The subject who is truly loyal to the Chief Magistrate will neither advise nor submit to arbitrary measures. This article was published more than 6 months ago. Some information in it may no longer be current. Audio for this article is not available at this time. This translation has been automatically generated and has not been verified for accuracy.
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The subject who is truly loyal to the Chief Magistrate will neither advise nor submit to arbitrary measures. This article was published more than 6 months ago. Some information in it may no longer be current. Audio for this article is not available at this time. This translation has been automatically generated and has not been verified for accuracy. Full Disclaimer. When he launched The Gartman Letter in , celebrity stock pickers were all the rage.
Computers, index funds and quantitative investing had only begun to infiltrate the trading world and most investors believed a smart, determined person could still outsmart the combined wisdom of the market. At a time when news travelled at a stately pace, this do-it-yourself attitude seemed entirely reasonable. Gartman said in a phone interview from his home in Virginia. The need for a newsletter to serve as an information conduit has disappeared, Mr. Gartman said.
Multitudes of online sources provide instant access to breaking financial news, statistics and analysis. In addition, at 69, he is feeling his own age. All of that prompted him to announce last Friday that he was winding up his venerable letter, once one of the widest read investing dispatches for active traders.
The end of The Gartman Letter underlines how investing has transformed itself from a craft practised by humans with opinions to an engineering discipline dominated by math geeks with formulas. According to Merrill Lynch, about 45 per cent of assets under management in U. Passive investors simply track market benchmarks and make no active attempt to outwit other traders. This makes perfect sense if you accept the theory that markets are efficient compilers of information.
According to this logic, the market price of a stock already reflects an accurate summation of all the publicly available facts and opinions about it. To be sure, not everyone buys the efficient markets hypothesis. Much of the investment industry continues to insist that smart, informed traders can still outpace the market.
Perhaps so. But even those who see a role for active management are relying more and more on mathematical approaches. They then bet heavily on mechanically assembled portfolios of stocks that possess a hefty dose of the factors that have worked historically. That was never Mr. His newsletter roamed widely, surveying economic, political and market trends, usually with special attention to the commodity markets where Mr. Gartman had spent the early years of his career as an economist.
His opinions were sharp, clearly expressed and typically delivered with an easy personal charm. He was far from infallible: The Horizons Gartman ETF, an exchange-traded fund that followed his advice, launched in but fizzled and was closed in Nor was he particularly consistent. In , he acknowledged a bad bet on the stock of Riot Blockchain Inc. Gartman says he will continue to do TV and radio interviews. And he continues to be a big believer in the appeal of commodities over the next few years.
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Read our community guidelines here. Customer help. Contact us. Log in. Log out. Article text size A. Ian McGugan. Published December 3, Updated December 3, Published December 3, This article was published more than 6 months ago. Please log in to listen to this story.
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Photo added by Brenda Hines. Bryan Douglas Gartman, Jr. Visitation will be all day Saturday, April 6, , with family present from pm to pm, at the funeral home. Interment to follow at the Robert Lee Cemetery. Services are under the direction of Shaffer Funeral Home. Thank you for fulfilling this photo request.