YouSaid · the spoken record

Tom Dorsey

lines on the record: 146
first: 2016-04-01
most recent: 2016-04-01
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

“For doing this, I want to say one more thing, Barry. You know how we got together? I've been a reader review. I read your blog. Remember, I emailed you. That's right. I emailed you. I loved what you had written and I emailed you to tell you that.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a lot, and it was a lost art. Why this one book? And then the two of us look at this book. He looks at it as a way of trading. I look at it as a way of changing the whole industry. And these things that happen to you along the way, sometimes you got to have a little age on you to have that perception and understanding. I guess it all was exactly right at age 39. I had to start the company by 40. I did it then. I was ready then. I'd learned enough. If I tried before that, maybe I wasn't ready. Maybe it would have failed. I don't know.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I'll tell you what, it takes a lot of whiskers in this business. You know, you got to walk around a block a lot of times to get to a point where you have a general good understanding about what's going on in Wall Street. But I would say the point and figure charting. You know, if I could have been serious about it at that age in my 20s, then it would have gotten me on this road a lot sooner. You know, I had to learn through the School of Hard Knocks. If that guy didn't bring that point and figure charting book to me, that day as he walked in, what's the probability that the first guy I hire in my option department brings me this book? One book, which”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely, at no cost whatsoever. Folio advisor, same thing. So the world has changed. And I'm not sure I would say get into this business, but if they really wanted to, learn something that you will become the best at it. Be the go-to person for whatever it is that you want to do. Don't just learn it in a cursory way because you're going to end up in the call center. If you're truly great at something, then you won't.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You've been You might speak a little Chinese, which is going to become essential, and you know the Chinese culture, that's important. So that's what I tell these people is go to China to begin with and teach English. Secondly, if they want to get into this business, man, it's not the same as when I got into it. When back in the day, it was so romantic. I mean, if you went to a cocktail party and you said you were a stockbroker, that was the coolest thing in the world because nobody could buy stocks themselves. They had to do it through you. You were registered with a New York Stock Exchange. Today, anybody can do anything they want to do.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. He went online, got hired, went to China, and taught English, and then stayed there another year, built a business helping U.S. companies come across and do the paperwork. And now he's back in the U.S. working. But my point being is, when you're 21 and 22 years old, why you want to get into business now? Go to China, teach English for a year, then go to Australia and bartend for a year, then backpack for Europe, around Europe for a year. Now you'll be all of 24 and a half years old.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, I would give them, and I operate this way. When I bought the building that has my family office, it's right across the parking lot from the business school of Virginia Commonwealth University. So my office is open for any VCU business people to come by and talk to me. I'm always open to mentor them and talk to them. So they do. And one of the first things I tell them, I say, what should I do now when I graduate? Go to China and teach English. I say, go to China, and one of, I had an intern named Jesse, and he came to me and said, I'm going into business. I said, I said, how old are you, Jesse? He said, 22. I said, why do you want to bother with that right now? I said, go to China and teach English.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. You're going to have to do that because, again, it takes that human emotion out. And a lot of things that you have, you say, you know, we have the first trust five that stays. It's always going to be 100% invested, even in markets that you shouldn't be. But that's a market call on our part. So we can't go in and say, gee, we think the market is going to go down now. Let's take the first rust.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think this is what's going to happen. Relative strength. This rule. I'm not sure about that. That's right. No, none of that has to be rules based. So there's no gut feeling involved here, no emotion involved. It moves in, so it's moved to 40% cash with it. So these are, this is what's going to happen. Now, Horizons has a good covered writing program. We have a model that has our PDP, which our technical leaders, plus the Horizon covered right. The Horizon covered right acts as that buffer, that acts as the breaks of the portfolio. So it'll bring that piece of the equation down to a 0.5 delta. Point being is we're creating products now with risk management embedded in it.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“With cash. So remember we said money market MNYMKT is a symbol to us. So take, for instance, our first trust five. The first Trust 5 operates by itself and it keeps the strongest five out of twenty sectors for First Trust done extremely well over time the returns have been very, very good. It's now forty percent cast because we have a first trust five plus cash. So now cash has already moved up the level and overtaken 40% of the portfolio.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Let's look at ETFs. The next major shift, and we're already doing this at Dorsey Wright, is embedding risk management in the ETF itself.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Playing about 2 So, back to your question. Regulation. I mean, that's the big change. That's the main thing that has happened along the way. You know, back in 1975, if you came in and you want to do an option trade barrier,”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There is. There really is because a lot of advisors who deal in IRA type accounts and rollovers, and that's mostly their business, are going to find that their income is probably going to be cut in half”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's going to change things totally. We're the guy that typically doesn't think about the fiduciary and operating in the right exactly for the customers on the same side of the table. But here's something also. If I come to you and I say, Barry, I want you to take your IRA or your corporate retirement account and roll it over to an IRA and I'll manage it. Boy, I better be right in telling you that, and I better give you all the reasons, and I better document this. And when we do this, you and I are going to sign a contract. That's what's different now”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's an amazing shit. You know what's going to cover the other third is this new regulation now from Department of Labor.