Wednesday Reading
By Barry Ritholtz - October 7th, 2009, 4:00PM
Some of what I am reading today:
• Financial Reform: Lessons from 1929 (BusinessWeek)
• Will California become America’s first failed state? (Guardian)
• Fed Frets About Commercial Real Estate (WSJ)
• Why business loves Charlie Rose (CNN/Money)
• U.K. Faced ‘Bank Runs, Riots’ as RBS and HBOS Neared Collapse (Bloomberg)
• Office Rents Dive as Vacancies Rise (WSJ)
• Q&A: Joseph Stiglitz Sees Welcome Change at the IMF (Real Time Economics)
• Countries Billionaires Could Buy (Forbes)
• The Top 200 Albums of the 2000s (Pitchfork)
>
What are you reading ?
October 7th, 2009 at 4:11 pm
i guess better late than never…even if its in small baby stehttp://www.finreg21.com/news/sec-fed-take-steps-lessen-dependence-credit-rating-agencies
undercover bailout from our favorite agency?
http://www.chron.com/disp/story.mpl/business/steffy/6655793.html
October 7th, 2009 at 4:12 pm
a different take on low interest rates
http://seekingalpha.com/article/165268-the-dogma-of-low-interest-rates-is-wrong
October 7th, 2009 at 4:13 pm
Confidence Game…
Stiglitz:
Here’s a metaphor to explain the idea. Assume that beneath the IMF building they suddenly discover a gold mine. Every year it produced $600 billion of gold. Then the IMF would have to decide who to ship the gold to. Say, there was a sense of social fairness and they give it disproportionately to the poor countries.
Now the countries have gold in their reserve and they don’t have to put away their own income. A little bit later someone comes up with the idea that you really don’t have to ship the gold, we’ll just ship some pieces of paper saying underneath the IMF you own some gold. Then you realize it doesn’t really matter that there is gold under the IMF, so long as people are willing to exchange their pieces of paper for other pieces of paper called euros, dollars.
October 7th, 2009 at 4:13 pm
new banking system …sort of like the old one….but different
http://krugman.blogs.nytimes.com/2009/10/07/still-chasing-shadows/
October 7th, 2009 at 4:15 pm
Charlie Rose : Sycophant to the plutocracy …
http://www.huffingtonpost.com/joseph-a-palermo/charlie-rose-and-his-iraq_b_107724.html
Watch Rose with a real intellectual like Noam Chomsky
http://www.youtube.com/watch?v=TmnoHSpdx30
Chomsky eats him alive and then Rose says he’ll have him back on the show. Guess what?
Charlie was “on vacation” when Chomsky returned.
http://www.youtube.com/watch?v=9lagoz6TJnM
October 7th, 2009 at 4:31 pm
AA just crushed its earnings estimates. Lots of positive economic comments from CEO. Still doubting this mini economic boom??
October 7th, 2009 at 4:32 pm
“…So let’s get to it. Oh and by the way, if you can’t deal with what I’m about to go off on, please exercise your rights to hit the “unsubscribe” button while you are still free enough to do so.
InvestYourself isn’t going to solve the worlds problems. The giant gears of global society are turning and will not be repealed by a small newsletter writer. All we can hope for is that “some” amount of people ponder what we say for long enough that they actually “do” something for themselves. I’m not stupid enough to think I have all the answers, I don’t. But I’m smart enough to know that when a ship is sinking, I want to be real close to the life raft. America the Titanic is sinking. The Captains are telling the passengers that everything is fine, she’s a sturdy ship, and we’ll be back on course in no time. Meanwhile the water is rising.
The increasing, detailed, intrusive regulation of life, the national desire for control, control, control. Everything is the business of some form of government. Want to paint your shutters? The condo association won’t let you. Let dogs in your bar? Never. Decide who to sell your house to? Racial matter. Own a dog? Shot card, pooper-scooper, leash, gotta be spayed, etc. Have a bar for men only, women only, whites or blacks only? Here come the federal marshals. Want to open a lounge that lets people smoke while having a drink? Can’t do it. Want to drink a sugar packed soda just for the rush? They want to tax it, “obesity” tax. What isn’t controlled by government is controlled by the crypto-vindictive mob rule of political correctness.
