>> you've kept your philosophy and wavered very little...
Mostly due to lack of imagination <lol>.
>> and have done quite well
Actually, if you measure from the peak, I've had my head handed to me by Mr. Market, but being a thick headed permabull investor, I refuse to look at it that way <gg>.
I was in Vegas recently, and found myself listening carefully to the punters at my blackjack table. If they were winning, they puffed up their chests and increased their bets (leverage) until they began losing. Then they'd curse Lady Luck, and berate themselves for not having cashed out at the peak, as if it was rational that they could have known. The more I listened, the more I realized how it sounded just like the traders on the SI boards. I came away with several resolutions:
1. I will no longer consider gambler's peaks, and concentrate exclusively on fundamentals and long term investing returns.
2. If I play any games of chance, I will be the house (as in options writer, not buyer).
3. I will treat Lady Luck and Mr. Market with respect, and pray they return the favor.
uf |
