>> Actually Craig, aside from being one of the most stupid individuals I have ever encountered, <<
That's ridiculous. Even though I've never met him it's obvious that he is an intelligent individual.
>> It was rarely if ever original bs, but Bill gave it a new twist because of his "you must believe and not think" approach. In times where thoughtful people were dumbfounded by the excesses of the market a moron was needed to "show the way" -- and we had our Bill. <<
Thoughtful equaled WRONG. The "you must believe and not think" approach was the RIGHT approach for a long time. The wrong approach was to stay negative on the market all the way up. You would've been bankrupt long before the house of cards crumbled, and when you finally got your crash you wouldn't have had any chips left to capitalize on it. William's strategy served him well because he was on the right side of the market first--not last, so he made incredible sums of money on the way up. I believe he is not a moron because he took some chips off the table on the way up. Tell me which sounds better. Enjoying a fantastic run like William did, enjoying life the last several years, not a financial care in the world, buying new cars like a Lexus, owning multiple homes, etc, etc. Or would you rather have been a short who kept laying chips on the table saying this madness has to end one day and when it does my ship will come in. Right about the time you run out of chips the Nasdaq hits 5000 and you are bankrupt! Finished. Imagine how painful it is to watch the market crumble while you have no way of capitalizing on it. I think that explains a lot of the vitriol spewed on these boards by both bulls and bears. I believe that there were plenty of bears who bet against the market too early (including you) and are very jealous and bitter because they lost a lot of money due to extraordinary popular delusions and the madness of crowds. Misery loves company and I believe that many of these bears are quite happy that the market eventually broke the bulls so they can tell themselves that they were right all along. They can take solitude from knowing that they aren't the only ones who lost a fortune speculating in a mania.
Precisely why I love this quote. Simple, but so true!
"Well, the market doesn't discriminate. First it will break everyone who bets against it then it will break everybody who bets on it."
---- Jim Rogers commenting on the psychological impact of the Dow breaking through the 10,000 barrier |
