outside is the SP five hundred index, the Dow Jones Industrial Average, all of that stuff. The inside is supply and demand. It's the forces of buyers and sellers. It's the volume and price changes and momentum and breadth and all of these other factors that determine whether the market is in an uptrend or in an downtrend. Now, all of a sudden we know these things. And I should say these are not commonly.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. 50 years ago, people were dramatically suffering with bear markets. They had no idea as to how to avoid them. They didn't know what was going on. The market was a single entity. They didn't have any way of looking inside. I often use the example of saying if you went to a doctor and you said, doctor, I'm hurting all over. I know what it is. I just hurt all over. And the doctor says, I'm looking at your face Her face looks good, your skin good color in your skin, your eyes are bright. I think you're healthy. Here's my bill for two hundred dollars.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And there are a lot of people that enjoy it. I mean, it's not as though you have to go to them and cajole them into giving you a job. It's a case of saying. In any company that's trying to grow, you're looking for those exceptional people who are really willing to have another education. And that means that you've got to be willing to work long hours, you've got to be willing to sit and listen to somebody like me pontificate and tell you the information and then you've got to be and apply it and you got, there's a lot of hard work that you need to do to take information, to take advice and then create actual experience of seeing that advice pay off. And I think finding a mentor will put you miles and miles ahead of the competition.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Study the law of supply and demand one. And I think I would have to say search out. A mentor I know of a lot of. extremely capable. Supply demand type analysts that have taken great pride in serving as a mentor to other people.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. And people that represented the New York Stock Exchange should have been appointed by a committee. It's too important.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think it's an interesting thing that people are saying that because what they're saying is we're allowing people to front run because it's to our particular advantage to have them able to front run. And the New York Stock Exchange used to be about... Ethics”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Direction. The biggest thing in my mind that's occurred In my career, that the New York Stock Exchange used to be an institution. and it went from being an institution to being a profit making corporation”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and so why they removed a rule that was created to avoid another 1929. Deregulatory zeal. They made the change just in time for the 2007 to 2009 bear market.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know, there have been some, one of the things that affected us a great deal was the change in the uptick rule that took place in 2000 around June of 2007. There used to be a rule that you could not sell short until there was an uptick in the price. And for reasons that are just absolutely beyond me, the SEC chose to remove that control.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and we think that our ETFs will essentially be buy and hold type of investments that we take care of changing the portfolio internally. We move from bull market to bear market and make all the changes that need to be made for an investor.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, we're going to be creating use of ETFs in the very near future because I think in a lot of ways it's a perfect investment for all types of investors. It works for small investors, works for big investors.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, ETFs have simply come along and said we're moving into the modern world instead of being priced once a day. We're going to be priced all day long, tick by tick all day long. And that makes it a very, very acceptable tool, not only to small investors, but also to institutions. We've seen a huge...”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think the reason has persisted that way is because it's convenient for the owners of the mutual funds to say, well, you can't get out of our funds fast. So you have a chance to rethink your idea of trying to sell our mutual funds. And Vanguard has been a leader in that approach of saying. They essentially say, listen, give us your money. We'll see you in 40 years. Go away and we'll see you in 40 years.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“In most cases, you had to call before 2 o'clock in the afternoon in order to get that day's price. In some cases they wanted even earlier. And it was simply a case of saying they didn't have the mechanical equipment necessary to be able to arrive at a price in a short period of time. But since the 80s, computerization has come in now and now we can solve anything in a millisecond. And the mutual fund industry is still sitting there saying, well, you got to put in your trade before four o'clock or you don't get today's trade.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, and yeah, that's right. And what we have is saying when mutual funds were originally created, people were recording all of the information about prices and who owns it and everything else with a pencil and paper. And so to get out of mutual fund, you had to sell on one day and get your money on the next day.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Cancer is something else, and in the stock market, the biggest problem that every investor is faced with is bear markets. Bear markets seem to sneak up on people. They don't seem coming. They don't seem to be able to emotionally. They don't seem to be able to do what is necessary to do to avoid them. And they usually end up selling near the low. I mean, that's a real problem for investors. And so I've spent probably, oh, at least 25 years. Fixated on looking at major market tops, how bear markets develop, how they occur, and what you can do to avoid them. And so that was a huge influence on my life.