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I guess unless you are under-capitalized, it would seem foolish to trade anything by the SPY. It has much more liquidity and almost no default risk. Even if you can buy stocks at a discount to intrinsic value there are so many things that can go wrong even if a company has steady cash flow...

IRS gets access to 5,000 Swiss bank accounts Government reaches deal to access to UBS accounts with up to $18 billion that U.S. investors might have used to avoid taxes. http://money.cnn.com/2009/08/19/news/companies/ubs_irs/index.htm?postversion=2009081910

I don't know why people idolize this guy. Sure, the wealthiest man on the planet turns out to be the nicest... gimme a break. If Buffett doesn't use insider info to make his investment decisions then I'm Jessi Livermoore. Most of his investments were growth stocks anyway. Don't know why he...

Prechter did not correctly predict the crash. He thought it would carry on from 2003. 4 years too early!!

Unlikely. I believe that the great revolutions are a thing of the past. People have too much (even now) to start a revolution for fear of losing their possessions. Revolutions only happen when people rather die than continue living as their are... we are still very far from this.

Now that's an oxymoron if I've ever seen one!

The printing press has not been cranked up much more than it has been in the past years. Read up on monetary policy, my friend (before you lose all of your paper trading dollars).

Could this be a good asset play? Is there any division of the company that would justify the stock current price of 5.54 (intrinsic value at a discount)? I am not a fundamental value investor, so I would like to start a discussion about this.

I would still submit that different professions require various degrees of psychological fortitude. I think we can all agree that a certain psychological constitution and discipline are necessary to do anything in live. However, it's not a question of semantics when you consider that the...

GFT and EFX for example are different animals. You can't just bunch them together like that and call them all buckets. True though that interbank orders start at 100k. EFX however does group smaller mini lots together into one lot.

You are begging the question (circular reasoning) in your arguments. You are already assuming that the trader has a good psychological make-up suitable for trading (i.e. "he should stop using it" and "you should prepare to accept it"). If he is not in the right mental state he might not be able...

EFX is not a bucket.

I disagree completely. You have to consider the psychological impact of a long period of DDs that any system can encounter. In fact, it is especially pertainent in this case, as a string of losers will haunt you even more after having had a strong equity curve. Also, how are you going to...

The Fed is NOT physically printing more money.

A master diplomat at work. Ego has nothing to do with it... http://www.youtube.com/watch?v=bdG6KFGHRfg :D :D :D

Get back to me in 5-10 years...

Indeed some of the qutoes from way back are stunning: "There are two ways to conquer and enslave a nation. One is by sword, the other is by debt." John Adams

Very good post, jjf. Indeed, the post-war period in U.S. (and global) history is the exception to the historical standard, not the norm--a fluke if you will. Sadly, this development is taking place all over the world (to a greater or lesser extent).

I agree that in one form or another, this is what we are facing in the future. In fact, one way to get people back to work is to coax them into investing in an asset that you can easily deflate *wink*.

With M3 pumped full of money, there is little value in historic P/E numbers.