“it is utterly useless for us on the outside, who buy and sell comparatively small blocks of stock, to conjecture about what “they” are doing. We cannot know what the insiders intend to do, but we can see their orders on the tape when they execute them. That is why my plea is for everyone of us to have no mere opinions of his own, but to allow the actions of the market to tell him what is passing.”
(Humphrey B. Neill, Tape Reading & Market Tactics, 1931, New York: B.C. Forbes Publishing Company; 14th printing, 2003, Vermont: Fraser Publishing Company)
When Nicolas Darvas was interviewed by Time Magazine in the early 60’s and it came out that he made almost 2 million dollars in the market in 18 months (while he was dancing around the world!), he noted that he read and reread Neill’s book (along with Gerald Loeb’s). Neill’s book has been reprinted many times and I happened to find it on the shelf of my local Barnes and Noble store. Neill dedicates his book, “to my losses, with a deep appreciation for the experience and knowledge which each loss has brought me.”