This wasn’t always in the American character…”
http://dailybail.com/home/lunatic-fringe-bernanke-the-dissolution-of-the-american-idea.html
~~
DANA MATTIOLI
Wall Street Journal
Wednesday, October 7, 2009
Siblings Georgia, Jimmy and John Roussos have spent most of their lives working in the kitchen of the restaurant their father opened in 1954. The eatery managed to survive a hurricane and other setbacks, but it wasn’t until this August that the recession took its toll, forcing Roussos Restaurant in Daphne, Ala., to permanently shut its doors.
After months of slow sales, family businesses are being forced to close, ending legacies and leaving behind a wake of sad customers and loyal employees. “Some family businesses that were just hanging on have said it’s time to get out,” says Dann Van Der Vliet, director of the Vermont Family Business Initiative at the University of Vermont…
http://www.prisonplanet.com/recession-spells-end-for-many-family-businesses.html
~~
Ya gotta love it when a Plan comes together..
October 7th, 2009 at 4:42 pm
Willid- from your 4:12 link- thanks-
“I would argue that extremely low interest rates suck investment funds and liquidity out of nations. You heard it here first, and the evidence is clear. Money has flowed out of U.S Equity ETFs and into Global ETFs.
Many argue that the U.S. could never share Japan’s experience of a quarter century bear market in which stocks dropped over 75% with interest rates at or near 0%.
If we do not wish to share such an experience, why are we repeating the same policies which led to such results? What policies did Japan pursue? Near zero interest rates, the propping up of zombie banks, and the arbitrage of replacing of managerial competence at financial institutions with political competence aimed at securing taxpayer charity.”
no doubt
October 7th, 2009 at 4:53 pm
re Alcoa-
“Sales reached $4.62 billion in the most recent quarter, below the $7.234 billion from this time last year, but ahead of analysts’ $4.551 billion forecast”
only down $2.6 billion from last year but up $69 million over expectations-
quite the mini boom we’re having
October 7th, 2009 at 4:54 pm
All you need to know about AA ““The vast majority of improvement is cost-cutting as opposed to an improving top line,”.
October 7th, 2009 at 4:56 pm
NOW – For extra credit – can anyone tell me how this does not equal a mini-economic boom?
October 7th, 2009 at 4:57 pm
Positive EPS – can’t deny that no matter how gloomy you are.
October 7th, 2009 at 5:00 pm
Blah blah blah.
If you don’t know what anti-monetarist, leftist (except as it relates to the IOC), and / or sexist rant I would typically write, you have not been visiting the Ritholtz blog. The same holds true for every poster.
Let’s cut to the chase: ahab, I’ll send you Percy Harvin just to switch defenses and kickers. My 49ers D leads the league in points. What do you say?
October 7th, 2009 at 5:03 pm
here is an excellent story on the desire of the USG for a lower $
http://www.thedailybeast.com/blogs-and-stories/2009-10-06/obamas-secret-jobs-plan/
hat tip TraderMark
October 7th, 2009 at 5:09 pm
http://www.reuters.com/article/smallBusinessNews/idUSTRE5915WY20091006
The SEC is on the hunt.
If you are a listed company and have a market cap of under $75 million, SarbOx section 404 is coming to get you. By 6-15-2010, you MUST begin reporting on internal controls. This will stop the thieves from scamming the people. No more excuses. You have to man up and guard that petty cash. If Shirley in A/R also opens the mail, you are in a shit load of trouble, my friend, unless an effective compensating control is in effect. Heaven forfend if A/P also mails the checks. I’m glad I’m not you.
Unfortunately, there’s no way to test for management lacking integrity. You’re safe. You still have the golden ticket.
At least this will put a few CPAs to work and help out the economy. Man, I would hate to see myself as a CEO having to face an adverse opinion that says I have a material deficiency in my internal controls because a supervisor hands out paychecks and returns them to payroll if an employee is sick. That audit committee is going to kick your ass.
