On Investing

A Career in Investing: Kathy Jones' Parting Thoughts on the Markets

Mar 6, 2026
A veteran investor reflects on a decades-long career, from trading floors to research, and shares core investing lessons like trend-following, position sizing, and cutting losses. The conversation also examines geopolitical tensions in Iran and how conflict could ripple through equities, oil markets, and central bank decisions.
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ANECDOTE

From Board Of Trade Runner To Research Lead

  • Kathy Jones started on the Chicago Board of Trade as a runner and then became a research assistant because she could type.
  • She learned markets firsthand in open outcry pits and transitioned into research after gaining skills and mentors.
INSIGHT

Start With Humility About Market Skill

  • The market will outsmart most individuals so assume you're probably not that smart and aim for good risk-adjusted returns.
  • Kathy argues that respecting market wisdom and participating in trends reduces anxiety and improves long-term outcomes.
INSIGHT

Use Trends As A Reality Check

  • The trend is your friend as a discipline check: when charts contradict your analysis, treat it as a signal to reassess.
  • Kathy uses trend-following as a pragmatic guardrail to avoid staying attached to wrong convictions.
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