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“A little protection. Exactly. A little protection. That's right. That's us. We were pilot fish. And the shark was Merrill Lensen and all the rest of the big guys. So whatever direction they went, we had to go. So that's why we began creating models and fee-based models way before anyone else, because we knew if I didn't follow that shark and I kept doing commission business and trading business, that's where they were going away from. And we had to go with it. So that began the move toward fee base, which is where we clearly are now.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Precisely. They don't get commissions. So everyone began to move more toward the fee basis. Well, Dorsey Wright and Associates, I looked at us as a pilot fish. You ever look at a pilot fish? Sure. He doesn't get close enough to the shark's mouth to get eaten, but he stays back in no other fish bothers him.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Choshwab began, that was what began the move toward discount and lower fees. And for us, this was the beginning of a change from commission to fee base. Because what happened is, I think the firms like Merrill Lynch, Pierce, Fenner, and Smith, the partnerships looked at this and said, you know, this is not for us any longer. Let's sell out to banks. And all of them did. Payne Weber Jackson Curtis, Smith Barney Harris Upham. They all sold out to banks. Banks became the owners. And what do banks understand? They understand fee. They don't understand commissions.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, we used to wear three piece suits, and if you needed a standard poor sheet, we could mail it to you. That was technology then. You know, we've got the technology at the post office.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“School, okay. But. Exactly. That was a huge chance. That's exactly where I'm coming from right now. That's put us on the path of where we are now with fee base because that was May Day, May 1st, 1975 is when Commission deregulation happened. And we used to charge massive commissions to customers. All the same thing, but they were massive. 1975, when deregulation came in, Charles Schwab started. That was the first year of Charles Schwab And I can tell you right now, we laughed at Charles Schwab said, who would ever deal at a discounter? I mean, it would be on me $100.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“What's changed Regulat That's the big thing that's changed. Because if you think back to 1975, Barry, you were in business 1975.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Am I thinking about the right person? Maybe there's two of them because I have searched for books that are read by Cyrus Vans.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it could be very dangerous, but he talks about living in Vanuatu and what it's like to live there. But it's not a travel book where you're going to, oh, gee, I'm going to go to this hotel and stay there? No way. Then he does one of my favorite was about China. And it's called Lost on Planet China, which is a total riot. His books are all as funny as you could possibly get. He's a great wordsmith.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And here's our travel books, but it's not the kind of travel book that you would think, okay, let's go to Hawaii and here's your needs. He actually goes to these places and talks about what it was like for him to live there.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly Let me give you one more. Okay, all right. Listen, I could talk books all day because this is great. The author is Martin Truce, T-R-O-S-T.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Not misquoting him at all. You're right. And things you learn in this book is like in 1932, the Thomas Amendment, you wouldn't even think about this, but gave FDR the right to cut the gold backing on the US dollar by 50%, gave him the right to back it not in gold but in silver, to create money if he wanted. And that was the beginning of the financial system getting totally out of hand.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You're going to stay awake. It's a pretty meaningful book, and I find myself going back over and re-listening and re-listening.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. Remember that? You got taken out to the. See, I'm old enough to appreciate that. Remember that? Well, the interesting thing about this book is if you really want to understand the deformation or the desecration of our free market system with interest rates and the financial system, this is going to give you a great understanding going back to FDR days. It's not an easy thing. That's why I think you should listen to this book too. You're supposed to read it. Yeah, if you sit down and start reading it in five minutes, you might fall asleep. But if you're driving the car and you fell asleep.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm trying to remember who wrote it. That was by, oh God, what's his name? He worked for Ronald Reagan, got taken out to the woodshed. Stockman. Exactly. Stockman. This is the”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and all of a sudden you start to go blank. You think about all of the books that what are you reading right now? What am I reading? That's a great question, the great deformation”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But the concept is you can. And that's why the four hour work week, what's cool about the four hour work week is it's got all kinds of websites and things you can go to. Yeah, that will help you. Become more efficient yourself. Like if you wanted to have an assistant in India, you can do that. There are places you can go in India, they'll be your assistant, just like she's with you now, except when you're asleep she's working, she's sleeping when you're working. You want get me reservations for dinner tonight, so and so. I also need flowers for my wife. I need you to do this, whatever. It's there available. So the four-hour work week is a great book to make you think about more things that you can do, become more competent in less time.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a great example. Back in the day, you said you needed all these people with the green shades for a week. But exactly for a week, now it's been automated. What will be automated, can be, will be. So now it's automated. So why couldn't you do that from Thailand?”