# "Quotes" to trade by!



## barney (19 September 2006)

Hi guys..............At first glance this may seem a bit frivolous, but I actually firmly believe that "quotations" can be a "short cut to enlightenment"............So  I am suggesting that everyone submit one of their "favourite" quotations that helps them "trade successfully"...............I reckon there are "Pearls of Wisdom" to be found in "very few words"............so I'll start it off with one I read.......I think it was by "JOHN PIPER" (but I could be wrong) 

"TRADE WHAT YOU SEE, NOT WHAT YOU FEEL!"      

(and from what I've learned from tech, I am sure he would agree with this) 

Cheers,  Barney.


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## It's Snake Pliskin (20 September 2006)

barney said:
			
		

> Hi guys..............At first glance this may seem a bit frivolous, but I actually firmly believe that "quotations" can be a "short cut to enlightenment"............So  I am suggesting that everyone submit one of their "favourite" quotations that helps them "trade successfully"...............I reckon there are "Pearls of Wisdom" to be found in "very few words"............so I'll start it off with one I read.......I think it was by "JOHN PIPER" (but I could be wrong)
> 
> "TRADE WHAT YOU SEE, NOT WHAT YOU FEEL!"
> 
> ...




Hi Barney,

Some quotes could be good.

I like your enthusiasm.  The trouble is the interpretation of said quotes. They could be disatorous if not thought about and validated by actual hard work; researching the necessary areas. Basically I don`t like the quick approach to anything - flippant comes to mind (not you) but I`m sure you understand.

Read it up!
Snake


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## carmo (20 September 2006)

" The harder you work, the luckier you get"


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## swingstar (20 September 2006)

Here are some snippets from the Marty Schwarz interview in Market Wizards (the guy who averaged 25% per month for ten years). I used to refer to them regularly. 


_Why do most traders lose money?_

Because they would rather lose money than admit they’re wrong. What is the ultimate rationalization of a trader in a losing position? “I’ll get out when I’m even.” Why is getting out even so important? Because it protects the ego. I became a winning trader when I was able to say, “To hell with my ego, making money is more important



No, I always take my losses quickly. That is probably the key to my success. You can always put the trade back on, but if you go flat, you see things differently.

_Greater clarity?_

Much greater clarity because the pressure you feel when you are in a position that is not working puts you in a catatonic state.



Whenever you get hit, you are very upset emotionally. Most traders try to make it back immediately; they try to play bigger. Whenever you try to get all your losses back at once, you are most often doomed to fail... If you can physically remove yourself from the premises… you can see things in a whole different perspective.

After a devastating loss, I always play very small and try to get black ink, black ink. It’s not how much money I make, but just getting my rhythm and confidence back. I shrink my size totally””to a fifth or a tenth of the position that I trade normally. And it works…


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## happytrader (20 September 2006)

"It's not about you. It's about who you need to become"

Cheers 
Happytrader


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## kaveman (20 September 2006)

Life sucks, until you find your thumb


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## Sultan of Swing (20 September 2006)

swingstar said:
			
		

> What is the ultimate rationalization of a trader in a losing position? “I’ll get out when I’m even.” Why is getting out even so important? Because it protects the ego.




That is so ME! Thanks for that quote, it's just given me a little more clarity of thought.


One that I read this week in a book 'The Winning Habits of Warren Buffett and George Soros', is:-

_'Diversification is a protection against ignorance. It makes very little sense for those that know what they're doing.'_ - Warren Buffett

Others out of the same book are:-

_'Quickly identify mistakes and take action.'_ - Charlie Munger

_'Where I do think I excel is in recognizing my mistakes... that is the secret of my success.'_ - George Soros

_'He who would be rich in a day will be hanged in a year.'_ - Leonardo de Vinci

_'I know where I'm getting out before I get in.'_ - Bruce Kovner

_'The trick is, when there's nothing to do, do nothing.'_ - Warren Buffett

_'What was Soros's secret....? Infinite patience to start with.'_ - Robert Slater

_'If you don't understand it, don't do it.'_ - Warren Buffett

_'We know what we don't know.'_ - Larry Hite

_'Virtually every successful trader I know ultimately ended up with a trading style suited to his personality.'_ - Randy McKay

_'The secret is for a trader to develop a system with which they are compatible.'_ - Ed Seykota

The book is one of the best I've read on investing. It applys to all trading and investing styles and it's worth buying just for the quotes. There are a heap more too. 

NOTE: I do not have any financial or other interest in the book.


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## coyotte (20 September 2006)

carmo said:
			
		

> " The harder you work, the luckier you get"



Much prefer " SMARTER " --- HARD will only keep you with the flock

Cheers


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## coyotte (20 September 2006)

Favorite Quote though comes from horse racing

" Winners keep on Winning ---- Losers keep on Losing "
Refers to a lot more than the thoughbreed in question though

Cheers


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## Realist (20 September 2006)

"Do not buy a share because it has gone up, and do not sell a share because it has gone down"

Ben Graham


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## coyotte (20 September 2006)

Realist said:
			
		

> "Do not buy a share because it has gone up, and do not sell a share because it has gone down"
> 
> Ben Graham




Would you say that long term holders of CBA & TLS would agree ? 


Cheers


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## tech/a (20 September 2006)

coyotte said:
			
		

> Favorite Quote though comes from horse racing
> 
> " Winners keep on Winning ---- Losers keep on Losing "
> Refers to a lot more than the thoughbreed in question though
> ...




Coyotte.
Same saying Subtle change BIG difference.

*Winners KEEP winners
Losers KEEP losers*

Relate that to holding positions.

Love this.

*"A pessimist is an optimist with EXPERIENCE."*


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## Realist (20 September 2006)

coyotte said:
			
		

> Would you say that long term holders of CBA & TLS would agree ?
> 
> Cheers




I hold CBA!!  and love it!!  

TLS is a dog, people may consider selling TLS because it is close to a monopoly already in a smallish market and has nowhere to grow and alot of room to lose to other providers and IP phones etc., it has goverment regulation issues, increasded competition, has had falling profits, falling dividend prices, falling amount of cash assets, it is a fairly disliked brand, has probably too many staff, is run inefficiently like an old government department, and actually has a bit of debt.

I would sell TLS because of the company, not the falling share price!

