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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: orkrious who wrote (182708)7/24/2002 8:55:22 AM
From: reaper  Read Replies (2) of 436258
 
ork -- excellent piece. and by the way, are you sure you're not Russell <g>

i remain firmly in the deflation camp, though it is not obvious to me that gold wouldn't benefit in a deflation, at least on a 'relative' basis. as Russell so correctly reminds us, the point in bear market is not to MAKE money but to LOSE less than everybody else; VERY few fortunes are MADE in a bear market.

<<the IMPORTANT THING IS NOT TO TAKE THE BIG LOSS>>

everybody should have this line taped to their refrigerator door. it applies not just to financial matters but to pretty much everything. my baseball team, whenever there's a guy on third w/ less than 2 outs, they (the kids) always want to play the infield in, to cut down the runner at home. i am forever counseling them to play the infield BACK, concede the run, and get the out. 'cause the most important thing is not preventing that ONE run, it is preventing the big inning where you give up FIVE runs (and of course the big inning is more likely with the infield in, as a ball is more likely to get through). you would be amazed at how few parents subscribe to my logic, which may very well explain their behavior in the stock market as well. that said, they keep letting me coach as i've won two straight championships and we're 15-0 so far this year; too bad they don't let me manage their money. <g>

Cheers
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