It’s natural for us to want to run freely without restrictions, behave in shameful ways, succumbing to our basest insticts of depravity, gluttony and murderous rages.
A great man once said “any fool can make a million. The trick is to keep it.”
Let that 19th century victorian knowledge sink in for a minute.
This isn’t a market without risk. As a matter of fact, it’s filled with nothing but risk, from oil to tech to biotech, it’s wrought with grave dangers that are liable to come out of the $BLUE to wreck your morning commute.
My biggest loss in a decade occured last year in FEYE. I allowed a massive position turn from up 15% to down 35%. It was a detrimental blow to my business, reputation, and peace of mind. I am still recovering from it.
At the very root of my mistake was hubris and permitting past success offer me a false sense of security.
Listen to me. Nothing is promised, not even tonight’s dinner. I have my thumb exposed to the market winds like no one else. The winds are easterly (Bleak House) and this reprieve is temporary.
Take profits, cut losses short, stop using golden aged thinking to mold your future.
During the last chapter of this great blogging experient, I would’ve considered this a success if I taught you just that. I knew a man who threw away $3 million in one stock because he felt it would go higher. Market’s don’t care about your feelings.
I heard Stan Druckenmiller say that when he was hiring a PM he could always tell the bad ones right away because they would not shut up about their successes, and the good ones of course would never shut up about their failures.
Last chapter whoooa.Hold on here.
Have you read the rest of the internet.
You must live forever.
Agree.
Jeezis H. Christ fly! In your prior post you wrote:
“All that aside, the daunting nature of climbing walls
and hopping over barbed wired fences: this market is
going the fuck higher.”
And you follow with THIS? Your readers are confused.
rigged
We are going higher. This post is only a reminder to take profits and don’t think that 15% gain will become 30%.
Fly,
have you read Reminiscences of a Stock Operator? It is a good book.