Although I know nothing about shares, or women either for that matter, so no-one should ever take my advice.


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## Realist (20 September 2006)

tech/a said:
			
		

> *Winners KEEP winners
> Losers KEEP losers*




Keeping and buying are two different things.  I have no argument that one should keep winners, I would question whether someone should sell a loser though.   

Today's winners are often yesterday's losers.

Had I bought winners in May like Woodside I'd be suffering. 

Show me a good company with a falling share price and I get interested...

I'm starting to get interested in WPL and STO now...  probably more to fall first though.


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## coyotte (20 September 2006)

Am finding this Forum an enlighteng experince !

Normally hang around Hotcopper & Incredible Charts Forums which are both populated predomitlly by  T/A traders.

This  forum though seems to be more based on B-H-P investors , swinging around F/A and a bit of basic T/A .

Good to see the other view , though one may totaly disagree , but that is what makes the market a "market"


God forbid we all agree , then there would be no market

Cheers


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## tech/a (20 September 2006)

Realist said:
			
		

> Keeping and buying are two different things.  I have no argument that one should keep winners, I would question whether someone should sell a loser though.




Of course you would fear of loss is a dominating factor in your decision making.  



> Today's winners are often yesterday's losers.




So they would no longer be a loser then!



> Had I bought winners in May like Woodside I'd be suffering.




Exactly you would have held a loser-???  *Would it be easier for you if I typed S-L-O-W-E-R?? * 



> Show me a good company with a falling share price and I get interested...




Of course you and many others do thats why 90% lose in this game and fail to create sufficent wealth to be self supporting in retirement.



> I'm starting to get interested in WPL and STO now...  probably more to fall first though.




*Always a better opportunity*.---You'll miss most if not all opportunities due to your fear.


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## Bronte (20 September 2006)

*"A successful trader goes the opposite way to the mob"*


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## dr00 (20 September 2006)

tech/a, can you not appreciate the difference between yourself and realist? for him the share price represents only an opportunity to buy, beyond that it is virtually irrelevant. history proves the "in the long term the stock market is a weighing machine" theory.

both methods are proven to work if followed correctly so why are you always putting him down? different strokes for different folks...


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## professor_frink (20 September 2006)

To avoid whipsaw losses, stop trading.

Ed Seykota


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## juddy (20 September 2006)

"If you're going to panic, panic early."


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## tech/a (20 September 2006)

dr00 said:
			
		

> ..tech/a, can you not appreciate the difference between yourself and realist? for him the share price represents only an opportunity to buy, beyond that it is virtually irrelevant. history proves the "in the long term the stock market is a weighing machine" theory.
> 
> both methods are proven to work if followed correctly so why are you always putting him down? different strokes for different folks.





Realist, can you not appreciate the difference between yourself and tech/a? for him the share price represents only an opportunity to buy, beyond that it is virtually irrelevant. history proves the "in the long term the stock market is a weighing machine" theory.

both methods are proven to work if followed correctly so why are you always putting him down? different strokes for different folks


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## Realist (20 September 2006)

tech/a said:
			
		

> Today's winners are often yesterday's losers.
> 
> 
> 
> So they would no longer be a loser then!




Exactly!

But I will buy them at a cheaper price than you would.


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## tech/a (20 September 2006)

> But I will buy them at a cheaper price than you would.




Which at the point of entry you would not know if they will turn into a winner.

At the time of buying they will have for a time been a loser.

If you bought and the price still continued down then you'd be holding a loser.
The difference between you and I is
I wouldnt be in it in the first place,and if a stock I initially bought pulled back to my stop I would sell it.You on the other hand would probably purchase more.

So you would be compounding my point of losers hold losers.
You would feel very happy that you were able to buy more at this "cheaper" price.
Where as I would possibly buy more as the price rose in a stock I was holding.

Realist I feel you have a lot to learn.
I learnt/learn heaps when I traded/trade my methodology live.
Why not pick a few as they come up and test your theory?
My veiw is its the road to ruin.


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## Realist (20 September 2006)

tech/a said:
			
		

> Which at the point of entry you would not know if they will turn into a winner.
> 
> At the time of buying they will have for a time been a loser.
> 
> ...




Well you buy shares based on share prices, I buy companies based on Market Caps.

I collect dividends, and reduce tax, you try and make quick profits, leverage yourself and are prepared to pay the cost of doing business with tax, interest and brokerage...

Over the short term in a bull market you will outperform me, over the longterm in any market I will outperform you.  The power of compounding and tax reduction is too powerful for anyone to beat. There's no trader worth even 1/100th of Buffett.


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## cuttlefish (20 September 2006)

swingstar said:
			
		

> No, I always take my losses quickly. That is probably the key to my success. You can always put the trade back on, but if you go flat, you see things differently.
> 
> _Greater clarity?_
> 
> Much greater clarity because the pressure you feel when you are in a position that is not working puts you in a catatonic state.




Swingstar - thats a very useful comment from Marty - cheers.


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## Realist (20 September 2006)

cuttlefish said:
			
		

> Swingstar - thats a very useful comment from Marty - cheers.




I noticed in the PDN thread how traders jumped in, then jumped out, then jumped in, each time paying brokerage and tax.

Just holding they'd have made mega-bucks.


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## professor_frink (20 September 2006)

Realist said:
			
		

> Over the short term in a bull market you will outperform me, over the longterm in any market I will outperform you.




Thems fightin' words Realist :shoot:  :bigun2:


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## Realist (20 September 2006)

professor_frink said:
			
		

> Thems fightin' words Realist :shoot:  :bigun2:





Harsh, but fair...

Traders do not compound and therefore after many years they can't compete...


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## tech/a (20 September 2006)

> I collect dividends,




So do I but not at the expense of holding a nett loser. 



> and reduce tax,




So do I by holding it over 12 mths but not at the expense of holding a nett loser.



> you try and make quick profits,




No I do make consistent profit.Most of my holds are over 1 yr so Id hardly call that quick.



> leverage yourself and are prepared to pay the cost of doing business with tax, interest and brokerage...




Consistent profit means I can leverage with confidence.
I pay the least tax I am leagal required to because I profit.
Interest is covered by dividends and is tax deductable and brokerage is negligable with only around 30 trades a year in each System I trade.



> over the longterm in any market I will outperform you.




