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The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor. Jesse Livermore The man who can drive himself further once the effort gets painful, is the man who will win. Roger Bannister. Patience: even if you’re good at investing it takes a long time to get … Continue reading

Prediction and Trading

Actions and results in trading history

Failed Prediction from History. Economist and Yale professor Irving Fisher spent the early 20th century as one of the undisputed wizards of Wall Street. Today, however, he is best known for making what is perhaps the most disastrously timed stock market prediction in history. The call came in early October 1929, in the days after stock prices leapt to dizzying new heights. Some claimed the jump was a sign that a massive crash was imminent, … Continue reading

Trading versus Gambling

Man is a gaming animal. He must always be trying to get the better in something or other. Charles Lamb The market is a no-called-strike game. You don’t have to swing at everything – you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, “Swing, you bum! Warren Buffet There are just four kinds of bets. There are good bets, bad bets, bets that you win, … Continue reading