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The reason that's important, Barry, is I believe that through technology, if you have things that are computerized, everything that can be computerized is going to be, you should be able to run a billion dollar portfolio from a cruise ship with an iPhone.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But when books on tape came out, then I found out I was a bookworm and I didn't even know it. You know, so whenever I get in the car, I'm pressing the button if I'm on the treadmill. I'm listening to books constantly. So Shantoram, I would say, listen to the book.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't read books because it's too hard for me. It was hard for me all my life to read. In fact, I wrote my first book before I read my first book.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But it's about a guy who breaks out of a maximum security prison in Australia, goes to Bombay, India, and it begins there. Oh my Lord, you're not going to put this book down. This book, and I suggest you listen to it rather than read it because the book is so thick. Listening to it, you get all of the accents and things that are involved in it, the Indian accents. It's wonderful. For me, I listen to books because I'm dyslexic.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Being reversion, that's the point you'd sell a call against the position. So there's a lot of simple stuff that you can do with stat 101 and Econ 101.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. Absolutely. And that takes you to stat 101. Anybody should just go Google normal distribution, learn it, love it, embrace it. It just gives you an idea of what to do. So whenever you look at, you might buy a particular stock. On our charts, we have a normal distribution on the side of each chart. So if you see it move up to where it says top, your three standard deviations above trend, that's telling you the stock has done well, but the probability is it wants to go back to the middle.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You could create an index that, let's say, looked like the standard and poorest 500 or looked like the Russell 2000. And there's index options that trade on. So you could sell these index options against that portfolio where nothing is capped off.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. You understand it completely, but also to for someone like yourself where you run a tremendous amount of money, you could look at it a little bit.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely, because you're dealing with something that 68% of the time is going to be hanging around the center. You can't do naked straddles. You can't do naked anything. You're going to be in court”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Some men are too hot to all, some men are too short. Most of us are in the middlebury where one standard deviation above or below trend. If you look at every trade you made in the market, and we've done this with our models, sixty eight percent of us men's heights are in the middle, sixty eight percent of everything you do with will be one standard deviation above trend goes up a little, down a little bit, down, up. So it says if 68% of the time everything is middling, what's the right strategy that will be a neutral strategy? So for most investors, what's that neutral strategy that makes the most sense? Covered writ”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Stat 101 because it taught me the normal distribution. Those two things right there, the irrefutable law of supply and demand and the normal distribution, my God, you have a lifetime of thinking about strategies and things. Like if I mentioned, you know, if you look at a normal distribution, I'm looking at men's heights in the world. Right.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Is a lot of noise relative to the signal. The noise, you know, I have to block the noise out. So a couple of things to me, you know, is simple, straightforward. Economics to me is the most important. And Econ 101, the most important course I ever had.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Those two were the most important to me. And for what I learned from them and how they opened my mind in the way they think it's a lifetime. I can continue on down those two lines. Really? And I try to put the blinders on because”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. And people today, you know, money managers today, I implore anyone I talk to, I said, whatever you do, get it computerized. Anything that can be computerized, anything that can be, will be. And you got to understand that. A lot of people out there that thought they were going to get by with a particular investment approach is now out there for everybody”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, today with 24 hour news, blogs, all kinds of different things, you can get news and information about the markets 24 hours a day everywhere you go. And there's always an axe to grind. There's always a, no, there are no disinterested parties. So you've got to be disinterested yourself. You've got to look at the rules and regulations that you set up.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Was it say anymore, and that's so profound that when you sit back and think about it, why watch TV, why get ideas from all these different places when the market will do what it wants to do, then listen to the market. What you have to do is listen to the market. Don't listen to something else. The things that you think the market should do because of XYZ, because of Janet Yellen did this, and Greenspan did that. The market will do what it wants to do.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Mike Burke was one of my mentors. He was a great guy. He was almost like Einstein. He would get up in the morning and he would walk out and one sleeve would be buttoned down, the other sleeve would be rolled up. And figure out why I do that. But he was the very clear thinker. And one of the things I'll never forget about Mike, he came to me one, didn't come to me, but we were talking one day. And he said, Tom, he says, let me tell you something. I said, what's that, Mike? He said, the market will do what it wants to do.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It was truck. It had been around for a long time chart craft and investor intelligent. In the late Mike Burke was the president, not president, but he was the editor of Chartcraft Investor intelligence, they came together. And Chartcraft was the company that sent you the monthly books on point and figure charting. Sure. You got the big thick books and they updated you once a month and that type of thing?”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source