One can only imagine that professional traders are, um, slightly more confident than the average home trader.
It’s important to keep in mind, however, that a relative lack of confidence about financial matters does not actually mean that women are less knowledgable about the subject, or less able to succeed in the business of pushing it around chaotically. (There are studies other than Odean and Barber’s to suggest the opposite is true.) Mostly, it means they’re more likely to be thoughtful, which is hardly a bad thing, even at high speeds. Almost 20 years ago to the day some one wrote a cover story for Money magazine with the cover line, “Why Women Can Be Smarter Than Men About Money.” The story detailed the five ways women, by their nature, tend to outperform men when the playing field is otherwise level:
Meet the women trading on the stock market...
1. They’re quicker to admit ignorance.
2. They’re more likely to seek help and advice from others.
3. They’re better at specific goal-setting.
4. They do more “homework.”
5. They’re generally more cautious about risk.
That last trait, apparently, is especially underrepresented at JPMorgan Chase.
But an increase in all five qualities on his trading desk most likely sounds pretty good to Jamie Dimon right about now.
