iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,962 Blog Posts

This is a Young Man’s Game

I was a better speculator when I was in my 20’s. I am a far better steward of money now, manager of assets. But when it comes to picking stocks screaming higher, my best period–without a doubt– was between the ages of 20-25.

Young people do not have inhibitions. They’ve never experienced failure. Therefore, winning is all they know, especially those who’ve had an athletic childhood. The older you get, the more you understand loss. Losing is a bitter pill to swallow and we train ourselves to avoid danger, for fear of losing. By the time we are ready to enter our respective pineapple coffins, we will hate stocks, young people, chocolate cake, and loud music.

My largest position is BX, which would’ve been unthinkable when I was 22. I’d laugh at the old men in the boardroom, who were trying to make 10% in their stupid large cap value plays. Hell, I was making 10% in a day, playing the wheel of fortune game. What I didn’t think about at that time was the “bankruptcy” option on said wheel. Playing the high stakes game, the beta better than 2, is guaranteed to inflict financial damage to you and your family.

My advice to young punks out there, new to the business, overzealous to make millions, is to bide your time. Use your energy to make business contacts and grow your business through a burgeoning client base, not 100% returns. If you can make 20-30% per annum, at the same time grow your assets under management by 50% per annum, in 10 years time you will be on your way to being a rich man.

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31 comments

  1. acehood

    It also helped you happened to be in your early 20s in the 1990s. Next secular bull market that willy nilly approach will still work again.

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  2. The Devil's Advocate
    The Devil's Advocate

    Lose? I don’t lose! I win!

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  3. Rollo Tomasi

    …and if you keep failing remember Colonel Sanders started KFC Chicken when he was 65 and collecting social security.

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  4. raul3

    What if we don’t want OPM but instead plan to build a war chest of businesses that extract money from the economy?

    And these stocks are to fund the superfluous only? Then can we stick beta two, middle finger in the air?

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  5. Bravo

    Fly, I am getting a distinctly somber vibe lately. Someone mentioned that its because so few have made any subtantial coin this quarter, or have partaken in the march higher. I am wondering out loud if your “algo” tracks this sort of thing. Am I alone feeling this vibe?

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  6. MX2101

    Wait until you see the perspective that comes at age 47.49

    It’s the journey of life, and we are blessed simply to grow older.

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  7. flyaway18

    This is not a young man’s game. I know plenty of talented women who can bank coin. SHLD down after earnings, the pre-market crowd bids it up for the retail crowd and then, BOOM! rug pull. ELLI doing nicely today, thanks to Vertigo…

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    • flyaway18

      I’m still long XONE from last week as well. I see my partner, Mr. Partridge, bought the bounce in DDD lol…I actually like XONE better after reading the differences between the two companies…

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    • The Eye-Talian Stallion
      The Eye-Talian Stallion

      Get ready to buy the JCP blood but not yet, let it cook for a while.

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  8. Bullish

    Why is the ibankcoin site look all crazy and run slowly? Everything is shifted to the left. Meatballs on the server again?

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  9. beantowntrader

    Darn it Fly. You nail it again. I just closed out my biggest lose to date for the year. The overall market looks weak. I’ll wait on the sidelines until next week.

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  10. chuck bennett

    I knew Fly as a young man. It was a different time. He is much better given that it was easier to bank coin in the olden days, If you was the same fellow then, you would have to call him Horse Fly, cuz he would be 3 times the size as he is now.

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  11. sovatrades

    Fuck you, old man.

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  12. Jim

    Go fuck yourself pussy. Buy VHC and go all in.

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  13. Freddy Fishsticks

    20-30% per year.

    Got it.

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  14. @jmcookjr

    Grow your money by 1/3 per year, you’ll have 10X your initial investment after eight years (100X after 16 yrs!). This assumes no additional injections of capital after initial one. The numbers only get more obscene with additions each year. Almost laughable.

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  15. the man

    how many here have any serious money? I consider serious a net worth of at least 2 million.

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