Id have a bet with you but you couldnt afford to pay me.
Ducati is attempting to do just that now.
Both results are public.

I'm learning more each week about duc's method---nothing I would adopt at this stage--but that may alter if it proves to be as Duc expects.
I have strong doubts.


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## professor_frink (20 September 2006)

Realist said:
			
		

> Harsh, but fair...
> 
> Traders do not compound and therefore after many years they can't compete...




 :nono: 

Harsh, and completely inaccurate


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## Realist (20 September 2006)

tech/a said:
			
		

> Id have a bet with you but you couldnt afford to pay me.
> Ducati is attempting to do just that now.
> Both results are public.




Hahaa, what a ridiculous and incorrect assumption.

And what a ridiculous bet, I intend to hold FGL, RIN, CBA and WDC etc. for 20 or more years.

You'll be dead by the time I am making a million a year off shares


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## Realist (20 September 2006)

> Consistent profit means I can leverage with confidence.




Just how many share market crashes have you encountered recently?

That does not mean we will not have one tomorrow and you (and me) will get smashed. The difference is I wont get a margin call, and my companies are fairly valued, solid and not too specualtive so will not fall as much as most of yours...  

And if you think you can just jump out when you see the price falling or that you can predict a crash think again!


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## tech/a (20 September 2006)

Yep.
I was right a lot to learn.

Carry on.


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## Realist (20 September 2006)

tech/a said:
			
		

> Yep.
> I was right a lot to learn.
> 
> Carry on.




Haha, I'm no expert on trading, I do have alot to learn and I am studying hard. I admit it!!  I wish I was a great trader of course, and am willing to keep learning.

however....

You wont admit you do not understand the power of fundamental investing, value, tax reduction, compounding, dollar cost averaging, diversification, and buying when prices go down not up!!


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## tech/a (20 September 2006)

Yes we differ on most fronts.


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## Realist (20 September 2006)

I dislike gAyFL, but I will be supporting anyone playing any team from Adelaide from now on!!


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## ice (20 September 2006)

Realist said:
			
		

> I dislike gAyFL, but I will be supporting anyone playing any team from Adelaide from now on!!



Is that a quote to trade by?


ice


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## Realist (20 September 2006)

ice said:
			
		

> Is that a quote to trade by?
> 
> 
> ice




My sports betting tip...

Bet on the home team!!


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## coyotte (20 September 2006)

Realist said:
			
		

> Just how many share market crashes have you encountered recently?
> 
> That does not mean we will not have one tomorrow and you (and me) will get smashed. The difference is I wont get a margin call, and my companies are fairly valued, solid and not too specualtive so will not fall as much as most of yours...
> 
> And if you think you can just jump out when you see the price falling or that you can predict a crash think again!





Totaly agree about the the " predict " part , leave that for the Gurus
 But " jump out when the price is falling " --- well traders have a thing called a STOP LOSS  and this could be applied by the most nieve investor :


As for " brokerage, taxes and costs etc " get a decent accountant , thats his job ,  yours is to make a profit  --- not lame excuses for failing to act .

Can not " compound " ? --- utter rubbish , profits are added to the BANK  enabling the trades to grow in position size over time .

Why would I get a margin call , if I haven't borrowed ---- deadly any how.
Your companies are fairly valued ? NO NO NO --- NOT YOUR COMPANIES ---the directors companies -- we the shareholders are the mugs they feed on  -- fatal error, forms attachment --- besides the value of anything is what next BUYER is willing to pay . 

If you think you can make more money by " holding + divs "   I,ve been long/short OXR since late 2005 ,  I just paid  3c div (short ) peanuts, compared to what these investers are losing --- if you doubt this just check my posts in the OXR thread  -- even a school kid can see this stock is in a severe down tread ( my grandkids can ) .



Cheers


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## Freeballinginawetsuit (20 September 2006)

tech/a said:
			
		

> Which at the point of entry you would not know if they will turn into a winner.
> 
> At the time of buying they will have for a time been a loser.
> 
> ...




Nice point T/A and highlights the difference between a TRADER and an INVESTOR. Traders trade the market, Investors don't.

Risk measures are an essential tool of the TRADER, especially in the current market. Most of the time with our trailing stops we don't make the absolute highs but we get close to it!. If our entry point fails we get hit at the POR we have charted and we are out with our capital at say a 5% loss. Free to invest in a winner or the same stock at perhaps a further 15% drop in SP.

For me personally most of my trailing stops got hit on the last correction day. The majority were trailers and had large profits, but a few were from the trades the previous few days earlier (and I probably lost 30k on these).

My point is that with my stops all my capital was then available. My trades since on ZFX made all my stops back. RSG and MRE took me up 10% each and I'M looking good on BMN at the moment. Ive traded a few other quickies since then also.

A total of about 30% return on my Capital in the last two weeks and absorbing the correction, but still taking the opportunity to make money off it.

On Realists trading methodology he wouldn't have sold and would still be waiting for his Investments to come back up!.


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## Realist (20 September 2006)

coyotte said:
			
		

> But " jump out when the price is falling " --- well traders have a thing called a STOP LOSS  and this could be applied by the most nieve investor :




Only a naieve 'investor' would use stop losses.

A smart investor may never infact look at the stock price...



> As for " brokerage, taxes and costs etc " get a decent accountant , thats his job ,  yours is to make a profit  --- not lame excuses for failing to act .




Bahh, accountants use the same tax rules as anyone else.  Stupid comment. 



> Can not " compound " ? --- utter rubbish , profits are added to the BANK  enabling the trades to grow in position size over time .




You miss the point, what you pay in tax, Buffet lets it compound for him, not the government.



> Your companies are fairly valued ? NO NO NO --- NOT YOUR COMPANIES ---the directors companies




My companies, I can vote directors out if I want (as long as other shareholders help if my share holding is small)



> If you think you can make more money by " holding + divs "   I,ve been long/short OXR since late 2005 ,  I just paid  3c div (short ) peanuts, compared to what these investers are losing --- if you doubt this just check my posts in the OXR thread  -- even a school kid can see this stock is in a severe down tread ( my grandkids can ) .




OXR is not investment quality and never was.


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## wayneL (20 September 2006)

Realist said:
			
		

> Only a naieve 'investor' would use stop losses.
> 
> A smart investor may never infact look at the stock price...
> 
> ...



