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

“Jim Yates of DYR& Associates, Dalton Yates and Revco. Jim was, I think, the most premier option expert in the world. To me, he was. He was able to teach me an understanding of options that I have rarely ever seen in anyone else and rarely ever utilize his way of thinking, which brought me back to statistics one hundred one, the second most important course in college, and the normal distribution. And Jim was very important in that. Next was, um... Was at chart craft Oh my thinking about his name”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Nine years. And nine years because I had set the age of 40 to start my own company. That was the last 40 was the cutoff date. And at 39, I gave my resignation, so I had to go”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, state of Maryland, you about five years, close to that, and then went to wheat for securities to develop and manage their option department.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“In one second, when I saw that at One Liberty Plaza down here, I saw that posted up there. I went from a nobody to a somebody in one second.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, the secretary of the manager finally called me and says, You got to stop this. He can't, you know, you kill Cuesday. I knew I was in. I still didn't know what a stockbroker did. It didn't matter. No, it didn't matter. It was like I'm in the best company, the biggest company in Wall Street. Wall Street's kind of cool. I don't know what they do yet, but I'm going to study. And when I pass the Series 7.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Until, and this is the way paths happen to you in life, certain things happen. You can take the path or not take the path that leads you somewhere else. And this came to me and he said, you know what? I was at a career counseling meeting up in Washington, D.C. He said, Merrill Lynch is now hiring. And I said, you're kidding me. So I reapplied to Merrill Lynch. I badgered them to the point they couldn't take it anymore, gave me an interview.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“In the right direction. Exactly. There you go. So I got to go where there's money. And a friend of mine said, Well, that'd be Wall Street. I said, What do they do? He said, Well, it's like Merrill Lynch and stock market. So I applied to Merrill Lynch. I applied exactly at the end of the terrible bear market that customers had gone through. They were not hiring anyone. And most of their customers had left them. So I went to Rich's wine cellars, which is part of Canadaga Industries, one of the largest wineries in the country. This was in Petersburg, and I was a production supervisor.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's when I went back to college. And so I did the Navy first, college. Second, I went on the GI Bill. Going to school in G.I. Bill was, I could pay my tuition, but you didn't have much money left And by the end of that, I was driving a car with no reverse. By the time it was time to graduate, I said, I'm tired of being poor.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I spent four years in the Navy first And a couple in Vietnam off the coast and the South China Seas. I was in from 1967, beginning of 1967. Oh, so”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Jeff, is that one that's out there? No, there's not one out there, but you never can tell when that'll happen. But that's the idea. You play with piano with both hands. You could give me, I love to have a fundamental report saying, hey, these stocks are truly right and just. They're fundamentally sound, et cetera. Can you deal with these beautiful? I love it. First trust does the alphadex way of fundamental resources. Alphadex. What is that? It's called Alphadex. I'm not sure exactly how they haven't ever come to me and told me how they do it, but they do a great job at it. They give us the list. Everything that First Trust does is Alphadex fundamentally organized. Then we take that fundamentally organized and create the portfolio and manage the portfolio. And so we play the piano with both hands. They play the fundamental side. We play the technical side.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Equal weight versus you hit on it perfectly, Barry, when you said a different way of assembling it. So you come to me and you say, Tom, I'm going to use astrology to pick my stocks. And I'm going to come to you with a hundred stocks. And this is like when Jupiter's line with Mars. We're going to do this sector. And you bring to me the stocks, we'll organize it. We'll put our relative strength on it, organize it. If it's junk that you give me, I'm going to give you the best junk I put the best junk portfolio. You put an order back.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. They're picking the protein, they're picking everything with a money manager like yourself, you have all those things available to you. It's your job to create a fantastic meal for your customers. So you have the selection of everything in that MasterChef pantry. And that's how you create your portfolio for ETFs.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, different ingredients, they got the same, they have to make the same thing, but they're going to pick different things. When I look at that Master Chef pantry, I see ETFs. That's all I see.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, it really is because to me smart, the way they look at smart beta is anything that's not capitalization weighted. Right. But the way I look at smart beta is things that are rules-based, that if you're going to be smart about it, you know, let's say... With the kale, we talked about the kale before on the radio. If you want to make kale taste good, there are things you need to do to it. If you want to create a portfolio of exchange traded funds, there are some things that fit together well, some things that don't fit together well. So with the rules-based program, that's how you're going to create your portfolio. I always look at, do you ever watch the Master Chef on TV? Sure. All right, now whenever they go into the master chef pantry, everyone runs in with their basket.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Nothing, absolutely nothing. In fact, in fact, the point and figure charts, if you look back to the old guys who wrote about it, A.W. Cohen and Ernest Staby, they always said the faster a chart forms, the better. So you say, wow, the market has got more volatile, things have gone faster. Okay, that's great. It's even better for us.