Certainly Paul...I'm sure that there have been successful buy and holders, as well as momentum players, technical gurus, pit buffs, value finders, garbage pickers <G>...etc.
The market is made of all these so called "players"...every dog has its day as they say...but keep in mind there have been successful contrarians, shorters, put option maniacs...etc...
The great thing about the market is you can make money both ways...
But don't kid yourself with "when selling begets selling" its a great buying opportunity...try telling that to someone who played the market in the 70's...i sure wouldn't want to tie up my money in a losing proposition for 5 years...opportunity cost of capital can be a scary thing.
Bottom line is..we're not in the clear...there has been alot of needless spending in our economy...a classing recession scenario. We have built up needless capacity, the housing boom is good evidence of this, people are now margined out to the hilt...as was the case with Long-Term Capital...it will take a while before we begin feeling the effects...keep in mind
1) A bear market begins long before any real signs of trouble come to light
2) Same goes for the economy...it's like a last big gasp of prosperity before we dip into bad times...
Don't get me wrong...I play the market any way I can, long short, high , low, sideways, upside down...but I don't subscribe to any particular discipline as right...and I sure as hell hate being lied to as is the case with just about every analyst I've come across.
Regards,
GS |
