Well, I'm not sure the gambler analogy fits...but I'll take it.
I know that right now there is a fashion for "analysts" who are trying to say that the "market doesn't always go up". That's true, of course, and any idiot knows that.
HOWEVER, their point is that there can be (and have been, according to the charts these doomsayers produce) periods of time greater than 3 years when the market doesn't rise. Again, this is true.
What they forget to tell people, in their rush to sound prescient and intelligent all at the same time, is that those down periods represent less than 12% of the market's overall movements over ANY given period of time.
So.....I'd say that while it's a gambler's mentality, it's a gambler who has seen that the odds are heavily in his favor and is willing to ride out the few hands that haven't played out well.... |