Thank God the SEC is finally closing the loop. It almost compensates for all the things they appear to ignore.
October 7th, 2009 at 5:09 pm
@ CNBCs
sorry- looking for a TE though and willing to give of Roy Williams-
Rackers already had his bye so keeping him for the remainder and I picked up NO defense for week 10 when NYG have a bye- they play STL- so should work out-
i am pretty much set- outside of a TE
October 7th, 2009 at 5:13 pm
ahab — My Elam already had his bye too. And you can play NO when SF has its bye in Week 6. Besides, either NO or SF can be a #1 defense.
This is PERCY HARVIN just to switch defenses and kickers!
October 7th, 2009 at 5:18 pm
http://blogs.wsj.com/economics/2009/10/07/ron-paul-calls-for-delay-in-bernanke-confirmation/
October 7th, 2009 at 5:27 pm
http://finance.yahoo.com/news/Alcoa-posts-3Q-profit-of-77M-apf-3618975448.html?x=0&sec=topStories&pos=main&asset=&ccode=
Alcoa posts 3Q profit of $77M on cost cuts
“The latest results reflected cost-cutting by Alcoa. The company was forced to slash jobs, sell businesses and curb production as aerospace, automotive and construction industries cut their orders late last year amid the global economic downturn. That pushed up stockpiles and forced down prices.
But just last month, Alcoa boosted its annual forecast for global aluminum consumption, citing stronger demand from China.”
Wanger, the results are from cost cutting and a little increase in orders from car companies….they “predict” an 11% increase in orders next year…ok…perhaps…but meanwhile:
http://finance.yahoo.com/news/US-consumers-cut-borrowing-by-apf-3466825138.html?x=0&sec=topStories&pos=1&asset=&ccode=
US consumers cut borrowing by $12B in August
Americans reduce their outstanding debt by $12 billion in August, 7th straight drop
“Americans are saving more and borrowing less as widespread job losses, stagnant wages and dwindling home values have spurred a move to greater frugality. While that’s a positive trend in the long run, economists say, it can weaken the fledgling recovery as consumer spending powers about 70 percent of the economy.
The Federal Reserve said Wednesday that total consumer debt outstanding fell in August by $12 billion, a 5.8 percent annual rate. Wall Street economists expected a $10 billion decline.”
Should be interesting…the Wanger-bangers against the retrenching consumer….
got popcorn?….
October 7th, 2009 at 5:28 pm
One proposed solution to the California Clusterf—: http://www.repaircalifornia.org/index.php
October 7th, 2009 at 5:36 pm
CNBCs-
NYG = # 1 rated defense-
next game against Oakland- so should equate to decent points-
Ochocinco and Hines Ward are good
need a tight end- can’t pull up FF rosters at my office- so who do you have?
October 7th, 2009 at 5:54 pm
@ ahab
Ah yes. I can offer you John Carlson. You can keep your Roy Williams. Would you take John Carlson to switch defenses and kickers? The way Shockey has been producing, Carlson can be more than just a bye week fill-in; he can be your #1 tight end.
Let me know if you would do the switch. I have the best receiver corps in the Ritholtz FF league, and I don’t need Roy Williams.
October 7th, 2009 at 6:05 pm
cnbcs-
the top flight receivers just get double teamed- Colston- who I traded for Cutler- was good- but not that good because he was double teamed-
same w/ Fitzgerald-
so a notch down from top talent seems to work about as well w/ the WR-
anyway i will touch base when I get home- looks doubtful though
October 7th, 2009 at 6:07 pm
Bruce in Tn: There is way too much made of this consumer credit number. I just heard a retail analyst talking about how strong September will be in SSS #’s on Bloomberg. Just look at what’s actually happening:
1) AA posted a profit. Yes, a profit. Been a long time since that happened.
2) Consumers are spending. I don’t need analysts to tell me this, I’ve been seeing it with my own eyes.
3) Homes sales here in Seattle were amazing – up 14%!
The first Dow component to report not only hit it out of the park but they MADE a profit! That’s great news for the market and the economy.
