Michael Covel Says: Greed Is Good

Discussion in 'Wall St. News' started by marketsurfer, Jun 18, 2009.

  1. I bought his trend following book It never even left the bag lol I lost it!
     
    #41     Jun 19, 2009
  2. Bill Gates - an extremely driven, focused man, who absolutely crushed the competition, and built a financial empire based on the Personal Computer.

    Jeff Bezos - Brilliant guy who got sick of the rat race ... built his empire out of his garage, just like the guy listed above him.

    Sumner Redstone - another Superman (speaking of stories ...) who created an entertainment conglomerate based on savy business acumen and being a pitbull in the boardroom.

    Oprah Winfrey - No idea what her relgious beliefs are (and don't care). But I do know she is a brilliant woman, who came up from less than nothing to be one of (if not the) wealthiest woman in (a man's) world. Her viewpoints shape markets and public opinions (not to mention public policy) even as we speak, and I am confident she has helped more than one person on the road to success. The lady is a KingMaker.

    Kobe Bryant - Whoa, all we have is hersay, and until it comes out in court, (which isn't going to happen) that's what it will remain. The young lady in question had a number of issues surrounding ... the forensics shall we say, and some conjecture she orchestrated the whole thing!

    But that's besides the point. What we know (for a fact) is that he has won the NBA championship several times over, and lead his team to a sound drubbing of the competition in the latest NBA Finals ... no one who knew basketball thought the Magic had a chance after the second game. Considered by many who know the game to be the best basketball player of his generation.

    Debra J. S. Fields - yummy cookies. Astute businesswoman. Runs circles around the compeition. Ya!

    William Guthy - Smart businessman, great products.

    Wayne Hicklin - Another solid success story.

    Lido (Lee) A. Iacocca - Is that so? Wow! He's one of my personal favorites (for obivious reasons to you). A quintessential American Success Story ... there are none better.

    ***

    Now, I don't know any of the above people personally (but you do see people around). However I am confident that a desire for greatness, more abundance and yes, greed was a part of their makeup, at one point in time.

    Now that they've climbed they're respective mountains, I am sure they all "give back" in many, many different ways. But the light of greed and the desire for greatness fueled their flame at some point in time during their careers ... you can count on that.
     
    #42     Jun 19, 2009
  3. Fishaman

    Fishaman

    Word! Exactly how I feel and I couldn't agree more with your sentiments Prof! (BTW, I'm finding that reading price oscillations is indeed a beautiful thing.)
     
    #43     Jun 19, 2009
  4. Wonder why you never responded to this post,

    "Assurance, backbone, boldness, bravery, certainty, certitude, constancy, conviction, courage, dauntlessness, decision, dedication, doggedness, dogmatism, drive, energy, fearlessness, firm-ness, fortitude, grit, guts, hardihood, heart, independence, indomitability, intrepidity, nerve, obstinacy, persistence, pluck, purpose, purposefulness, resoluteness, resolution, resolve, self-confidence, single-mindedness, spine, spunk, steadfastness, stiff upper lip, stubbornness, tenacity, valor, willpower, decency, ethicality, ethicalness, gentleness, godliness, good habits, goodness, honor, ideals, incorruptibility, incorruption, integrity, justice, manners, moral code, morals, mores, principles, probity, purity, rectitude, righteousness, rightness, saintliness, standards, uprightness, virtue, worthiness . . . are Good"

    These are things to aspire to, not greed.

    None of those words above are synonyms for GREED.

    Greed is not Good!"


    I would say that a majority or these words describe 7 of the nine people you list above. I will agree with you that greed probably played a part in each of their lives but definitely wasn't the driving force for any of them.
    Again, none of these words are synonyms for GREED.
     
    #44     Jun 19, 2009
  5. Illum

    Illum

    Failure determines. With no failure there is no healthy dosage.
     
    #45     Jun 20, 2009
  6. I don't see greed as being a bad thing when done in moderation, as Mike explained in his video from Surf's first post.

    Those other values in your post are good too ... but when trading, greed is the best! :cool:

    PS. The term "Driving Force" is much too strong for what we can cover in this thread, under these posts, and deserves its own thread.
     
    #46     Jun 20, 2009
  7. MICHAEL COVEL IS NOT A TRADER--HE SELLS BOOKS!
     
    #47     Jun 20, 2009
  8. There are tons of journalists/newsletter writers/TV talking heads who don't trade but constantly feel they have to give dozens of trading recommendations and "opinions" on where markets are headed.

    Covel is not one of them as far as I can see.
     
    #48     Jun 20, 2009
  9. Agreed
     
    #49     Jun 20, 2009
  10. I would personally like to hear a response to that question from Michael. Do you trade? Do you self-invest? There is a difference.
     
    #50     Jun 20, 2009