has to be the most insane market ever

Discussion in 'Trading' started by iceman1, Jul 7, 2005.

  1. From 'Remicences of a Stock Operator' written in 1923

    'The customers, who were all eager to be shoved and forced
    into doing things so as to lay the blame for failure on others,
    used to go to old Partridge and tell him what some friend of a
    friend of an insider had advised them to do in a certain stock.
    They would tell him what they had not done with the tip so he
    would tell them what they ought to do. But whether the tip they
    had was to buy or to sell, the old chap's answer was always the
    same.
    The customer would finish the tale of his perplexity and
    then ask: "What do you think I ought to do?"
    Old Turkey would cock his head to one side, contemplate his
    fellow customer with a fatherly smile, and finally he would say
    very impressively, "You know, it's a bull market!"
    Time and again I heard him say, "Well, this is a bull market,
    you know!" as though he were giving to you a priceless talisman
    wrapped up in a million-dollar accident-insurance policy. And of
    course I did not get his meaning.'

    ......


    'I think it was a long step forward in my trading education
    when I realized at last that when old Mr. Partridge kept on
    telling the other customers, "Well, you know this is a bull
    market!" he really meant to tell them that the big money was not
    in the individual fluctuations but in the main movements that
    is, not in reading the tape but in sizing up the entire market
    and its trend.'
     
    #41     Jul 21, 2005
  2. i used to like that book a lot... until it became overquoted.
     
    #42     Jul 21, 2005