Entrepreneur Got Skill

 

TruckerSteveHandsIn 2008 USAToday reported, the United States had more than 3 million truckers. Of which, about 9% (about 300k) are independent. This means by definition they are entrepreneurs – albeit in very narrow market segment with lots of competition; what Guy Kawasaki calls the lower right (SEE: 6. Niche Thyself). Of course, they compete on logistical issues – mostly time and fuel costs. However, to make the most efficient use of resources requires a high degree of skills – not to mention knowing over 3000 rules & regulation, and constantly being watched by 3 law enforcement agencies (SEE BELOW: Trucking is not what is use to be).

You gotta have passion for this. Cause there may be sacrifices (SEE BELOW: Drivers Sacrifice).

Steve is a film maker, a driver, and an entrepreneur. In the YouTube clip just below, near the end of the video clip he:Trucker Steve

  • Demonstrates Skill (~1:14)
  • 180 Degree
  • Blind Side
  • Alley Dock

In laymans terms, this means he is taking a tractor-trailer (over 50ft in length)

  • making a 180 degree turn (essentially put he front where the tail is)
  • makes it on the Blind Side (meaning he is doing it without review-view mirrors)
  • into an Alley Dock(meaning he backs into a very narrow space)

By the way, as he relates in the video, he has:

  • traveled more than 2 million miles driven (It’s 238,900 miles to moon)
  • no accident, incidents or violations (of any kind)
  • perfect CSA (Compliance, Saftey, & Accountability) & DMV (Deparment Motor Vehicle) records
  • and perfect on-time delivery record
Demonstrates Skill – Trucker Steve
https://www.youtube.com/watch?v=Xaj0YUbJCog
TruckerSteve.tv (his YouTube page)
http://truckersteve.org/ (contact form available on his website)

NotWhatItUsedToBeTrucking is not what is use to be – Trucker Steve
https://www.youtube.com/watch?v=Cn1ZmTPPeO0

 

truckersSunset

 

Drivers Sacrifice – Trucker Steve
https://www.youtube.com/watch?v=3xAjiPlLaTg

 


Independent truckers see end of the road – USAToday
http://usatoday30.usatoday.com/money/industries/2008-03-01-truckers_N.htm Posted 3/1/2008
About nine% of the nation’s 3.4 million truck drivers are independent owner-operators, according to the Department of Labor. Without the independents, trucking will turn into a group of “regional and national oligopolies” that would send shipping prices higher when the economy improves, said John Saldanha, who teaches logistics at Ohio State University.

 

Advertisements

Guy Kawasaki: On Enchantment

Guy_Kawasaki_OnEnchantmentGuy Kawasaki: On Enchantment – (1:05:27)
https://www.youtube.com/watch?v=BG6HX0rrVes
Hass School of Business – Sept 28, 2011
Hashtag: #GuyAtHass
Pitching his book Enchantment: The Art of Changing Hearts, Minds, and Actions

NOTE: At 6:30 talks about the Stanford Axe.

  1. Guy starts AT 3:20
  2. Likeability (~7:10)
    * Great Smile – Types of smiles (~8:45)
    * Equal-dress (~10:05)
    * Great Handshake – includes mathematical formula (~10:49)
  3. Achive Trustworthiness (~11:15)
    * Trust others, they will trust you. Examples: Amazon, Zappos, Nordstrom. (11:45)
    * Be a Baker, not an eater. (~12:55)
    * Default to “Yes”. (~13:25)
  4. Perfect – Do Something DICEE (~14:00)
    * Deep
    * Intelligent
    * Complete
    * Empowers
    * Elegant
  5. Make it short, sweet and swallowable. – The message (~17:15)
    * Create a mantra (~17:40)
    – short side story on “Mission Statements” (~18:00-20:20)
    * Create a premortem – Concept credit to Gary Klein (~21:30)
  6. Launch (~23:20)
    * Tell a great story (~23:30)
    * Apply the “opposite test” (~24:25)
    * Plant many seeds (~25:00)
    * Use Salient Points (~28:05)
  7. Overcome resistance (~29:00)
    * Provide Social Proof (~29:45)
    * Agree on Something (~30:35)
    * Enchant all the influencers (~32:40)
    – Guys recommends, “Rent or Buy, Never say never. with Justin Bieber” (~33:30)
  8. Endure (~35:20)
    * Build an Ecosystem (~36:10)
    * Invoke Reciprocation – Concept credit to Robert B. Cialdini (~36:45)
    * Customize the introduction (~41:45)
    * Sell Your Dream (~45:30)
    * 10/20/30 Rule of Power Point (~47:30)
  9. Use Technology (~49:35)
    * Remove the speed bumps (~49:55)
    * Provide Value – Information, Insights, Assistance (~52:10)
    * Engage – Fast, Flat, Frequent (~52:30)
  10. Enchant Up (~53:25)
    * Drop everthing else – (~53:30)
    * Prototype fast (~53:55)
    * Deliver bad news early (~54:25)
  11. Enchant Down (~55:10)
    * Provide a Map – Mastery, Autonomy, Purpose – Concept credit to Daniel Pink (~55:15)
    * Empower Action (~55:50)
    * Suck it up (~56:05)