:sleeping:


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## coyotte (20 September 2006)

Realist:

Just have to agree to disagree !


Used to feel a bit guilty about selling , when the price of a stock was obvisually falling , part of the reason I changed to CFDs --- but if most investers hold the same view as you , well I would have no compasion for them now

Cheers


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## Realist (20 September 2006)

coyotte said:
			
		

> Realist:
> 
> Just have to agree to disagree !
> 
> ...




You should not have any compassion for anyone on the stockmarket.

You traders profit from other traders losses.   :


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## dr00 (20 September 2006)

coyotte said:
			
		

> Realist:
> 
> Just have to agree to disagree !
> 
> ...




you have no compassion for him because he doesnt agree with you?


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## wayneL (20 September 2006)

Realist said:
			
		

> You traders profit from other traders losses.   :



This is one of the greatest phallacies in trading.


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## Realist (20 September 2006)

wayneL said:
			
		

> This is one of the greatest phallacies in trading.




Okay what about trading the SPI?


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## wayneL (20 September 2006)

Realist said:
			
		

> Okay what about trading the SPI?




Contracts in SPI may be part of an overall strategy. An investor may lose money in the futures section of the strategy, yet be a net winner overall.

eg SPI may be being used as a hedge, partial hedge, or even part of an arb.

Cheers


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## Realist (20 September 2006)

wayneL said:
			
		

> Contracts in SPI may be part of an overall strategy. An investor may lose money in the futures section of the strategy, yet be a net winner overall.
> 
> eg SPI may be being used as a hedge, partial hedge, or even part of an arb.
> 
> Cheers




But for a trader to profit on the SPI another trader must lose money!


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## wayneL (20 September 2006)

Realist said:
			
		

> But for a trader to profit on the SPI another trader must lose money!





			
				This is a recording! said:
			
		

> Contracts in SPI may be part of an overall strategy. An investor may lose money in the futures section of the strategy, yet be a net winner overall.
> 
> eg SPI may be being used as a hedge, partial hedge, or even part of an arb.


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## Duckman#72 (20 September 2006)

Realist said:
			
		

> I dislike gAyFL, but I will be supporting anyone playing any team from Adelaide from now on!!




You crack me up realist.  

It doesn't surprise me that you dislike AFL - it is a game of full of intricacies, wisdom, skill, balance and deftness.  Qualities that we rarely see in your posts. 

Why must you mock what you do not understand? 

I am also guessing you prefer noughts and crosses over chess - would I be correct?

(BTW sorry Tech but I hope WC get up this weekend)

Duckman


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## Realist (20 September 2006)

So that is a YES.

But with a subclause explaining they can lose and win (if they've invested elsewhere as well)...


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## dr00 (20 September 2006)

intricacies, wisdom, skill, balance and deftness in afl?  :screwy:


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## Realist (20 September 2006)

Duckman#72 said:
			
		

> You crack me up realist.
> 
> It doesn't surprise me that you dislike AFL - it is a game of full of intricacies, wisdom, skill, balance and deftness.  Qualities that we rarely see in your posts.
> 
> ...





No I much prefer chess, and Rugby Union - a far more advanced international game than aerial ping-pong for skinny guys in tight shorts from the WEstern part of one empty continent.

I went to a gAyFL game recently - Swans versus someone, can't even remember who but they were cr*p - I was in the private box at Homebush, sitting near Dicko and Tony Squires.  Anyway I was amazed at how many players there are, how many umpires, and how many water boys.  The game had barely kicked off before water boys were running onto the field to give those poofs a drink.

It is a soft sport, without proper tackling, you can't even pass the ball, or run with it, it is quite ridiculous.

It should be banned in NSW.


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## wayneL (20 September 2006)

Realist said:
			
		

> So that is a YES.
> 
> But with a subclause explaining they can lose and win (if they've invested elsewhere as well)...




No.

A ratioed option combo is another example (synthetic straddle) where the futures section may lose but the strategy may win overall.


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## professor_frink (20 September 2006)

Duckman#72 said:
			
		

> It doesn't surprise me that you dislike AFL - it is a game of full of intricacies, wisdom, skill, balance and deftness.  Qualities that we rarely see in your posts.




Hey Duckman,

I tried watching some VFL on Friday night, got through the first quarter before turning it off(hey at least I tried to watch it!).

Can't say I saw much in the way of qualities you just described though. They can kick the hell out of the ball I'll give them that.

The rest however was like watching an under 6's soccer match.


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## juddy (20 September 2006)

Realist said:
			
		

> No I much prefer chess, and Rugby Union - a far more advanced international game than aerial ping-pong for skinny guys in tight shorts from the WEstern part of one empty continent.
> 
> I went to a gAyFL game recently - Swans versus someone, can't even remember who but they were cr*p - I was in the private box at Homebush, sitting near Dicko and Tony Squires.  Anyway I was amazed at how many players there are, how many umpires, and how many water boys.  The game had barely kicked off before water boys were running onto the field to give those poofs a drink.
> 
> ...





not bad for a bunch of "poofs"...


*AUSTRALIA’S MOST DANGEROUS SPORTS REVEALED IN NEW RESEARCH REPORT BY MEDIBANK PRIVATE
7 July 2006
*

It’s official – Aussie Rules is the nation’s most injury-prone sport; Australians are ‘loners’ rather than team players when its comes to sports; approximately 5.2 million people are expected to be injured through exercise this year; ACT residents are the fittest; Tasmanians are the heaviest; and

These are just a few of the revelations to emerge from the Medibank Private Safe Sports Report 2006 launched today.

The report combines independent research into Medibank Private’s customer base, with Australian exercise participation data, and academic modelling and commentary by leading sports physician, Dr Peter Larkins.

Medibank Private’s Managing Director George Savvides explained that the 2006 report contains statistics about the incidence of sports-related injuries and highlights the physical, economic and emotional ‘costs’ of injury.

“Our intention is not to scare people off exercise, but rather to reinforce the importance of injury prevention techniques and private health insurance regardless of whether you’re part of a team, exercise alone, or have a social ‘hit’ or ‘kick’ with mates,” he said.

“Accidents can still occur even when you take proactive precautionary measures, and for Australians without private health cover, this can mean large medical bills, long waiting periods and huge additional stress on top of the injury set-back.”

