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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Dennis Roth who wrote (138081)7/24/2010 5:42:26 PM
From: ChanceIs1 Recommendation  Read Replies (2) of 206326
 
>>>There are those who would misteach us that to stick in a rut is consistency--and a virtue; and that to climb out of the rut is inconsistency--and a vice.<<<

I will see your Mark Twain and raise you a Ralph Waldo Emerson (of course everybody knows this one):

A foolish consistency is the hobgoblin of small minds

But let us move from broad metaphysics and epistemology to the adaptation of this truth regarding consistency to our small investment universe by consulting the venerable (and very successful investor) Bernard Baruch:

“If you have made a mistake, cut your losses as quickly as possible.”

I thought that Baruch said this, but I guess it was Keynes:

“When the facts change, I change my mind. What do you do, sir?”

But let's close with two from Baruch:

“I made my money by selling too soon.”

And since we are met in the great debate between capitalism and socialism:

“You can talk about capitalism and communism and all that sort of thing, but the important thing is the struggle everybody is engaged in to get better living conditions, and they are not interested too much in government.”
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