Q & A

  1. Did you dress the way you dress because you disrespect us?
  2. Thank You for making your butterfly blue and gold.

John Wooden: The difference between Winning and Succeeding

John Wooden: The difference between winning and succeeding (17:36)
https://www.youtube.com/wJohn_Woodenatch?v=0MM-psvqiG8

Nicknamed the “Wizard of Westwood,” as head coach at UCLA he won ten NCAA national championships in a 12-year period—seven in a row — an unprecedented feat. It should be noted he was an English teacher, and apparently a poet too.

John Wooden’s Dad’s Rules (~2:20)

  1. Never Try to be better than someone else.
  2. Always learn from others.
  3. Never cease to trying to be the best you can be.

Rules while at UCLA (~6:30)

He says three (3) rules, but I counted four.

  1. Never be late. (Start on time. Close on time.)
  2. Be neat and clean.
  3. Not one word of profanity.
  4. Never critize a team mate

His seven point creed ()

This must be from a different video, as I cannot find it in this one.

  1. Be true to yourself.
  2. Make each day your masterpiece.
  3. Help others.
  4. Drink deeply from good books, especially the Bible.
  5. Make friendship a fine art.
  6. Build a shelter against a rainy day.
  7. Pray for guidance and give thanks for your blessings every day.

Flash Crash of 2010 – More

Monday I talked about the Flash Crash of 2010, and promised more information. Here it is.

Whats Here

nanex.net_PercDrop1

This chart is from nanex.net. It shows the obvious issue with the event. They have good evidence this was intentional.

The compiled evidence, in my opinion, is damming. It is also very long. I don’t expect anyone to read the entire thing in one sitting – unless it’s Sunday and you have several hours to devote to this. I want to mention I was on the couch watching the Flash Crash as it happened. To me – at the time – it was surreal.

  • Where it Starts – This is not an isolated event, humans are involved.
  • The Trading System – The trading system, like the government, can be gamed.
  • Prior to the Incident – Market conditions had to be in place for this to happen.
  • NYSE Circuit Breakers are Off – Only humans are in control of any major market move.
  • Market Capitulation – Actions taken when humans give up on the market.
  • Who lost money.
  • The FLASH CRASH on CNBC – The train wreck in action.
  • The FLASH CRASH Special Report – End of day round-up of events.
  • The FLASH CRASH day on CNBC – CNBC adds context to the day, in six (6) segments.
  • FOX News Version during the crash
  • The FLASH CRASH CNBC Documentary (- 3+ hours) – May 6th 2010 CNBC Stock Market Flash Crash Full Video Coverage DVD #1

POST Event Anaylze and Confessions

  • Jim Cramer with Jimmy Fallon on the Flash Crash – This is a few days after the event.
  • Trader Relives Nightmare Three Years Later
  • Professor Larry Glosten present the academic analyze.
  • A HFT (High-frequency trader) confesses to some actions.
  • What caused the flash crash of 2:45? – A European analyze of the incident. However, it appears the panel did not know much — three years after the fact.

Where it Starts

The bulk of the story that surrounds this is “Artificial Intelligence”. It starts with high-speed computers that “try” to predict the direction of a stock. And of course, since humans programmed them, all they are looking for is – will prices go up or will prices go down.

Add to this that computers can interpret public “news”. For instance, if a price influencer (like a CEO) says something that can trigger a human reaction (to buy or sell), then the computer will try to predict if the price of a stock (or stocks) will go up or will it go down.

The Trading System

Chicago_Mercantile_Exchange_(G._Bush)The system works by a series of bids and offers. Any person can bid to buy a stock; any person can offer to sell a stock. No one is aware of who is bidding, or who is offering. No one is aware of what the volume is (how many stock are available).

Prior to the 1970s – when an electronic system was put in place, a “market maker” would sit in the middle of the exchange and hold a reserve of stock – to keep the market moving and keep the price stable. The market-maker makes money in the transaction difference. Humans still do this, but now machines do this also – either by algorithmic trading or
high-frequency trading.