October 7th, 2009 at 6:13 pm
No problem, ahab. There aren’t a lot of good FF tight ends, so I probably would be just as well off keeping Carlson, with Olsen as a tandem. I also would like to see how that SF defense might develop this year, to be honest.
Oh yeah, this is the links post. Excuse us. Please proceed with your regularly scheduled Harry Wanger green shoots programming.
October 7th, 2009 at 6:13 pm
Harry,
At least you are consistent….”Way too much made of the consumer credit number…”…ah,yes. And if wishes and buts were candy and nuts, we’ll all have a merry Christmas….
I think I’ll just kept being skeptical for the next little season….
B in T
October 7th, 2009 at 6:16 pm
CNBC – let’s see if you can figure out what FF tight ends might mean in my world
October 7th, 2009 at 6:22 pm
I am hoping it doesn’t mean one of those Tampa Bay Butt Pirate things, I’ll tell you that much.
And did you know AA posted a profit?
By the way, hi Megan…
October 7th, 2009 at 6:25 pm
If you’re making a profit by cutting employees exactly how are you helping the economy?
October 7th, 2009 at 6:26 pm
Denninger has a nice review of the AA earnings. No flying off the handle just deserved skepticism as he breaks down the numbers. Worth the read for bulls and bears alike.
October 7th, 2009 at 6:28 pm
@AmenRa:
The markets don’t worry about the economy…. save that for the bloggers and posters on TBP.
October 7th, 2009 at 6:34 pm
Geez. This economy even has animators / cartoonists upset:
“Capitalism’s Aims” — John K. (creator of Ren & Stimpy) — http://johnkstuff.blogspot.com/
October 7th, 2009 at 6:37 pm
@Mark Hoffer:
I agree with your 4:32 post, and this should concern liberals, conservatives, independents…everyone. Society for a variety of reasons is more regulated and this means giving up freedom, individual freedom. We are like the frog in the water…as the temperature goes up, it does dawn on us how much freedom we’ve lost until the government possesses what the individual used to have.
“The more laws, the more offenders….”
October 7th, 2009 at 6:49 pm
Hairy Wanker
The first Dow component to report not only hit it out of the park but they MADE a profit!
The MINI boom is more mini than BOOM.
October 7th, 2009 at 7:08 pm
Bruce,
and, then, on the other side of the Coin, the ‘rulemakers’ create situations like: “…A federal agency tasked with expanding the American dream of home ownership and affordable housing free from discrimination to people of modest means has been quietly moving a chunk of that role to Wall Street since 2002. In a stealth partial privatization, the U.S. Department of Housing and Urban Development (HUD) farmed out its mandate of working with single family homeowners in trouble on their mortgages to the industry most responsible for separating people from their savings and creating an unprecedented wealth gap that renders millions unable to pay those mortgages. This industry also ranks as one of the most storied industries in terms of race discrimination. Rounding out its dubious housing credentials, Wall Street is now on life support courtesy of the public purse known as TARP as a result of issuing trillions of dollars in miss-rated housing bonds and housing-related derivatives, many of which were nothing more than algorithmic concepts wrapped in a high priced legal opinion. It’s difficult to imagine a more problematic resume for the new housing czars.
To what degree this surreptitious program has contributed to putting children and families out on the street during one of the worst economic slumps since the ’30s should be on a Congressional short list for investigation. HUD’s demand for confidentiality from all bidders and announcement of winning bids to parties known only as “the winning bidder” deserves its own investigation in terms of obfuscating the public’s right to know and the ability of the press to properly fulfill its function in a free society.
Despite three days of emails and phone calls to HUD officials, they have refused to provide the names of the winning bidders or the firms that teamed as co-bidders with the winning party. Obtaining this information independently has been akin to extracting a painful splinter wearing a blindfold and oven mitts.
