The Bears Fight back ...the dow jones industrial average falls some 307 points
As an investor of some 18 years, having positions move against you even short-term can create some anxiety… when I become a machine will let you change my battery.
in 1998- 99 when I first started doing radio I figured that if I was going to become a public person, whatever that means… that I needed phrases or sayings that people would remember… that if I had anything to give all or anything to say it all I best say it in such a way that people would remember… that even without my singing and dancing people would remember you would remember things that I said… creating a sort of legacy or understanding that might follow me in years to come…
you’ve all heard them “placing capital in the path of social change”
“being right is important but not nearly as important as being right at the right time”
“everybody gets what they want out of the market”
“an investor is his own best or worst enemy”
and for the period were and now, and for the period we've been in for the last two weeks “the context of the move is more important than what the move is”
it doesn't matter whether of stock or the market goes up or down, markets and stocks will do both with a good degree of regularity… what's more important is the move in relationship to the overall move…
A stock that moves from 30 to 35 is irrelevant! Especially if its on a trajectory to 15… what's more important the move from 30 to 35 or the fact that its destiny may be 15?
far too many investors chase markets and stocks not unlike the fish that may be attracted to that fluttering lure the fishermen tempts him with, before he is eaten for supper… I suppose that is why so many investors become dinner.
when you do this as long as I have, which really isn't long at all… you begin to develop perspective and objectivity and the ability to execute with dispassion… this takes time and money, the money you wind up losing on your way to developing the objectivity and dispassion. Most people never get it, because they run out of it, before they get it. And or their hearts are simply not in it, many investors are just plain speculators, and while intelligent speculation is fine… careless speculation… is more akin to some hard-core junkie better, don’t blow your nestegg finding out which you are!
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