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You have a solution, but he said the way you're going about it is all wrong. He said, you're calling your people up, and what you should be saying to them is, Mr. Jones, death is a real problem for you, and I've got a solution. No, you're not doing it that way. You're calling Mr. Jones up. You're saying, Mr. Jones, I got a problem. I need to feed my family. I need to buy a car. I want to have a nice house. And I don't have enough money. So I picked you out as a solution to my problem He said, You're going about it all wrong. Well As far as the stock market goes, that same story has come back to me again and again and again and say the biggest problem that all investors have”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, you identify a problem, come up with a solution, and then go to the people who have the problem and tell them you got a solution. And he said, You know, I can't imagine a bigger problem existing anywhere else in life but death. That death is a big problem. So he said, you're already in an area that is dealing with a huge problem.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The world's shaking problem, but it could be a case of saying kids have always had trouble tying shoes. So, if you could make a velcro strap that goes across that solves a problem, you can be successful.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“to success. It all comes down to the same thing no matter how it plays out. It always come back to the same thing. If you want to be successful, look around the world. identify a big problem. Something that a lot of people, large number of people are trying to deal with and can't deal with. Then find a solution to that problem.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Before my time. And this goes back into probably the 50s and 60s and 70s. I think he died in the mid-80s. But he had a radio show every day, and he'd kind of dwell on how to get ahead in the world, how to conduct yourself in life and everything else. And he told a story one night that it had a huge impact on me. He said, you know, when I was preparing for the show today, a young man called me on the phone. and said to me Mr Nightingale, I'm just a few years out of college. I've been trying a career and it's not working out for me. And I was wondering if you could tell me some area of enterprise that I'd have a better chance of success. And so Mr. Nightingale said to him, well, what area are you in? And the fellow said, well, I'm in life insurance. Mr Nightingale said Well, I've always believed that there's one”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The secrets of how anybody can become successful. In the back of the book, there's a very short thing that says the story of this man was identified on clay tablets that were found at the site of the original Babylon. And so it's an actual true story. And that simply adds to the whole thing to say this isn't just something that some writer sat down and dreamed up. This is true concepts. Along those same lines, as far as influences, there used to be a fellow on the radio named Earl Nightingale.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and the rest of them are camel drivers and things of that sort. And he brings his old friends in and they ask him, how in the world did you get so rich and so successful? And he reveals to them. The secret of how he became.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's a small little, I think it's probably maybe a one-page explanation at the back of the book. The book itself is about a number of people who grew up together, and one of them becomes extremely rich and powerful”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's a book that I recommend to everybody, anybody ever asked me about what's a good book to read. There's a book called The Richest Man in Babylon. Oh, sure.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There was some excuse. He had become the greatest expert in the world in gemology or whatever it was. And somebody in the crowd said, Oh my God, I'm going to sell all my. I got to get to a phone right now. I've got to sell all my stocks. And he said, why would you do that? And he said, because Joe Granville just married a 22-year-old woman.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And people were inviting me to come to participate in regattas all across the world sail my lightning boats. And he said in 62, I wasn't paying attention to my numbers because I was winning sailboat races. And so I missed the 62 decline. And he went on and on like this.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Somebody that was in the crowd said to him, Joe, you've missed every major marketophobia. In the last twenty years, and Joe started telling the story, he said, Well, there'sn't a reason for that. In the fif I got involved in playing bridge. I became one of the greatest bridge players in the history of the world. And the kings and queens around the world were inviting me to come to their countries to play bridge with them. And so I was completely involved in meeting with all of these heads of state around the world and wasn't paying any attention to my numbers. And that's why the 57 to Glybe missed the 57 decline. In 62. Got involved in sailing lightning sailboats. Sure. And I quickly became one of the greatest lightning sailboat captains in history.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He said, well, you realize, of course, that last year I received the award in Las Vegas for the greatest entertainer of the year. And that was the way he was. So a crowd gathered around the table. Well, I was sitting there, no crowd. When Joe came, all of a sudden there was a big crowd.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“and he was dressed in a white linen suit with a red silk shirt. In a red tie, a red kerchief in his pocket and bright red shiny shoes. And really an outfit. And he came over to the table and he sat down. And I said to him, you did a fantastic job up there on the podium today. Well, of course.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He believed his own BS. He believed in himself. I was at a conference, I think it was in Miami Beach. And there used to be conferences back in the 70s and 80s. I used to refer to them as a thousand experts from out of town. And so the people that were running this conference had a cocktail party for all the speakers. And so I was sitting in the cocktail area. And this young man, this is just an example of the ego. The young man, all dressed up in a very nice suit, came over to my table where I was sitting and he said, Excuse me mister Joseph P. Granville would like to join your grouping would that be acceptable to you? And I turned around him and I said, if Joe wants to come and sit down over here, tell him to come on over. And then he walked out from behind a curtain.