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Strategies & Market Trends : Classic TA Workplace
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To: gsp6181 who wrote (29608)1/30/2002 8:02:15 AM
From: AllansAlias  Read Replies (1) of 209892
 
Another Livermore quote to start the day..

I think the clearest summing up of the whole thing was expressed by Thomas F. Woodlock when he declared: "The principles of successful stock manipulation are based on the supposition that people will continue in the future to make the mistakes that they have made in the past."

In booms, which is when the public is in the market in the greatest numbers, there is never any need of subtlety, so there is no sense of wasting time discussing either manipulation or speculation during such times; it would be like trying to find the difference in raindrops that are falling synchronously on the same roof across the street.

The sucker has always tried to get something for nothing and the appeal in all booms is always frankly to the gambling instinct aroused by cupidity and spurred by a pervasive prosperity. People who look for easy money invariably pay for the privilege of proving conclusively that it cannot be found on this sordid earth.

At first, when I listened to the accounts of the old-time deals and devices I used to think that people were more gullible in the 1860's and '70's than in the 1900's. But I was sure to read in the newspapers that very day or the next something about the latest Ponzi or the bust-up of some bucketing broker and about the millions of sucker money gone to join the silent majority of vanished savings.


You could so easily just change the dates in the last paragraph. That which drives and drills a market has not changed much at all.

edit: How apropos. I just this minute found this reference:
news.bbc.co.uk
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