If chess players are so smart why they are not millionaires/billionaires?

Still, the idea that gaming skills may be adaptable to investing spurred a hiring program in the early 1990s at Bankers Trust. At the time, the bank had a successful trader named Norman Weinstein (no relation to Boaz Weinstein), who had earned the title of international master from the World Chess Federation. In an effort to replicate his success, the bank hired a small group of people who had little or no trading experience, but were world-class chess and bridge players.

David Norwood, a World Chess Federation grandmaster (the highest ranking a player can obtain), was one of the recruits. “I was studying history at Oxford,” Mr. Norwood said. “Right out of the blue, I got contacted by Bankers Trust who said, ‘You would really make a good trader.’ I had no idea what trading was.”

Mr. Norwood took the job and was soon put on a trading desk, but it was too sudden. “It was like being stuffed into a world-class chess match without knowing the moves,” Mr. Norwood said. He quit after only a few months.

Despite the setback, Mr. Norwood said the experience “kind of planted a seed in me.” After a year, he found a job at Duncan Lawrie, a British private bank, and began learning trading and investing. In 2008, at the age of 40, he retired a multimillionaire.

(...)

At Deutsche Bank, which he left in early 2009, Mr. Weinstein said he helped recruit Elina Groberman, who was the 2000 United States women’s co-champion. He also hired Anatoly Nakum, a master. Mr. Nakum eventually left to head credit trading atBarclays Capital before moving on to UBS, where he was co-head of North American credit trading operations. He left in June and said that he was currently pursuing opportunities in investment management.

In 2005, Mr. Thiel hired Patrick Wolff, a two-time United States champion, as an analyst. Mr. Wolff rose to become one of the managing directors at Clarium. This year, he set up his own fund, and, in a reference to his chess background, named it Grandmaster Capital. He said the fund had about $50 million under management, much of the money from Mr. Thiel.

http://dealbook.nytimes.com/2011/09/29/good-at-chess-a-hedge-fund-may-want-to-hire-you/?_php=true&_type=blogs&_r=0

Wait a 2nd....being dumb can too make you a millionaire....Wanna know how to become a millionaire in the stock market ?

Give a broker $10 million !

You know I never take anything you say serious, so I'll be waiting for other reactions.

btw. I said traders so I mean traders.

Post #293 is nowhere near close to what "Nobodyreally" was saying, which sounds more like his own private phantasy.

That was exactly what i was referring to, SocialPanda. Thx for looking that up.

But I'm quite sure there were more than just David that were successful.

(90's are a bit of a blur )

Now compare what Social Panda posted to what you posted.  Can you see that your claims were totally exaggerated?

Quoting this idiocy for posterity.

I clearly wrote "seem to remember" and "Correct me if I'm wrong." It was nothing more than a vague memory.

Now go back to where ever they leave you at night, little troll.

 http://www.amazon.com/The-Complete-TurtleTrader-Investors-Millionaires/dp/0061241717

I agree with ChessGG.  

Chess players would make even worse brokers.  

I completely agree with you....

Your lede is a bit unclear, sir: " I am not impressed that highly competent chess players have an edge at stock market trading. I do not believe this to be true. "

What do you believe to be true?

Your vague memory was still about 99% overblown.

(chess_gg) There is a famous book about Turtle Trading....

That reminds me. Aesop told us to be the tortoise not the hare. But, you want to be the fastest terrapin in the turtle herd, right ? So, do we trudge along at 6% returns ?....no we trudge along at 12%....and then live a long life - this'll help alot.

BTW, I just read a story where they recently found a gun ball lodged in the shell of a swamp turtle in Alabama. They dug it out....it was from the American Civil War ! So, have a long life and a thick shell. 

Turtles have alot to teach us........

That Nobodyreally guy blocked me.

For your information. I blocked you a long time ago already.

But why?

Because you're rude and just way too aggressive in my opinion.

But that's just my opinion. Nothing more nothing less.

Ok yeah.  I try not to be rude, I really do.  The aggressiveness is a character trait I cannot do anything about.

Thanks for responding.