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Thank goodness we had those folks. Joe always felt as though he was this very special human being. That had special purpose on being on the face of the earth. So his ego was at a completely different level than the rest of us.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I don't at the moment, but a list of all the people he had put his hands on, he was also curing sickness and all that kind of stuff.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, when he was a child there was an evangelist that traveled around the Midwest. And every once in a while at the gatherings, this evangelist would draw huge crowds. And every once in a while, I think maybe 12 or 14 times during his career, he would see a face in the crowd, and he would call them up and he would put his hand on their head. And he would say, this is a special person, this person is going to do incredible things in the world. Joe Granville was one of those people.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. And then there were at least two other technicians that are still with us that I'll not name. But in those three cases, he went through a litany of all the mistakes that these three guys had made. And you just don't want to give them the chance to take your money away from you. I said, do you know those three people? And he said, no, I never met any of them. And I said, well, I know all three of them. And they are the most egotistical human beings I've ever met in my life.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He's been a subscriber of ours before I got to Lowry's. He was a subscriber. And I said, you know. Why do you take this position when you use our work? Regularly. He said, You don't do technical. I mean, you don't do technical analysis. That's not technical analysis. That's not what I'm talking about So then he in his books he names three technicians. I can tell you now because one of the recently gone Joe Granville.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's a very famous author who lives in New York. I don't know how many books he's written, but a lot of books, very well recognized. And in every book that he writes, he has a chapter in there that says, whatever you do, do not ever use technical analysis. And I was sitting with him several years ago and I said to him. You know, I don't understand this. In every one of your books, you say, don't ever use technical analysis.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“For the most part, our relationships with our clients tends to be kind of one-sided. So we don't see the client's side of it very much. Right. In fact, many of our clients do not like anyone to know that they subscribe to the Lowry analysis.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Or have you Phil Roth used to be with Morgan Stanley? Phil Roth. is an incredible analyst. He is an incredible Knowledge of investor psychology and the application of that information. You know, there's a dozen people that would be on the list. We haven't got that much.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, he added a lot to the field and he trained a lot of people. Louisa Mata is still active at Louise worked with Alan for... Oh, probably twenty years or so. Those are the kind of people that really added to the overall knowledge of technical analysis and brought the industry forward and brought some professionalism into it.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He was a master at training other people. He didn't keep it to himself. And what you find is dozens and dozens of people say I learned technical analysis at the knee of Bob Farrell. Yes, he is still around. He's still serving a small group of institutional investors and very active in the market.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh boy. You know, there were other people that were contemporaries of mine that I thought added to my knowledge. Well, Bob Farrell of Merrill Lynch would be number one. A lot”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, yeah. And in early stages of new bull market, stocks making new highs on a single day would be in the 40, 45% range. Really?”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“At the top of 1987, excuse me, top in 2007 in October of 2007, there were 18 stocks of the S&P 500 making new highs that day. 18.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and so what you're really looking at when you look at the S&P is maybe 25 or 30 or 40 stocks that are capitalized, that are heavily capitalized.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, that's right. And mid caps are in the same general range. Big caps are something between 12 and 20 percent. So you really need to pay attention to what the small caps are doing and the mid-caps are doing because they are the majority of stocks traded on the New York stock exchange. Actually, the S&P 500 index is made up 65% of mid-cap stocks.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't see any bear market. And part of that is because they're not looking. They're concentrating on corporate earnings, and corporate earnings will never warn you of a bear market. That's simply what the history of the... Of corporate earnings shows, but to some extent it's that investors are saying, well, the S&P is worst in here, has been off 12.5% from its high. That's a short-term correction. And it's going to go back to new highs now. Well, my answer to that is with all the deterioration that has occurred behind the scenes. You say small cap, who cares about small caps? Small caps are about 40% of all the shares traded under New York stock exchange. 40%.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Now year to Yeah, and yeah, but what we're seeing in the small caps are dramatically off their way. Much worse and so on. So I think we're probably still in the relatively early stages. We're still at the point where most of the investors that I talk to about bear markets are saying, oh, there's no bear market. Right.”
2015-10-25 · Masters in Business · An Interview With Paul Desmond: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source