According to the Medibank Private Safe Sports Report 2006, the top 10 most injury-prone sports (based on patient presentations to Australian hospital emergency departments and general medical practices) are:
1. Australian Rules Football
2. Basketball
3. Netball
4. Running
5. Tennis
6. Cricket
7. Soccer
8. Aerobics
9. Rugby League
10. Rugby Union


http://www.medibank.com.au/aboutus/pressreleases_display.asp?id=252


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## wayneL (20 September 2006)

professor_frink said:
			
		

> Hey Duckman,
> 
> I tried watching some VFL on Friday night, got through the first quarter before turning it off(hey at least I tried to watch it!).
> 
> ...




Gotta agree here...

***furiously digging****


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## barney (20 September 2006)

C'mon now you lads....
QUOTE:
"Appreciation  comes through knowledge" ..........If you don't like AFL its probably cause you don't know the rules!!  I am a N.S.W.elshman, Grew up with League......... Love a good game of Rugby............. Lost days of sleep watching the world cup Soccer.........and think AFL is brillaint (cause I took the time to learn the rules!) ....AFL is a bit like "trading"; you have to know "the rules"........I'm still learning the rules of "trading", but  .........the more "rules" I understand , the better it gets!!! 

PS Now don't be mean, but I even like Netball!!!!(might have something to do with all those long legs   )


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## coyotte (20 September 2006)

dr00 said:
			
		

> you have no compassion for him because he doesnt agree with you?




Quite the opposite :

I know realise that as far as the INVESTER is concerned he/she is getting a bargain

As I stated earlier in this thread, I have never really understood the mindset of a invester , now through this forum it is becoming more clear .

You have two opposing approachs which are required to drive the MARKET .


Cheers


----------



## Realist (20 September 2006)

juddy said:
			
		

> It’s official – Aussie Rules is the nation’s most injury-prone sport;




Yep if you want bruised ovaries, stubbed toes, broken hearts, panty rash, brain numbness, and a turned stomach play gAyFL.  

:


----------



## barney (20 September 2006)

Realist said:
			
		

> Yep if you want bruised ovaries, stubbed toes, broken hearts, panty rash, brain numbness, and a turned stomach play gAyFL.
> 
> :




PS  This response is posted with my tongue strategically placed in my cheek!!  

Hey Realist. Before I "get mean" , I have to say I respect your opinions and also respect the fact that you "stand by" what you think regardless of what others say.........that tells me you are a successful investor, and well done!!!............but this gayFL thing is not fair!! ( I know you're only stirring, but the "between the lines" says you mean it) .........One question............have you ever played a "contact" sport???  (The question is asked in humour, but also with sincerity, cause I'm not sure you realise how hard it is to "run yourself into the ground" for an hour or more with people jumping on your back when you least expect it; (some people probably like that part  )  As I say I'm from NSW so AFL is a late addition to my viewing repertoire, but these guys are "serious" athletes! .................PPS What do YOU think about netball??..........Cheers, Barney.


----------



## Realist (20 September 2006)

barney said:
			
		

> One question............have you ever played a "contact" sport???




Dancing is a contact sport.

Rugby is a collision sport.

I've played League, Union, Soccer and cricket.

Never played AFL, never will...


----------



## Realist (20 September 2006)

barney said:
			
		

> PPS What do YOU think about netball??..........Cheers, Barney.




Netball is just AFL with skirts except you are not allowed to kick the ball.


----------



## barney (20 September 2006)

Realist said:
			
		

> Netball is just AFL with skirts except you are not allowed to kick the ball.




Good onya Realist, I like your sense of humour  ......... Still cant see why you don't like AFL though??     ............Are you sure you know the rules!? Cheers.


----------



## ice (20 September 2006)

Realist said:
			
		

> Dancing is a contact sport.
> 
> Rugby is a collision sport.
> 
> ...




Know exactly what you mean Realist, I was never good enough  to get picked either.


----------



## insider (20 September 2006)

In the rest of the world Football aka soccer, Is the world game because it requires more than an athlete to play it unlike gAyFL. It is the most creative and technical game. It let's people imagine deeply as it makes and breaks hearts just like the stock market. To the minority in the rest of the world that has seen gAyFL believe that it is a sport accomodates for homosexuals as they hug eachother agressively in a sexually frustrated way for balls. Rumour has it that ball's shape was derrived from a testical. 

Melbourne has just become the Football capitol of the nation as another sold out Melbourne Victory match was on the weekend. GO VICTORY!!! I'm sure the gAyFL are shaking in their tight short shorts.

No Offense... But I use to like that sport until I experienced the rest of the world


----------



## barney (20 September 2006)

ice said:
			
		

> Know exactly what you mean Realist, I was never good enough  to get picked either.




Lots of "funny" people around here  .........Let me quote yet again.................."Good humour is far more important than being wealthy"........so true!


----------



## swingstar (20 September 2006)

Realist said:
			
		

> Netball is just AFL with skirts except you are not allowed to kick the ball.




I'd like to see this in netball. 

Not that I care about football, but I do think Aussie rules is tougher than rugby.


----------



## wayneL (20 September 2006)

swingstar said:
			
		

> I'd like to see this in netball.




Thats just how the girls greet each other up around these parts


----------



## Realist (20 September 2006)

barney said:
			
		

> Good onya Realist, I like your sense of humour  ......... Still cant see why you don't like AFL though??     ............Are you sure you know the rules!? Cheers.




Yeah you can't run with the ball, tackle someone, or pass the ball. The rest is semantics..


----------



## Duckman#72 (20 September 2006)

Realist said:
			
		

> Yeah you can't run with the ball, tackle someone, or pass the ball. The rest is semantics..




Hi Realist - it must really bother you that Australia's premier football code is Aussie Rules. Yep, you can call it gAyFL, aerial ping pong, kick and giggle, cross country basketball, whatever you like..........but please ....also call it the most watched sport in Australia.  : 

You also seem a little homophobic - you keep mentioning the tight shorts, gAyFL and poofs. Well the ladies must love it - AFL has the greatest female spectator ratio of all the footy codes. Or maybe you were to busy checking out Tony Squires to notice! (something you're not telling us you little devil - you bum sniffing Mardi Gras boy)  

Hey I bet you can't wait for the next Rugby World Cup. I am just hanging out to see how Romania and Canada go next time.  

