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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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.
I was anything but lucky.
I endured 1997, 1998, 2001-2003, 2007-2009.
In my lifetime, I’ve experienced far too many boom and busts.
Ahaha…”willy nilly”.
I meant to put (no Clinton) after that.
Lose? I don’t lose! I win!
…and if you keep failing remember Colonel Sanders started KFC Chicken when he was 65 and collecting social security.
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?
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?
Nothing somber about this move.
The algo nailed the dip to the exact day last week.
More specifically, the mood in the comments and blogs, not the PPT. Perhaps its just the wall of worry being climbed. Good day.
I brood from time to time. Perhaps you are picking up on my tone. I am bullish,but apprehensive.
DOW 20,000 Bitchez!!!
How’s that for good mood food?
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.
too old… BANNED!
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…
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…
Get ready to buy the JCP blood but not yet, let it cook for a while.
Why is the ibankcoin site look all crazy and run slowly? Everything is shifted to the left. Meatballs on the server again?
I am not seeing what you are.
Can you send a screen shot?
Yeah was also wondering, didn’t want to ask for fear of ze BAN!
Can someome send me a scrren shot
flybroker at gmail
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.
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.
Fuck you, old man.
Go fuck yourself pussy. Buy VHC and go all in.
20-30% per year.
Got it.
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.
how many here have any serious money? I consider serious a net worth of at least 2 million.
This is the Internet. Everyone is a millionaire
thanks for that reminder