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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (79635)	4/15/2000 5:03:00 PM
From: umbro	Read Replies (1) \| Respond to of 132070

On horses, and bad trades (Niederhoffer Sighting): Saw this on the MDA thread: worldlyinvestor.com Broken Rules, Shattered Expectations By Laurel Kenner and Victor Niederhoffer Columnists 04/15/2000 9:34 AM If you can meet with triumph and disaster And treat those two imposters just the same, You'll be a Man, my son! -- Rudyard Kipling Every rule on the stock market was broken last week. Buying after panics didn't work. Buying on interest-rate declines didn't work. Buying on a Friday to play the odds for a favorable government economic report didn't work. Buying at resistance levels didn't work. Buying good stocks didn't work. The one rule that was not broken this week was the principle of ever-changing cycles invented by Robert L. Bacon. In Secrets of Professional Turf Betting, Bacon wrote: "The crazy gambling urge and speculative hysteria that overcomes most players (makes losses) an certainty. But if the public play ever did get wise to the facts of life, the principle of ever-changing cycles of results would move the form away from the public immediately." Bacon was talking about betting on horses, but the principle is even truer for stocks. When you get accustomed to making money a single way, too many people barrel in. They bull stocks up to unprecedented, unjustified levels, and when they run for the exits, the devil take the hindmost. [...]