Duckman


----------



## Realist (20 September 2006)

Romania, Canada, they mean the same to me as Collingwood or St Kilda...   

ie nothing..


----------



## juddy (20 September 2006)

Duckman#72 said:
			
		

> kick and giggle




:  :  : 

been loving aussie rules for many years Duckman, but never heard it called that before. Brilliant.


----------



## Duckman#72 (20 September 2006)

Realist said:
			
		

> Romania, Canada, they mean the same to me as Collingwood or St Kilda...
> 
> ie nothing..




Don't be embarrassed dude - I refuse to acknowledge Collingwood's existence as well. You have just taken your first step into understanding AFL.  Well done!!!!  

The next step is realising that you can run with the ball, tackle and pass the ball!!!  

Duckman


----------



## swingstar (20 September 2006)

wayneL said:
			
		

> Thats just how the girls greet each other up around these parts




/makes note "don't go to Geraldton"


----------



## Freeballinginawetsuit (20 September 2006)

swingstar said:
			
		

> /makes note "don't go to Geraldton"




Geraldton has some of the best young blood around, for sure!. Don't listen to Wayne he's full of it!.

http://www.surfingaustralia.com.au/article.aspx?nid=6297

Nice personalities, easy going and not bad on the eye. PS I'm biased, the girl in the yellow rashie on the above links my niece, she'd certainly make some young guy a happy wife.


----------



## swingstar (20 September 2006)

Freeballinginawetsuit said:
			
		

> Geraldton has some of the best young blood around, for sure!.
> 
> http://www.surfingaustralia.com.au/article.aspx?nid=6297
> 
> Nice personalities, easy going and not bad on the eye. PS I'm biased, the girl in the yellow rashie on the above links my niece, she'd certainly make some young guy a happy wife.




Hehe, I didn't know Geraldton was on the coast. I thought it was about as remote as Alice Springs somewhere near the WA/SA border or something.


----------



## Freeballinginawetsuit (20 September 2006)

swingstar said:
			
		

> Hehe, I didn't know Geraldton was on the coast. I thought it was about as remote as Alice Springs somewhere near the WA/SA border or something.




That photo was taken in Perth on the weekend, Gero has a lot nicer coastline than Perth.

Gero is remote though, but still a bustling little laid back community, with lots of rich millionaires!.


----------



## wayneL (20 September 2006)

Freeballinginawetsuit said:
			
		

> Geraldton has some of the best young blood around, for sure!. Don't listen to Wayne he's full of it!.
> 
> http://www.surfingaustralia.com.au/article.aspx?nid=6297
> 
> Nice personalities, easy going and not bad on the eye. PS I'm biased, the girl in the yellow rashie on the above links my niece, she'd certainly make some young guy a happy wife.




I bet she doesn't play netball though


----------



## Freeballinginawetsuit (20 September 2006)

wayneL said:
			
		

> I bet she doesn't play netball though




True, Nice to see you actually say something sensible!.


----------



## wayneL (20 September 2006)

swingstar said:
			
		

> Hehe, I didn't know Geraldton was on the coast. I thought it was about as remote as Alice Springs somewhere near the WA/SA border or something.



hehe it's not a bad spot. Too full of Perthites though


----------



## wayneL (20 September 2006)

Beaches are a bit crowded too


----------



## Freeballinginawetsuit (20 September 2006)

wayneL said:
			
		

> hehe it's not a bad spot. Too full of Perthites though




Yep we bought up all the land with the views to the lighthouse, while all the locals twiddled their thumbs and watched the prices quadruple LOL.

Now their hoping it will all crash, cause their pissed they missed the boat!.


----------



## Freeballinginawetsuit (20 September 2006)

wayneL said:
			
		

> Beaches are a bit crowded too




That you Wayne?


----------



## wayneL (20 September 2006)

Freeballinginawetsuit said:
			
		

> Yep we bought up all the land with the views to the lighthouse, while all the locals twiddled their thumbs and watched the prices quadruple LOL.
> 
> Now their hoping it will all crash, cause their pissed they missed the boat!.




BTW I'm a Perthite


----------



## wayneL (20 September 2006)

Freeballinginawetsuit said:
			
		

> That you Wayne?




Thats me sporting a rather unattractive pot belly  

Fit enough to be dangerous now


----------



## Freeballinginawetsuit (20 September 2006)

wayneL said:
			
		

> Thats me sporting a rather unattractive pot belly
> 
> Fit enough to be dangerous now




Nice to put a face to the name, you look quite contented, see Gero's not all that bad.

P.S how did you go a couple of years back with those stingers that floated up on the beach and were killing the dogs!.


----------



## wayneL (20 September 2006)

Freeballinginawetsuit said:
			
		

> Nice to put a face to the name, you look quite contented, see Gero's not all that bad.
> 
> P.S how did you go a couple of years back with those stingers that floated up on the beach and were killing the dogs!.




You mean the sea hares? The purple things? Just kept them close and didn't let them sniff anything....it's amazing what does wash up here though...we had part of the greenough river convict bridge on tarcoola beach last summer lol


----------



## wayneL (21 September 2006)

wayneL said:
			
		

> You mean the sea hares? The purple things? Just kept them close and didn't let them sniff anything....it's amazing what does wash up here though...we had part of the greenough river convict bridge on tarcoola beach last summer lol




http://www.seaslugforum.net/showall.cfm?base=aplygiga


----------



## Freeballinginawetsuit (21 September 2006)

wayneL said:
			
		

> http://www.seaslugforum.net/showall.cfm?base=aplygiga




Thats them, Ugly critters!


----------



## wayneL (21 September 2006)

Sheesh Freeball, we've gone way off-topic here... better think of a trading cliche'...quick  

errr.... The trend is your friend?


----------



## Freeballinginawetsuit (21 September 2006)

'Set trading rules and stick to them, and keep it simple!'.


