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It's best not to think about winning or losing trades anyway, because the best ones work out for both teams. But, as a rule, if you're the team that's selling - if you're out of it, and you're trading with a team that's in it - you usually have the pick of just about their whole farm system, with a few exclusions.
When you have a coaching change, when you have trades, an injury, when you have all these things happening - these are all things that are out of your control. Quickly, you start to understand that, really, the only thing you can control is going out and playing hard every night and being ready for your opportunity.
On the New York Stock Exchange, all buy and sell orders are routed through a single 'specialist,' guaranteeing that most small trades can be matched directly. But most larger trades are delivered to the specialist on the floor of the exchange by human brokers, a system that big investors view as increasingly inefficient.
What I think about derivatives is if every institution that owns or trades them is properly margined and marked to market, including end-users, including every institution, including sovereigns and multilateral institutions, then the system would be safe - if people were margined the way customers of investment banks are margined.
Deep down, all directors feel like frauds - because it's built into the nature of the job. You're the jack of all trades and the master of none. The cameraman knows the camera, the sound man knows the sound equipment - and you? You can't do anything: You can't do the acting, you can't dress the set, you don't record the sound or shoot the images.
