I got into a conversation behind the scenes with a very well-known and talented chartist about a chart I made recently and I was told that it was essentially “Tourist Technician” in its simplicity.
Which made me smile.
Because while I love nothing more than to borrow the most helpful and prescient aspects of all the major securities analysis religions, the one thing I’ll never do is join one.
The greatest stock market investor of all time, Peter Lynch, had a nickname – The Chameleon. This is because no matter what was going on in the market he was able to adapt what he was doing to triumph. Lynch averaged – averaged – 29% annually for 13 years. No one else even comes close, every other manager in history is playing a different sport entirely.
If flexibility is an investing virtue, then Lynch is its patron saint. I am certain he had a great grasp on the core tenets of everything from Graham & Dodd to Growth At A Reasonable Price. And I’m sure he knew exactly when to accentuate the influence of one over the other depending on what was working.
I have great respect from those who’ve dedicated themselves to a given discipline, be it momentum or deep value, fundamentally-oriented or technically inclined. I’ll say for posterity that there is more than one way to skin a cat, and then I’ll tell you that I have no interest in initiating myself in the dogmatic rulebook that any of you pray to. Because I already know that nothing works more than a third of the time.
The great practitioners of these styles know this as well, and they expect to make a killing during the period in which the market regime favors their skills. Witness the value player who accepts the inevitability that he will have to be patient, witness the acceptance by the momo trader that some environments offer more false breakouts than actual follow-through. The rest are all fooling themselves.
And to cap off this talk (and it was a good talk, thanks for coming) I’d like to share two quotes from two of the most successful market particpants of the last century:
“The only sound reason for my buying a stock is that it is rising in price.” — Nicholas Darvas
“The dumbest reason in the world to buy a stock is because it’s going up.” — Warren Buffett
If that doesn’t sum up the value investor / momentum investor in a nutshell, I don’t know what does.
These two quotes (and hundreds of others) appear in the prolific author Mark Skousen’s new book Maxims of Wall Street.
Apparently Buffet himself is a fan of these timeless (if contradictory) maxims. His note to the author here:
“Loved your great little book. In fact, I plan to shamelessly steal some of the lines.” –Warren Buffett
Expertise in a given investment style is great. Being doctrinaire about that style to the exclusion of all other wisdom is the fastest route to beclownment.
Check out Mark’s book at Amazon:
Maxims of Wall Street: A Compendium of Financial Adages, Ancient Proverbs, and Worldly Wisdom
Read Also:
هولدینگ پویا
below youll acquire the hyperlink to some net websites that we really feel you should to go to
vibrating silver bullet
[…]check beneath, are some entirely unrelated websites to ours, however, they may be most trustworthy sources that we use[…]
adamandeve.com
[…]here are some hyperlinks to web-sites that we link to due to the fact we believe they may be really worth visiting[…]
buy adam and eve sex toys
[…]please check out the web pages we comply with, including this one particular, because it represents our picks from the web[…]
egg vibrator
[…]that could be the finish of this report. Here youll come across some internet sites that we think you will value, just click the hyperlinks over[…]
Sex Toy
[…]here are some hyperlinks to web sites that we link to because we believe they’re really worth visiting[…]
ترمیم مو به بهترین روش برای آقایان و ب…
An effortless way that you can avert your hair from falling out is to therapeutic massage your scalp for 5 minutes daily. Doing this will help blood movement to the scalp, which is important in avoiding hair reduction. It is very best for you to massag…
prostate vibrator
[…]we came across a cool web site that you simply may take pleasure in. Take a appear for those who want[…]
emergency room glendale
[…]the time to study or go to the content material or web sites we have linked to beneath the[…]
lightweight 7 oz karate uniform
[…]usually posts some pretty intriguing stuff like this. If youre new to this site[…]
بهترین وب سایت ایرانی
You created some wonderful factors there. I did a lookup on the topic and identified most folks will concur with your blog.
pc games for windows 10
[…]here are some hyperlinks to sites that we link to since we feel they may be really worth visiting[…]
Download Free JR Donato Mixtapes
[…]one of our guests not too long ago suggested the following website[…]
Tam Coc Day Trip
[…]Here are several of the web pages we recommend for our visitors[…]
ノロウイルス
[…]always a huge fan of linking to bloggers that I appreciate but really don’t get a lot of link love from[…]