Louden Swain: Can 800 million people be wrong?
Tanneran: Frequently.
--Vision Quest
When asked recently at what point do market prices that conflict with an investment thesis cause him to accept his thesis as wrong and move on, Fleck replied, "When I think it IS wrong."
Fleck notes that listening to market action alone would have caused him to cave before major inflection points. The annals of market history are littered with stories of investors who had the story right but couldn't stick with their convictions and see the story through.
Crowds are frequently wrong. Relying on them to get it right seems a losing strategy over time.
Better to get your thought processes straight and to decide what you believe.
This lesson extends beyond financial markets.
position in SPX
Subscribe to:
Post Comments (Atom)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
1 comment:
The supreme lesson of any education should be to think for yourself and to be yourself; absent this attainment, education creates dangerous, stupefying conformity.
~Bryant H. McGill
Post a Comment