The personalities of market gurus differ. Some are dead, but those who are alive range from serious academic types to great showmen. A guru has to produce original research for several years, then get lucky when the market turns his way.
To read about the scandals that surrounded many gurus, try Winner Takes All[i/] by William Gallacher and The Dow Jones Guide to Trading Systems[i/] by Bruce Badcock. The purpose of this section is simply analysis of the guru phenomenon.
When we pay a guru, we except to get back more than we spend. We act like a man who bets a few dollars against a three-card monte dealer on a street corner. He hopes to win more than he put down on a overturned crate.
Only the ignorant or greedy take the bait.
Some people turn to gurus in search of a strong leader. They look for a parent-like omniscient provider. As a friend once said, «They walk with their umbilical cords in hand, looking for a place to plug them in». A smart promoter provides such a receptacle, for a fee.
The public wants gurus, and new gurus will come. As an intelligent trader, you must realize that in the long run, no guru is going to make you rich. You have to work on that yourself
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