The market-maker looks at the “bids and offers” via quotes on the CQS (the Consolidated Quotation System) And the world looks at the CTS (the Consolidated Tape System), generally refereed to as the final, trade, or closing price.

Prior to the Incident

Markets had been moving lower for days previous to this. So much so that the Volatile IndeX (VIX) is seen on the screen “VIX up 30%”. We also see gold prices rise ($1200/ounce) and oil prices fall ($78/barrel).

During the video you’ll see a dizzing array of incidents, but things that proceed the Flash Crash including

  • Earnings reports were out and lower.
  • Retailer sales reports were poor. (old money, in many cases)
  • Stocks for all Banks were trading lower. (old money)
  • Japanese Yen & US Dollar are trading higher against all currencies.
  • The Euro is trading lower against the Dollar.
  • The Greek Public Strikes as a “new austerity package” had just passed hours before. (See May 6)220px-2011_Greece_Uprising
  • A comment emerge from the previous day that intra-day lending was becoming unavailable to European banks, and there were signs of “Fragility in the credit system”.
  • A lose in “basis points” as compare against the LIBOR was lending to the volatility.
  • You’ll see, mentioned at the time, but not mentioned in the post-reports that there was “panic buying”.(6:30-end of 5of6) (repeated on 6of6 2:20)
  • Lastly, a report that congress had just passed some new legislation that affected banks and their profitability.

NYSE Circuit Breakers are Off

It’s reported during the “train wreck” that the NYSE Circuit Breakers are Off.

Market Capitulation

It has been widely reported, and appears to be a matter of practice, if a human market makers capitulates (See: Stock market capitulations) – “stub quotes” are put in place. Those quotes are intended to be ridiculous. The practice is to set the capitulation quote at one penny ($0.01 – See: Accenture below)  or one-hundred thousand dollars ($100,000) – neither is realistic for the NYSE.

If this happens – in practice, no humans are in place to slow down the system.

Who Lost Money

Most of the losers were retail investors with stop-lose orders in place. Almost un-reported was that Goldman-Sacks profitted. (See Far Below: High Frequency Trading and the 2010 Flash Crash)

The FLASH CRASH on CNBC

FLASH CRASH! Dow Jones drops 560 points in 4 Minutes! May 6th 2010 – (9:36)
https://www.youtube.com/watch?v=86g4_w4j3jU

The dizzying array of headlines is in the “Breaking News” banner. I won’t repeat a headline, but many are (subtle variations). If I missed a reporter, please let me know.

Gold_Touches_1200

  • below the market price – time mark
  • -$438 – start
  • Gold Touches $1200 (You may miss this, but it will repeat.)
  • S&P Financial Have Biggest One-Day Drop in Six Months
  • More than 95% of S&P 500 Stocks are lower
  • 35% of S&P 500 Stocks are Down 5% or more
  • Five of 24 S&P Industry Groups have had 10% Corrections April 23 Close
  • All 30 DOW stocks lower
  • DOW Down more than 500 Points
  • -$516 – 1:00
  • Stocks Plunge on Greek Worries
  • Rick Santelli, The Euro vs. the dollar just cracked under 126. I’m sure we’re hitting Sell-Stops. We’re hitting knock-outs on the over-the-counter market. (…). -(~1:12)
  • Dow, S&P 500, NASDAQ have Biggest One-Day Drops in over a Year.
  • S&P 500 have Biggest 3-Day Drop since March 2009
  • (NASDAQ has Biggest 3-Day Drop slide March 2009)
  • (Averages Down for Third Day)
  • -$586 – 2:00
  • (Dow has Biggest 3-Day Drop since Late January)
  • Dow Laggards: B of A, Caterpillar, HP, GE (old money)
  • S&P 500 Leaders: Fidelity National, Titanium Metals, MetroPCS, FiServ (new money)
  • S&P 500 Laggards: JDS Uniphase, Office Depot, Time Warner Cable (old money)
  • Many Retailers among Poor Performers as April Sales Fall Short of Estimates
  • Stocks on track for First Two-Week Losing Streak in Two Months.