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's just that I don't understand them. So it's not, I'm not slamming them. I wouldn't say anything against them in the right hands. Every bit of technical analysis works. But it's just in my hands the only thing I've ever looked at or used or anyone at DWA has ever done is point and finger charting.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It was cheaper to do it that way. You had the same thing, but it was cheaper. What happened then, the next ETF that came was the Toronto Stock Exchange came down and used the same template and created the Toronto Index Participation Units back by stock, and that still trades.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Participation. Right. This was back in the mid 80s. Joseph Rosello was the head of marketing at the Philly Exchange. They brought this, we called it the SIP. It was symbol BIG, which was Dow Jones, and symbol SNP, which was standard and poor's, and they traded on the exchange. So it was the first ETF that traded, but they ran into trouble and got sued by the Futures Exchange in Chicago because that ETF was backed by futures, not stocks.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, it was higher before the market took some away. We've been at this game for a long time. I worked with the first ETF that ever came out with, which was Joseph Rosello, who was head of marketing at the Philadelphia Exchange. That was the first ETF that ever came out.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, this worked perfectly for them to have one symbol that wrapped up that model, but on the other side you had the wirehouse broker who wanted the QSIPs. So they both trade side by side.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“A separate model, and probably about $4 billion was in that model because it's available to our professionals. Now, the interesting thing there is the wirehouse broker who needs QSIPs. He has to satisfy compliance. He has to satisfy branch manager. Customers want to see things in the portfolio and whatnot. He buys the model. We took that model and wrapped it up into an ETF, which was symbol FV, Frank Victor. Exactly the same thing, except one QSIP over here, which service the individual investor Who pay a fee whenever they buy a stock, they have to pay a commission.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, the first trust five was a model. Those were the five ETFs, and what you did is you bought those five ETFs as a professional. And whenever a change took place, we emailed you So you made the change yourself. You're running as a”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, why would a relative strength portfolio? A sector that's been in free fall for years. That's right. But if you were a fundamental portfolio, you'd have to have part of it. You wouldn't be able to be out of oil, which we were out of oil. We wouldn't let it in. So a lot of times it's what you don't own that really makes the difference.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“What do you mean? Who's got the best relative strength? Because I got to take this guy off the mound because he's starting to get weak. I put him in the dugout. I bring the guy who has the best relative strength out of the dugout, and he becomes the pitcher. So that's how things come in and out of the portfolio like that. FV, the first thrust five has been has gone years without a change until recently, all of a sudden what happened in First Trust 5, the things that carried it over the last five years, which was we were in the healthcare, drugs, we were in biotechnology big time. And also we had no oil.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Based on price. Exactly. I mean, based on relative strength, as long as they stay in that, in other words, it's like a baseball game. You watch your picture and your pitcher starts out and he's doing really well until the fifth inning, then all of a sudden he's starting to hit people with the ball and they're hitting home runs on him. And boy, all of a sudden the coaches, something's wrong with his relative strength. I got to take him out of the portfolio. In other words, I got to call over to the bullpen. He calls over to the bullpen and says, who's throwing the heat?”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we look at the first trust 20 sectors. We do the arm wrestling contest on a relatively strength basis, pick the top five, and that is basically it. We let the top five wiggle back and forth until they cross a particular level.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, we have probably 85 different models that run on our system, on our portfolio, on our website. Those are like unwrapped ETFs. That's an interesting question. Take, for instance, our FV, Frank Victor. That ETF garnered the most sponsorship in buying. Really? Any ETF in a shorter period of time came out in 2014. In one year, we had about $4 billion in it. No kidding. $4 billion.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But here's the thing, Barry. When you look at that, it's almost like a sector rotation kind of model because when you look at the things in that 1500 universe and it says, gee, we're going to push you into the 100, it's pushing you into the 100 strongest. So pushing you into the 100 strongest is going to put you into the sectors that are doing the best.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Take, for instance, our PDP, our technical leaders. We look through 1,500 stocks once a quarter. And we do that arm wrestling calculation on 1,500 stocks. Massive number of charts we have to create. We pick out the 100 strongest out of the 1,500. And that goes into the portfolio. And that's going to be your PDP for the next quarter.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It doesn't have to be that. Well, what we look at as a general rule, we don't capweight any of our ETFs. They're all equal weighted.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. And now we're at cap weight. It's been capweight here recently. But if you look at the long-term picture, its long-term picture is still equal weight, but more recently, capweighting has been the play. And large cap has given way to small cap, or small cap has given way to large cap now.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And value you missed it so for you're sitting there in a cap weighted S&P five hundred the next 13 years you underperformed. I want everyone who's listening to this go on Yahoo Finance and look at the difference in performance between the RSP which is the equal weighted standard porch 500 and the SPX which is the cap weighted. Look at the difference. Go back 20 years and say which one would I have preferred to be in? And you'll see that they traded totally different.