That a taxpayer-supported Federal agency conducts a competitive bid program of over $2 billion and then refuses to announce the names of the winning bidders is beyond contempt for the American people. If the Obama administration does not quickly purge this Bush mindset from these Federal agencies, he is inviting a massive backlash in the midterm elections( ed. if We could only Count the Vote)…”
http://counterpunch.org/martens10052009.html#
~~
and, from a different angle http://www.policecrimes.com/
~~
“…it doesn’t dawn on us how much freedom we’ve lost until the government” becomes, truly, Tyrannical.
October 7th, 2009 at 7:17 pm
Bloomberg will have to file another FOIL lawsuit.
This will be the MINI BOOM, legal expenses forcing the Fed and US agencies to comply with FOIL laws. Didn’t O’B say he expected willful compliance with the spirit of FOIL law? Maybe thats like change we can believe in. Transparency we can believe in…(I still hate to end with a preposition!)
October 7th, 2009 at 7:21 pm
Harry says:
“3) Homes sales here in Seattle were amazing – up 14%!”
Using percentages is worthless. Let’s say that home sales in Seattle went from 1000 to 100 YoY. If it then went up to 114, that would be a 14% increase. Big deal.
It’s wonderful that you are very positive about your investments, but it’s really not about you. There are a lot of people out there hurting.
October 7th, 2009 at 7:55 pm
RE: Pitchfork
They don’t have Franz Ferdinand even in the Top 50?? Even the Top 100? One of the best live acts I’ve ever seen too & I’ve seen thousands of bands. Their first one should be in the Top Ten. Only one White Stripes and no Killers in the Top 100 either?
No wonder I never bother reading music media of any sort.
October 7th, 2009 at 7:59 pm
With the positive news out of AA and analysts expecting upside surprises in SSS #’s, we should finally see 10k again on the Dow. That’s when the sideline money has to chase the market. Last week I read a compelling argument for a “super spike” going into the EOY. I don’t know how super it will be but a spike looks certain. My estimate: Dow 11,500 EOY.
October 7th, 2009 at 8:07 pm
Some great music on that top 200.
I highly recommend the Pitchfork festival in Chicago each summer. Then a couple weeks later and a handful of “l” stops away, Dollarpalooza… er…a… Lollapalooza.
October 7th, 2009 at 8:20 pm
Hey Harry Wanger,
I did an analysis of the comments on this post, and came up with the following:
40 total comments
4 comments by you about AA’s earnings announcement, or 10%
If someone were to rely on these comments for news on what happened in the world today, he (and I do mean he) would know that AA had a positive EPS and I would like to trade Percy Harvin in the Ritholtz FF league.
October 7th, 2009 at 8:21 pm
cnbcs-
alright-
sent you an email re Ritholtz FF trade-
i had sent a trade proposal to Patriot Way mgr- no response as of yet- if it doesn’t come through and no-one else interested i will pick a TE on waivers-
good luck
October 7th, 2009 at 8:24 pm
ahab – I didn’t get an email. Can you please resend via the Yahoo FF email thing?
October 7th, 2009 at 8:35 pm
cnbcs-
sorry man- no way to resend- because now no trade pending-
i am keeping NYG to the end – unless a catastrophe occurs with a player-
most my players will be off of byes- so i won’t have that hanging over my head-
you built a good team of receivers- and Peyton’s very good- so-
you should have zero worries
October 7th, 2009 at 8:41 pm
Thanks, bud. Totally justified. It is still early in the season and I myself need to account for possible injuries, so I should not try to lock in.
So…how was Andy’s Sigma Nu Clubby Elitist Trader blog today? Were you able to find out that AA had positive earnings?
October 7th, 2009 at 8:47 pm
You know, some of youse guys could setup a FF blog and gab about your teams to your heart’s content. Just saying…
(if this doesn’t convince you, Ahab, I don’t know what WILL)
October 7th, 2009 at 8:49 pm
cnbcs-
unfortunately- i can only post in the morning or evening because any blogspot site is off limits at my office- so i try to stay in touch w/ the folks but do not have all day access-
not a huge deal because i do not consider myself a trader- just an observer- with opinions- who trades from time to time
October 7th, 2009 at 8:55 pm
@Ahab That’s why God invented iPhones and other 3G cellular data devices.
