some of the Market Wizards are taking hits.
- Thread starter MainFramer
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As Tech busted and times change many wizards are not genius's.Thery fade or take their money and run.
Peter Lynch's idea of where you shop or whatever look at what is around works.Penera Bread,Krisppy Kreme Donuts,Argosy Casino are fine examples.If you like company or see changes byuy in and hold on.
Peter Lynch's idea of where you shop or whatever look at what is around works.Penera Bread,Krisppy Kreme Donuts,Argosy Casino are fine examples.If you like company or see changes byuy in and hold on.
Originally posted by klassykat417
As Tech busted and times change many wizards are not genius's.Thery fade or take their money and run.
Peter Lynch's idea of where you shop or whatever look at what is around works.Penera Bread,Krisppy Kreme Donuts,Argosy Casino are fine examples.If you like company or see changes byuy in and hold on.
LOL!
A lot of people liked Enron, SUNW, Planet Hollywood and Worldcom and so they "bought and held". Great advice.
I so agree with this. The problem is that it often takes the market forever to realize this. So you have to keep "rolling" the options "forever."
I have wanted to short Verisign forever - only recently did they get hammered.
I have wanted to short Microsoft forever too. I think the stock is worth 10 without it's monopoly - but you have to have balls the size of watermelons to wait that out.
I wanted to short Amazon, to buy it back at $5 (which is expensive) but who would get in front of that train?
Recently, every time I walked into GAP they got more and more ridicolous with their stuff - this looked like a natural short.
On the other hand, I am going to start getting long on SUNW at soon, but who wants to bottom pick that slow bleed? I also understood the situation about SGI, and that was an easy trade at $1.
nitro
Don't know the results in #s, but I seem to recall that O'Neill took out a full-page ad in IBD touting the end of the bear market and the commencement of the "new bull" - around nine or so months ago...
Of course, they weren't the only ones to take one or another updraft as a sign of clear sailing... and I guess the calls weren't pure CANSLIM... Still, I think it qualifies as a major oops...
I've always believed (along with alot of other veteran traders, for that matter) that the limelight is the kiss of death in this business. Every time that I start to believe my own B.S. the market seems to take great issue with my ego. It's a battle royal for me every day that I step into the pit, or log onto the computer.
I personally know several guys who live in compounds on the lake from Wilmette all the way up to Lake Forest - and who take great care to conceal themselves from the financial press.
Nothing good ever seems to come of it, unless you're looking for capital, and in that case, you're probably not a 'wizard' after all. That's my two cents.
I personally know several guys who live in compounds on the lake from Wilmette all the way up to Lake Forest - and who take great care to conceal themselves from the financial press.
Nothing good ever seems to come of it, unless you're looking for capital, and in that case, you're probably not a 'wizard' after all. That's my two cents.
Absolutely!!! When no one knows who you are, there are no standards but your own. There is no one to stroke your ego and no stressful crap to put up with, no annoying "fans" to bombard you with questions and waste your time and treat you like superman (which you're not).
Years ago I thought it was a quirky coincidence that so many great traders fiercely guard their privacy. Now I realize that it's no coincidence at all.
To reach the highest levels of trading prowess, you have to beat down your pride with a crowbar or the market does it for you. You have to screw up morning, noon and night for days, months or sometimes even years before everything falls into place. You have to maintain your humility day in and day out, always watching your back, always remembering that the market is bigger than you are, that you are just a drop in the ocean, that without discipline you are dead.
In otherwords, you have to become a lot like one of those monks in a remote monastery: perfect discipline, no distractions, no ego, no focus on the past, no fear of the future.
After all that struggle to get to that place- along with getting the knowledge burned into your brain that you are not bigger than the market, that no one is nor will ever be- why in the @#$@# would you care about being idolized by a bunch of know nothings who think you are some kind of magician? Why would you want their baggage or even care what they think of you at all?
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