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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Raymond Duray who wrote (19810)6/14/2002 8:06:25 PM
From: Maurice Winn  Read Replies (2) of 74559
 
Raymond, Jessie Livermore forgot items number 22 and 23:

22. Don't let a slogan do your thinking for you.

23. Even a monkey can be right 1,000 trades in a row.

It's tough to know the difference between being lucky and being smart. A monkey guessing right 1,000 times doesn't really know whether he's the lucky one or the smart one. Getting things right does make one feel very intelligent. The average IQ of the investors in the Dow, Nasdaq etc was really high for a while. But now many feel like monkeys. Japanese had a really high IQ in 1990 too - their amazing management skills were studied and copied. Just in time delivery, quality circles, the whole drama.... We don't hear much these days about amazing Japanese companies.

Mq
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