October 7th, 2009 at 9:13 pm
bergsten/CNBCs-
why-
lordy, lordy- never done heard of such things-
but seriously- ok for a quick post maybe- but for my serious insight- no way
October 7th, 2009 at 9:19 pm
bergsten — Funny enough, I am contemplating making fantasy football a key component of the CNBC Sucks blog when I deploy a redesign in a couple of years, assuming certain conditions. I normally would not post so much about FF except that cvienne started the Ritholtz FF league, then conveniently left the Ritholtz blog (because of Harry Wanker) for Andy’s Sigma Nu blog.
I think Ritholtz needs to get controversial again, like attacking the NAR or the BLS. Or he can go deeper into the technicals. Andy is onto something with the focus on technicals. I myself am trained on fundamental valuation, and I have to say I look at the market with utter mockery, and at my MBA with a sense of loss, the loss being any sort of honesty in our economic system. Equity and other valuations are what central bankers would like valuations to be; you can do anything if you can dictate interest rates with funny money. Eventually, the other shoe will drop and then there will be something very interesting to discuss on the Ritholtz blog.
October 7th, 2009 at 9:42 pm
@CNBC — “Sigma Nu Blog” — you totally crack me up — http://www.becomeasigmanu.org/
The “new” Adam Smith (George Goodman) kind of dealt with technical analysis with a single sentence: “Do footprints predict the future”?
That cracked me up too.
October 7th, 2009 at 9:43 pm
@Ahab — use both thumbs (or so say my 60+ wpm texting teenagers)
October 7th, 2009 at 10:13 pm
Hey guys, have you heard? AA beat earnings today! Way on the upside. I heard from a VERY good source that this is more confirmation of a “mini Booom” we are experiencing right now.
October 7th, 2009 at 10:15 pm
CNBC – you f***ing crack me up
October 7th, 2009 at 10:26 pm
Harry,
Was that a cash on the sidelines argument you just made up there? Right up there with those comments about consumer confidence you made about two weeks ago. A few thoughts from EWI on this from today’s update, not able to post the chart here:
“To begin with, have you ever heard anyone ever make the opposite argument that stocks are at risk for a decline because there was too little cash on the sidelines? I’ve never heard that since I’ve been professionally involved with markets. But more important, there is absolutely no correlation between the level of “cash-on-the-sidelines” and the level and direction of stock prices.”
“The chart above plots the DJIA above the total assets in money-market mutual funds, the notional “wall of cash” that is going to come flooding into stocks and send them soaring further still. First observe that money-market fund levels were rising with stock prices all through the 1990s. In fact, as the Dow was making new record high after new record high in the late 90s, so too were cash levels. Now note the two vertical dashed lines corresponding with the market peaks in 2000 and 2007. Money-market fund cash was at record levels then too but that didn’t stop the Dow from declining 38 percent from January 2000 to October 2002, nor did that “wall of cash” prevent the index from declining 54 percent from October 2007 to March 2009. Even if you plot money-market fund assets as a percentage of market cap., there is still no correlation between these percentages and stock market moves”
They also point out that all this cash on the sidelines has in fact outperformed stocks for the last ten years.
I don’t care that you are bullish, I would not even be surprised to see new highs in the next week or two, but your points about why you are bullish, if you could even call them points,….are weak.
October 7th, 2009 at 10:35 pm
http://bespokeinvest.typepad.com/bespoke/2009/10/analysts-at-most-bullish-level-in-two-years.html
The Nostradomi have Spoken!
October 7th, 2009 at 10:38 pm
Yes, stocks have become much more expensive,and may consolidate a bit from where they are now.
However, using a good market timing system can help an investor profit both from the upside and downside of this market.
Consider http://invetrics.com
Its daily DJIA index trading signal is up significantly for the year and it is free of charge for individual investors.
October 7th, 2009 at 10:47 pm
Well gang – Nikkei up on great economic news. Australia up on job GROWTH. Yes, growth! AA great earnings. Futures near triple digits. It’s going to be a great day tomorrow!!