----------



## barney (21 September 2006)

wayneL said:
			
		

> Beaches are a bit crowded too





So thats what Wayne looks like.............So who's the guy taking you for a walk Wayne?  :bowser:


----------



## wayneL (21 September 2006)

I like these: (lifted from stu Johnstons book)

_The house doesn't beat the player. It just gives him the chance to beat himself._
- Nick "The Greek" Dandalos

_No one stays here by faking reality in any manner whatsoever._
- Ayn Rand (Atlas Shrugged)

_You can observe a lot of things by watching._
- Lawrence Peter "Yogi" Berra


----------



## wayneL (21 September 2006)

barney said:
			
		

> So thats what Wayne looks like.............So who's the guy taking you for a walk Wayne?  :bowser:




Har de har har  

Maybe we should start a photograph thread... it's always fun to put faces to a name(?)


----------



## barney (21 September 2006)

wayneL said:
			
		

> Har de har har
> 
> Maybe we should start a photograph thread... it's always fun to put faces to a name(?)




Yeah that would be great except everyone would cheat and put in someone elses picture ...............Like for example I'm the spitting image of Tom Cruise...............just after he has a head on with a bus!


----------



## Freeballinginawetsuit (21 September 2006)

wayneL said:
			
		

> I like these: (lifted from stu Johnstons book)
> 
> _The house doesn't beat the player. It just gives him the chance to beat himself._
> - Nick "The Greek" Dandalos
> ...





I like this one  " I didn't Inhale" or " I didn't have sexual relations with that women".

or GB2 " Huwd yoo spall thayt"


----------



## spitrader1 (21 September 2006)

barney said:
			
		

> Yeah that would be great except everyone would cheat and put in someone elses picture ...............Like for example I'm the spitting image of Tom Cruise...............just after he has a head on with a bus!



hope is not a strategy


----------



## barney (21 September 2006)

spitrader1 said:
			
		

> hope is not a strategy




Hi S/trader, Does this mean you don't like Tom Cruise...or you think I'm ugly???      ........both opinions of course may carry some weight!  


Here's  a "saying" from my old man that I grew up with.............a) When someone was pondering/questioning something he had said, and they were looking a bit quizical about it he would state:-        "They've got a look on 'em like a twisted sandshoe!"...................and one of his favorites, when someone was really happy about something, he would say:-        "They've got a grin on 'em like a deep sea mullet!!"..........Now I've never seen a deep sea mullet, but if my old man says they grin..........thats good enough for me!!  

He's got quite a few more, but I can't find much correlation to "trading" with them, so maybe that will do for now..........Anyone elses old man got any "classics" (I know "Stink's" does!!)    Cheers, Barney


----------



## bunyip (23 September 2006)

Since Buffett has been mentioned on this thread, the following may be of interest......




BUY AND HOLD NONSENSE

Wall Street pretends that trading does not work. However, what they say and what they do is a different story. The truth is that no one really practices or uses buy and hold.

Joseph P. Kennedy, Bernard Baruch, Jesse Livermore, J.P. Morgan, John D. R Rockefeller and many more from a previous era.
George Soros, Paul Tudor Jones, Jimmy Rodgers, the Bass Brothers … and many more  from the present era, are/were market timers all. 
They buy stocks, currencies, bonds, commodities and gold when prices are depressed. 
They sell them short when prices are high and buy them back after they decline.

Try to compile a similar list of successful buy and hold investors … perhaps the only name will be Warren Buffett …

Far from being a simple investor whom anyone can emulate, Warren made his first millions running private investment partnerships for wealthy investors. After making them huge gains in the mid-1960’s bull market, he demonstrated exquisite market timing at the bull market peak in early 1969 by withdrawing from the market entirely, liquidating the partnerships …

 He began by purchasing small private companies … which were bought with the intention of operating them as subsidiaries, GIVING RISE TO THE MYTH THAT BUFFETT BUYS AND HOLDS ALL INVESTMENTS FOR THE LONG TERM.
However, that’s not close to true. When it comes to Berkshire Hathaway’s investments in publicly traded stocks, virtually none have remained in its portfolio from one bull market to the next. Buffet just over the last few years, appears to have traded in and out of large positions in Solomon Bros., U.S. Air Group, McDonald’s, zero coupon bonds, and silver. He also apparently dumped significant holdings when the market began topping out in July 1998 since, by September, Berkshire Hathaway was holding a huge $9 billion in cash.



Source: Riding the Bull by Sy Hading


----------



## cuttlefish (23 September 2006)

and while on the topic its worth mentioning that Ben Graham didn't advocate buy and hold either - he had criteria for selling (as well as buying) that would more than likely have seen him doing far more selling than buying in bull market tops.


----------



## 2020hindsight (24 September 2006)

a little learning is a dangerous thing - but a lot of ignorance is just as bad


----------



## Realist (24 September 2006)

Well if Graham aint buy and hold and apparently Buffet aint either, that is fine with me.

I am buy and hold, maybe I am the only one in the world. But that suits me fine.


----------



## 2020hindsight (24 September 2006)

an optimist thinks his dreams will come true - a pessimist his nightmares :run:


----------



## barney (24 September 2006)

Realist said:
			
		

> Well if Graham aint buy and hold and apparently Buffet aint either, that is fine with me.
> 
> I am buy and hold, maybe I am the only one in the world. But that suits me fine.




You're definitely not alone Realist..........
Most of the people I know personally, "subscribe" to the buy and hold scenario, and live comfortably off their dividends ...........(but they all have a lot more money to start with than I do   ......... most of them are retired anyway, so they're more interested in playing lawn bowls than sitting in front of a computer screen all day......."Horses for courses" I guess.

Hi  20/20,  I used to be an optimist, but now I'm just an optimistic pessimist!..............or is that a pessimistic optimist?


----------



## bunyip (24 September 2006)

Realist said:
			
		

> Well if Graham aint buy and hold and apparently Buffet aint either, that is fine with me.
> 
> I am buy and hold, maybe I am the only one in the world. But that suits me fine.





Realist

Like most of us you want to make a lot of money, and to that end you've chosen a very successful role model to emulate. It's one of the most effective tricks in the book.....you want to be successful in a particular endeavour, one way to do it is find someone who's already very successful in that same endeavour, then you learn from him and copy him.
Warren Buffet is without equal in the investment business...you couldn't have chosen a better role model.
However, since you've been constantly telling this forum that he made his pile with a 'buy and hold' strategy, it's pretty clear that you've been somewhat confused about the true nature of Warren's investment style. 
I'm not going to ridicule you for that....we all get it wrong sometimes.