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. I'm done. I don't have to have a broker. I don't have to pay fees. I buy it one time. I'm making a bet on America. Fantastic. If you did that hundred years ago, man, you made a great bet. I mean, it's been a great ride. But what will happen, though, too, is when you put your foot in that stirrup and you're just a buy and hold, you miss things that are happening. Let's say you were buying hold back in October of 2000 and all of a sudden what happened was the market went to small cap equal weight.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, the problem with buy and hold, and there is no problem with that if a person wants to do that, because there may be, it may be an investor who says, you know what, I'm going to make a bet on the 500 largest companies of America. And that's it.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's like we're right here in a room that's self contained here. There's no noise outside, double glass and that type of thing. That's where you need to operate with your portfolio. Double glass, no noise. And that's it”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm asking you what's That's exactly right. And you have to be agnostic totally. I mean, you've got to walk down, you know, people will ask me, what do you think? I don't. I don't have the luxury of doing that because if I could figure these things out, if I was clairvoyant, we'd be doing this talk from Verona, Italy on my shipping fleet.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. That's a huge spread. But a lot of times you don't find a huge spread in these. So a lot of times the spread is pretty narrow. And when the spread is narrow, picture a car spinning its wheels and is trying to find traction. It just can't. It just keeps throwing the dirt behind it. And once it finds traction, something breaks out. Like, let's say back in 2011, you had the healthcare drugs, biotechnologies break out. All of a sudden those wheels catch and the car shoots forward. Until then, it's spinning its wheels. So that will happen with relative strength when there's no real dispersion between best and worst.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a matter of being out of favor for a while. Like I said, relative strength will be out of favor one quarter out of four or five. It's going to happen while it's trying to find attraction. You know, because some years you have, Barry, some years, when you look at the disparity between the best performing asset class and the worst performing asset class, there's not much in the middle.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, for us, it's always going to be temporarily out of favor. Because I know relative strength works absolutely for us, that's the direction we have. Relative strength has been working since before I was born. And that's a long time ago, Barry. Let me tell you.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Perfectly efficient. Exactly. So there's opportunity. A lot of times I don't pronounce the name of the company, but is that important when I look at the chart?”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely online. I mean, the world is open for business. Anyone that wants to do this can do it. And I love trading Indonesia because there's a lot of anomalies there that can be...”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Are those markets? That's a great question because I've been trading now probably for 14 years direct in Indonesia and I have an account at eSamuel.com.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, they trade Indonesia. They're trading the Indonesian market and the Far East market, which would be Malaysia. In Malaysia, each one of the technicians in his own country will trade that his own country mostly.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But as I go a little further, if I go to the Far East, let's go halfway around America, I would say Mohammed Al-Faith in Indonesia, Jakarta, Gideon Lapian in Chicago. I go to Malaysia, Kuala Lumpur, Fred Tam, one of the greatest in the world. So you think technicians are everywhere around the world and every country? It's not just the United States. People think, oh, technicians are here. They're everywhere.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, yeah. You know, like number one would be Ralph Akampura. Oh, sure. Great friend of mine. He's the founder of the market technicians association. He's just a wonderful, wonderful person. He's retired now. And I would love to go on.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know how it can because people don't trade anymore. The regulation that's come on us since 1975 has been incredible. The new regulation that's coming from the Department of Labor now, you have to be a portfolio manager. You've got to be a retirement portfolio manager. These things don't necessarily fit in that vernacular. Don't use them”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You're exactly right. I've been there so numerous times. There are some people that do, but I'm a member of the International Technical Society. But only because I like to go internationally and meet all the different technicians, I don't understand a lot of the types of things like Fibonacci retracements, gan angles. You know,”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Five waves, three waves, two waves. Barry, I don't get it. You know, that's my problem. I'm not even a member of the Market Technicians Association.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And the professionals need the help to stay in the business where individual investors will do it for a while. All of a sudden the stock goes down. They thought it would go up. They're going on vacation. They cancel. So we're professional. And our portfolio and charting system for what we do in portfolio and charting system is probably the largest in the world on the internet for portfolio and charting.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, back in the beginning, advisors needed something desperately to help them manage portfolios. And the technical side was just never there at the firm. It was always fundamental. So the technical side resonated with them. And in particular point and figure, because it's easy for anyone to understand. In fact, Tammy was my right hand. You remember Tammy? Yes. We've been into Gates Elementary School teaching this to seventh graders, and they catch on in about 40 minutes. Adults take a lot longer to deprogram, but it's so simple that kids can understand it.”
2016-04-01 · Masters in Business · Interview With Tom Dorsey: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source