TTU27: Magician-turned Trader: “Reality Doesn’t Matter” ft. Scott Foster of Dominion Capital Management – 1of2
Our next guest was a philosophy major and a magician before he ever considered trading in the stock market. In Part 1 of our talk, he describes how philosophy and psychology determine his firm’s decisions and the story of how he started trading in a small town in Pennsylvania.
-----
EXCEPTIONAL RESOURCE: Find Out How to Build a Safer & Better Performing Portfolio using this FREE NEW Portfolio Builder Tool
In This Episode, You’ll Learn:
- On the 20th Anniversary of Scott’s firm, he looks back on how it all started.
- Scott’s life as a magician and how the principals of magic influences his perspective on trading and the market.
- How he became a philosophy major and how he applies philosophy to trading and everything his firm does.
- How he started trading in the market, getting a group of his college friends to take out cash advances on their credit cards and investing it.
- The Austrian perspective on economics that his college was well known for.
- How he educated himself in futures trading and invested long before he ever met another trader.
- Scott’s initial lessons learned from trading in the stock market; how he lost almost all of his capital in one day and had the first sleepless night of his life.
- How he made the mistake of investing in coffee and cocoa in the late 1980s and what he learned from that experience.
- How he started his first firm in 1989.
- How Scott traded while living in rural Western Pennsylvania.
- How a philosophy major with no connections to the financial world used his network to find a mentor.
- The story of Scott becoming a principal at one of the biggest short-term CTAs in the world.
- The story of Dominion Capital Management, which he started in 1994 by moving to Chicago.
- Why he is based in Traverse City, Michigan.
- How his firm is a bit different and why they don’t have any mathematicians or scientists on their team.
-----
ATTENTION TTU TRIBE : SIGN-UP for Rick Rule's Symposium: Once in a life-time natural resource insights from the BEST investors in the world via a first-class livestream or Live event!
Resources & Links Mentioned in this Episode:
- Learn about the Square of Opposition that Scott explains in the episode.
- In Scott’s first job at a firm, the company hired people belonging to Mensa.
- Learn about how trading was conducted and firms operated before the use of personal computers and the Internet. Scott’s firm had a VAX computer.
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written