    S&P500_(1950-12)

    Moving Average from 1950-2012

  • Matt Nesto, ~50, 100, & 200 day moving average broke for the S&P 500.~ -(~2:15)
  • Euro hits 14-month low against U.S. Dollar

922px-Circuit_breaker_10amps

  • -$707 – 3:00
  • Crude hits $78 per barrel
  • VIX up another 30%
  • Matt, ~NYSE Circuit breakers don’t kick in after 2:30pm~ (~3:20-3:30)
  • Scott said, ~This is fear. This is classic capitulation.~ (See: Stock maket capitulations)

 

  • -$860 – 4:00
  • Dow breaks 10,000
  • Michelle said, ~ We’re seeing Fragility in the Credit System (in Europe). ~

Jim_seeDown987

  • -$995 – 5:00
  • Erin, P&G is down 25% (P&G is a bellwether. Hence, Jim’s comment below.)
  • Dow Down over 900 Points
  • Jim says “Look at (P&G). Buy it! (3x)”. (~5:22-5:27) P&G suddenly starts to rise, almost is concert with his words. Fans of the Mad Money with Jim Crammer know, if he says buy three times – it’s usually in the lightning round of his show – and he means buy it now!
  • The market the turns around.
  • -$773 – 6:00
  • (In a matter of seconds, you’ll see the market jump 220 points!)
  • Stock Lose Gains for 2010, 2009
  • -$683 – 7:00
  • Peter (Costic ?) ~ Capitulation with no bid side. (..) There’s Void in stocks. ~
  • Peter (Costic ?) ~ the one thing we can say is we have some serious volume ~.
  • ~8:32 – Jim says, The system broke down.
  • ~9:20 – Jim says, ~ It was there for a blink of an eye, maybe one of these fast pool traders got it. ~

AUDIO from the S&P 500 futures pit at the CME during the “flash crash” of 2010 (Chicago Merchantile Exchange) – (3:38)
https://www.youtube.com/watch?v=E1xqSZy9_4I

May 6th 2010 CNBC Stock Market Flash Crash Special Report Markets In Turmoil – (4:03)
https://www.youtube.com/watch?v=a49nqZxmKJ8
Post analyse on the same day.

  • Erratic trades
  • Accenture (ACN) $40 dropped to $0.01 (one cent)
  • NASDAQ Canceled trades (280+)
  • Liquidity issues

CNBC

FROM: https://www.youtube.com/user/crash6may2010

FLASH CRASH May 6, 2010 (Part 1 of 6) CNBC – (5:24)
https://www.youtube.com/watch?v=IJae0zw0iyU
FLASH CRASH May 6, 2010 (Part 2 of 6) CNBC – (9:13)
https://www.youtube.com/watch?v=_wtFbp6C2h0
FLASH CRASH May 6, 2010 (Part 3 of 6) CNBC – (7:50)
https://www.youtube.com/watch?v=6BkcUYF-QBI
FLASH CRASH May 6, 2010 (Part 4 of 6) CNBC – (5:37)
https://www.youtube.com/watch?v=VlxhHaXh8g4
FLASH CRASH May 6, 2010 (Part 5 of 6) CNBC – (7:30)
https://www.youtube.com/watch?v=Wpx5gBvHNGk
FLASH CRASH May 6, 2010 (Part 6 of 6) CNBC – (8:39)
https://www.youtube.com/watch?v=7UhKOs3dYk4

FOX News

Flash Crash May 6, 2010 Fox Business – (6:29)
https://www.youtube.com/watch?v=Sg4k2NvwG9k

May 6th 2010 CNBC Stock Market Flash Crash Full Video Coverage DVD #1 (~3:17:15)
https://www.youtube.com/watch?v=jhu02uQxKWo

Jim Cramer & JImmy Fallon on the Flash Crash (3:05)JimAndJImmy
https://www.youtube.com/watch?v=9ylwHfKZoJk
This was with Jimmy Fallon on the tonight show.
Jim Crammer, “We have no answers at all.” – (~2:00)
Toward the ends he talks about how “the market is rigged”. (~2:30)

IBTtv – Flash Crash 2010: Trader Relives Nightmare Three Years Later – (5:03) Published on May 6, 2013
https://www.youtube.com/watch?v=htHUJOgX_nw
Mark Otto of Knight Capital is interview.
Mark explains traders realized they knew it was a system error.
He also explains new rules – which require humans to be involved.

Larry_Glosten

Larry Glosten – Columbia School of Business

Larry Glosten: The Flash Crash – (19:30) Talk Given On December 6, 2011

https://www.youtube.com/watch?v=gbk9yXFk4jY
Columbia School of Business – 
Professor Glosten notes the timing coincides with Central Time vs. Eastern Time.
He explanation is, of course, academic.
However, in his explanation  he shows the logical action – which helped break the market, and that is the “stub quotes” entered by the market makers. (~5:00)
They are not high-frequency traders, but high-frequency QUOTERS. (~6:00-6:15)
The market breakdown. (~12:15-13:45)
No limit price on sell order placed at 2:45 (~14:30)
Massive number of quotes and cancellation (~16:00)
New rule added – Rule 13h-1.  (~17:50)
Consolidated Audit Trail was proposed as a new rule – Rule 613. (~18:10)
Nanex.com see something sinister. (~19:10)

