Strolling around the finance/economics section the other day at the library that has always served me well, I realize how purely lucky I was to pick up Victor's book very very early in my trading career.

Victor Niederhoffer: Letter to a Newborn Son

I know without question Vic has updated that since the crisis. I can pick out his original "letter" which was supposed to be a letter to an unborn son on what to learn to become a speculator.

It can never be understated, especially after a day like today.

"The road to a successful life in many things including specdom which your daddy professes requires heroism. You must travel to all areas of the world of knowledge, including economics, psychology, statistics, physics, . You must experience all aspects of life, gambling, sports, trading, loss, victory, friendship,. You must be of good character to inspire friends , partners, and employees. Most of all you must have courage and inner physical and mental strength to overcome danger. The danger usually comes when there is great or small panic. That's when you have to take out the canes, both physical and mental that you have learned to step into the fray."

"taking out a cane" is some old school thing even for 1910 panick with old men hobbling down to wall street to buy stocks when everyone was panicking.

Vic has the best street history library by all accounts, even with Wiley street history I don't find this idea.