October 7th, 2009 at 10:57 pm
“Futures near triple digits.”
that’s funny- spx looks about 10 points or so-
AA great earnings- down $2.6 BILLION YoY- that is some great news-
i am damn near wetting myself
October 8th, 2009 at 12:55 am
Memoirs of a Minyan finally put its last chapter up tonight. I started reading it when Barry noted it in his tenners. It is a very good, inspirational read that serves as a great warning for traders.
Pardon the length Barry, but Todd wrote his life axioms in the book somewhere(you have to read it to find them
). Some of these are very profound and no doubt people will get something from it:
If I were to sum up some of the things I’ve learned through the years, the list might look a bit like this:
* All you have is your name and your word.
* Honesty, trust and respect are the foundational constructs of any successful endeavor.
* Time is the most precious commodity.
* The purpose of the journey is the journey itself.
* What goes around comes around.
* The greatest wisdom is bred as a function of pain.
* Bad times define good friends just as bad seasons define good fans.
* Be good to others and better to yourself.
* A random act of kindness is a positive pebble that ripples through the proverbial pond of life.
* Work to live; don’t live to work.
* Time is the arbiter of fate.
* Free will is God’s greatest gift.
* Experience is a close second.
* Opportunities are made up easier than losses.
* Profitability begins within.
* One hand washes the other.
* Just because one yells doesn’t make the message more important.
* Where you stand is a function of where you sit.
* Life is the cumulative sum of your decisions.
* The only difference between genius and madness is acceptance.
* The only difference between intervention and manipulation is communication.
* The only difference between a lesson and a mistake is the ability to learn from it.
* Negative energy is wasted energy.
* Adapt; don’t conform.
* Take the high road; it’s less crowded and has a better view.
* Stay out of debt.
* Be thankful for what you have rather than pine for what you don’t.
* Balance.
* The definition of an investment should never be a trade gone awry.
* To appreciate where we are, we must understand how we got here.
* Drugs that mask symptoms aren’t the same as medicine that cures the disease.
* The opposite of love isn’t hate; it’s apathy.
* The friction between opinions is where true education resides.
* A dream is only as powerful as those who believe in it.
* Money comes and goes.
* The reaction to news is more important than the news itself.
* Trading Gods have a vicious sense of humor.
* Tomorrow is promised to nobody.
* If you do the right thing long enough, someone will eventually take notice.
* Good traders know how to make money; great traders know how to take a loss.
* Seeing old friends is good for the soul.
* Some of the wealthiest people I know don’t have two dimes to rub together.
* By the time you get to where you want to be, the journey will have already ended.
* Emotion is the enemy when trading.
* When in doubt, sit it out.
* The only difference between being early and being wrong is if you’re there to collect your chips.
* Build a growth company by surrounding yourself with people who can themselves grow.
* Tenacity, resolve and perseverance are the hallmarks of success.
* Hope isn’t a viable investment vehicle.
* Stay humble or the market will do it for you.
* Be careful with people who don’t love pets.
* The ability not to trade is as important as trading ability.
* The Crash didn’t cause The Great Depression; The Great Depression caused the crash.
* Social mood and risk appetites shape financial markets.
* The leaders coming out of a crisis are never the same as those that enter it.
* The ability to add capacity into a downturn defines the winners on the other side.
* Discipline trumps conviction.
* There is a difference between having fun and being happy.
* Gratitude is latitude.
* There’s no shame in admitting it’s hard; there’s only shame in pretending it’s not.
* If you’re not part of the solution, you’re part of the problem.
* Society is a sum of the parts.
* View obstacles as opportunities.
* The air of integrity gets thinner with age.
* The meaning of life is a life of meaning.
* Think positive!
You can read it here:
MEMOIRS OF A MINYAN
GOOD WORK TODD!
http://www.minyanville.com/articles/index/a/23134
October 8th, 2009 at 9:59 am
[...] full collapse occurred. Read this article here. (Hat tip to Barry Ritholtz at The Big Picture here). Both of these articles can be connected by dots to a post by Dylan Ratigan at Zero Hedge, which [...]