The professional money management apparatus likes to profess “low-risk” investments, while promoting fraudulent ipo’s–like FB, ZNGA, LOCK and GRPN. They tell you to “cut losses” quickly and “allocate assets broadly”–and to leave a little room for a social media secondary or two.
My greatest attribute is my willingness to be wrong. I am not scared of losses and often embrace 10% pullbacks, in order to buy more. Case in point: I recently sold out of my NFLX position that was worth millions because it was down nearly 10%. Typically at -10%, I make a decision: double down or cut losses. NFLX wasn’t central to my planning, so I sold. But the general principle remains constant: it fell in my boundaries of a big dicked average down. Had I done that, I’d be up 17 points in a week.
I’ll catch the next one.
The point here is this, very simply: ignore the bastards who always tell you to “be safe” and be willing to risk capital instead, especially if you’re young and reckless. Naturally, this advice is tailor made for people with high incomes only. Should you find yourself with 90% of your savings in stocks, living in a housing tenement, fully dependent upon a meager fixed income: ignore this post and go eat some pork roast and cheese.
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That strategy has paid off for me richly for the previous three years. Returns between 20% and 50%, but with some significant drawdowns and some sleepless nights.
And then this year i decided to “go conservative.” Half stepping. My drawdowns are minor but the net result is i’m down 8% on the year.
Go big or go home. I think my previous strategy had a 70% chance of making me an 8 figga nigga if i had stuck to it, but with a 30% chance of an eventual crapout.
Anyway, long winded way of saying i agree with you, the convential wisdom is wrong. Concentrated positions, smartly averaged down into in the right situation, is the way to wealth.
I hope you said that in your finest Obama black accent diction.
sadly thats just how i think
LOL!!! OH SHIT!! That is funny “8 figga nigga”
I smoked the $PATK CRACK. It burns deep down.
Sprint and JRCC?
Good advice with a great dinner idea. Young people need to take that risk, especially if they have full time job. Also like the pork roast dinner idea, great sandwich leftovers still keeping the cheese, BBQ sauce is even better.
fat slob
Thanks Fly…a former hay bailing-farm working-cornfed-midwesterner at his finest…nothing like fresh on the farm meat
Go vegan you pussies. How about that YELP, that’s +9 points, crumbs friends.
“Out + $0.63” – Twitter is full of panzees
Exactly some crippled asshole once said “there is nothing to fear but slavery” or some shit like that.
Is that clip from a Drama flick? Comedy? Typical male violence genre??
Solomon Kane–decent flick recommended to me by The Senator Cement Head (CH)
Rex Ryan is an idiot.
Rex is latin for king – in his case, king of the idiots.
Rex is also a dog’s name.
And also the name of Speed Racer’s brother.
Some dude is gonna jump out of a balloon tomorrow at 120,000 feet and free fall like Kirk and Sulu in Star Trek, pulling a parachute at 5,000 feet to land in the New Mexico desert.
He is either :
A. An Idiot
B. A Calculated Risk Taker
C. A Courageous American
D. A Day Trader
Good read boss,
I am afraid of things I cannot buy 🙂
Elvis & Sinatra interview
http://video.cnbc.com/gallery/?video=3000120365
“JAAL”
I’m a proud NYer, but the “Jets are ALWAYS Losers”. Year in, year out, EVEN with Parcells, they never make it to the big dance somehow. Like Charlie Brown and Lucy, you just KNOW that someone will pull that football away at the last second. I am a true ‘paperbag’ head fan 🙁
HAIL THE FLY FOR SPEAKING TO US MISCREANTS. FIG
Fly, off topic, I would love to get your opinion. Do you think we fall into another world wide rescission?
Their talking about it more and more.