hft_trader

Dubbed the Snowden of Wall-Street

High Frequency Trading and the 2010 Flash Crash – Leak Sources News (~6:14) Published on Nov 17, 2013

https://www.youtube.com/watch?v=YS1k5hz0cfE
former HFT trader
suggestion that Goldman Sacks may have profitted from this
MORE (I could not review the Documentary at this link in time for publication): http://leaksource.info/2013/11/17/the-wall-street-code-documentary-2013/
Secrets of a former high speed trader – CNNMoney (5:03) Published on Aug 12, 2013
https://www.youtube.com/watch?v=itxbyXO67XY
Comments on the video include:

  • “HTF were net takers of liquidity during the crash.” (~1:50)
  • “Quote stuffing” is the equivalent of Denial Of Service (~1:55-2:30)
  • “The only explanation is nefarious activity” (~3:20)
  • “Negative externality” (~4:30)

What caused the flash crash of 2:45?  (7:36) Published on Oct 1, 2013
https://www.youtube.com/watch?v=zJja5a7pPSw
Björn Hagströmer, assistant professor at Stockholm University, explains.
Three (3) years after the fact.

The Flash crash of 2010 is not the first and only crash of this sort. Crashes of this sort happen all the time. They are discussed in the longer segments above.
And also here: TEDxNewWallStreet – Sean Gourley – High frequency trading and the new algorithmic ecosystem. (17:42) Published on Apr 12, 2012


I could not review this data.

The Microstructure of the Flash Crash

https://www.youtube.com/watch?v=IngpJ18AhWU

 

Simon Sinek – How Great Leaders Inspire Action

Simon Sinek: How Great Leaders Inspire Action – (11:11)
http://www.ted.com/talks/simon_sinek_how_great_leaders_inspire_action

Simon_Sinekhttps://www.youtube.com/watch?v=pI0cJdOzUcQ

Published Jan 27, 2011
  • Golden Circle – Why, How, What (~2:04)
  • Think From the Inside Out (~3:20)
  • It’s based in biology, not psychology (~6:00)
  • Law of Diffusion of Innovation (~8:30)
  • Those who lead — inspire us. (~10:30)

Guy Kawasaki – How to Use Social Media

Guy Kawasaki – How to Use Social Media as an Evangelist for Your Business and Here’s How I Did It! – (1:45:23)
https://www.youtube.com/wGuy Kawasaki How to Use Social Mediaatch?v=rZCDGBnC058
MIT Enterprise Forum San Diego
Published on Apr 10, 2013
Caveat Emptor – Guy is hawking his own product – as well.

How to get more followers

  1. Start Yesterday – It’s 6,9,12 month process – (~8:45)
  2. Segment the services – (~9:25)
    * People – Facebook
    * Perceptions – Twitter
    * Passions – Google+
    * Pinning, Primping – Pintrest
    * Pimping – LinkedIN
  3. Make a great profile – (~12:54)
  4. Curate Content – (~17:50)
  5. Cheat – (~19:20)
  6. Earn the right to self promote (post about self at most 1 in 20) – (~20:49)
  7. For every post, add a picture or video – (~24:00)
  8. Respond to comments on your post – (~25:40)
  9. On replying to comments, stay positive or shutup. – (~26:45)
    * post something
    * someone posts a comment
    * post a response
    * they respond, don’t
  10. Repeat your posts – (~29:45)
  11. End – (~34:20)

Q & A – (~34:45)

  • What is the “P” word for instagram?
  • Flicker and Youtube?
  • Are there any services that can offer me a repeat?

DEMO STARTS (~37:45-1:11:30)

More Q & A (More Q & A)

  • When to go narrow vs. go public in posting?
  • Can speak about the difference in the engagement of video vs. pictures?
  • Technical people say, “I don’t have time for social media.”; Your response “Technically you only need three people in a startup. Someone to make something, someone to sell it, and an adult to collect the money.” (~1:23:30)
  • How do filter your online ads (for your website)?
  • Am I missing something about LinkIn?
  • How do you know when you are using too much social media?
  • Do you posts video of yourself?
  • What do you do if LinkIn has more people than Google+?
  • How determine if your audience on Google+ is actually using it?
  • Do recommend the use of promoted-posts on Facebook?

Utilities He Used

  • MyAllTop – his startup
  • Smart Brief
  • Jumpcut (Mac only?)
  • SnapShotzPro
  • Buffer