[UPDATE: Read AR's exclusive profile, Tudor returns to its
roots, in our September 2010 issue.] Is it possible to teach
someone to be a tape reader — what some might call a
trend follower or technical analyst?Certain people have a
greater proclivity for it because they don’t have
the need to feel intellectually superior to the crowd.
It’s a personality thing. But a lot of it is
environmental. Many of the successful macro guys today,
they’re all kind of in my age range. They came
from that period of crazy volatility of the late
’70s and early ’80s, when the amount
of fundamental information available on assets was so limited
and the volatility so extreme that one had to be a technician.
It’s very hard to find a pure fundamentalist
who’s also a very successful macro trader because
it is so hard to have a hit rate north of 50...