Here’s Why Mentors Matter: A Giant in Our Field Has Left Us
It’s rare to have known a true giant in one’s own field of endeavor. I knew John Murphy well, and I feel very lucky to say that. Much like the old brokerage advertisements “when E.F. Hutton talks, people listen,” the same was true about John Murphy.
Financial advice is everywhere these days. Most of it is intended to create plausible scenarios that sound like you, the investor, will benefit. But often they are just “trojan horse” stories written with the objective to garner commissions and fees for advisors. In contrast, people listened to John Murphy precisely because there were no Trojan horses in John’s arsenal. As George Lane—creator of the stochastic oscillator—told me after John’s speech, “That’s the good stuff!”
I’m certain the majority of CMTs out there are like myself. John’s books are true indispensable classics and sit prominently next to our desks. I recall when John was the keynote speaker for the 1995 annual TSAA conference in San Francisco and he mentored me saying “teaching others will make you a much better investor.” Taking his advice, I taught college part-time for the next 20 years, which absolutely validated John’s advice.
There are millions of reasons why mentors matter. Speaking personally, I believe mentors shorten one’s learning curve, help clarify one’s goals, minimize the number of costly mistakes, and give one new skills and perspectives. All of these were true in my relationship with John Murphy.
When John read the manuscript for Tensile Trading—the book that Grayson and I wrote—he observed that “the dividends from teaching are clearly evident throughout the text.” He generously offered to write an endorsement on the book jacket, and his praise meant the world to both of us.
John Murphy passed away in February, but what he gave us lives on in every CMT. He touched so many investors, and we are all better for it. I know I am. He’ll be deeply missed.
In closing, I want to repeat a refrain I say often. Financial advice must be carefully vetted. Don’t embrace so-called investment wisdom unless it is from a well-known and respected resource or first-hand endorsement from someone you truly trust. John Murphy was both those things.
Trade well; trade with discipline!
Gatis Roze, MBA, CMT
- Author, "Tensile Trading: The 10 Essential Stages of Stock Market Mastery" (Wiley, 2016)
- Developer of the "Stock Market Mastery" ChartPack for StockCharts members
- Presenter of the best-selling "Tensile Trading" DVD seminar
- Presenter of the "How to Master Your Asset Allocation Profile DVD" seminar