Since you now know that Buffett is a trader who pays taxes on his profits, (horrifying to you, no doubt) yet has still managed to rise head and shoulders above most people in the investment world, do you think that in the interests of achieving financial independence yourself as soon as possible, maybe you should change your own investment style to more closely match that of your role model Buffett?
I mean, you've been telling this forum that taxes kill trading as a viable investment style. Yet Buffett, by frequently liquidating huge positions for huge profits, must be subject to taxes. Surely that must make you at least reconsider your views on paying tax?

You mention that you intend holding stocks for 20 or 30 years. In fact you stated... "A smart investor may never in fact look at the stock price".
This doesn't sound like Buffett at all. He clearly doesn't hold for 20 or 30 years. And since he regularly trades in and out of large positions, you can be assured that he keeps a close eye on stock prices.
So here again I ask you.........In view of the fact that Buffett has a very different philosophy to your own, do you think that it might be in your best interests to reassess your investment strategies with a view to more closely emulating your role model, Warren Buffet?

Bunyip


----------



## dr00 (24 September 2006)

yep, buffetts a trader and the CIA brought down the twin towers...

no one said buffet never sells. to state the obvious the principle behind buffetts philosophy is to buy a stock based on the fundamentals of the business, not its share price or trends as a trader does. he also has reasons for selling stock. if he can put the money in a business to better use by taking it out of there and putting it somewhere else he will.

to say that buffett is a trader based purely on the fact that he sells companies is a bit naive...


----------



## bunyip (24 September 2006)

dr00 said:
			
		

> yep, buffetts a trader and the CIA brought down the twin towers...
> 
> no one said buffet never sells. to state the obvious the principle behind buffetts philosophy is to buy a stock based on the fundamentals of the business, not its share price or trends as a trader does. he also has reasons for selling stock. if he can put the money in a business to better use by taking it out of there and putting it somewhere else he will.
> 
> to say that buffett is a trader based purely on the fact that he sells companies is a bit naive...





I didn't say Buffett is a trader based purely on the fact that he sells companies. 
Nor did I say he's a trader and nothing else. 
Sometimes he sells companies, other times he hangs on to them after buying them cheaply in a run down state, and returning them to profitability.
Sometimes he buys stocks in a company, then sells out for a profit some time down the track. Sometimes he does the same thing with commodities such as silver.
Occasionally he buys, then sells out for a loss.
Buffet is definitely a trader...no question about it.
And he's definitely a long term investor....no question about that either.
The man is a multi-talented businessman and investor who employs a range of strategies to make money.
But he is NOT, as Realist and many others believe, *solely* a long term buy and hold investor.

Bunyip


----------



## Realist (24 September 2006)

While I respect Buffett, I do not use him as a role model, I use Ben Graham. Buffett uses 85% of Graham's methodology.

The difference is Buffett is smarter than me, spends more time researching and hedges like hell into stocks he is certain of. I'm not smart enough to be certain of any stocks the way he is. He does hold though, that article is complete bollocks, one of his favourite sayings is "our favourite holding period is forever".  I do not believe he has ever sold any Coke shares, probably not Gilette, Washington Post or Amex either. He's holding forever - or at least until he gives it over to charity I suppose.

I do not believe pissant investors like ourselves should follow Buffett's methodology, I believe they should follow Graham's. Buffett is in a different league, Grahams theories work for the common man. The main difference is do not take margin loans and do diversify and leave money in the bank just in case - aim for adequate returns.  That way you are not risking losses the way a Buffett investor is.

Graham's theory is buy many different successfull undervalued companies and sell them if they become overvalued, minimise tax but it is unavoidable. Buffetts theory invest all your money and OPM into a few awesome companies and hold forever even if they become overvalued and don't pay tax.

Graham's the man to study, Buffetts just a freakish investor that is near impossible to emulate.


----------



## Realist (24 September 2006)

bunyip said:
			
		

> But he is NOT, as Realist and many others believe, *solely* a long term buy and hold investor.




I would not say he is *soley* a long term buy and hold investor. Because he is a business owner, and has hedged on foreign currencies etc. so that is obviously wrong.

I would say that he is essentially a long term buy and hold investor though.


----------



## Julia (24 September 2006)

I can't help feeling the above posts are more of an exercise in semantics than anything more useful.

Surely any long term investor has to be ready to sell when market factors indicate some adverse conditions (other than very temporary ones) on any given stock?  I can't see that that makes him/her a "trader".

And in the event, who really gives a damn about what labels we might wish to apply to ourselves or others.  We all simply want to be profitable, and I'm damned if I can see that applying labels or restricting our stock market activity to purely one approach or the other is even remotely useful.

To suggest that an investor may never, by definition of the term, sell a falling stock is simply silly.

Julia


----------



## wayneL (24 September 2006)

dr00 said:
			
		

> yep, buffetts a trader and the CIA brought down the twin towers...




a classic non sequitur

From the information offered here, there is a probality that Buffett is, in fact, a trader


----------



## Realist (24 September 2006)

Julia said:
			
		

> I can't help feeling the above posts are more of an exercise in semantics than anything more useful.
> 
> Surely any long term investor has to be ready to sell when market factors indicate some adverse conditions (other than very temporary ones) on any given stock?  I can't see that that makes him/her a "trader".
> 
> ...




So what is an example of why someone should sell for example Westfield or Fosters Julia assuming they still make good profits and still pay good dividends from now on?

If you say because such and such (bad news) then you are too late, the stock has already fallen. Would you simply sell a stock cause it goes down? I would be tempted to buy more.

I am more likely to sell a stock because it goes up.


----------



## carmo (25 September 2006)

" The two greatest disappointments in life, one you don't get what you want, 
and the other you do"


----------



## chops_a_must (6 December 2006)

"[Investment is] intolerably boring and over-exacting to any one who is entirely exempt from the gambling instinct; whilst he who has it must pay to this propensity the appropriate toll."


----------



## noirua (19 April 2007)

"My Fundamental assessment was, of course, spot on but the force was not with me" - by the infamous shorter "Evil Knieval".


----------



## Kimosabi (19 April 2007)

"The market can be a cruel mistress"

I made it up myself, and thats all I'm seeing today...


----------



## nizar (19 April 2007)

Realist said:


> I am more likely to sell a stock because it goes up.




Yeah?
I am more likely to top up and hold.

Though im very quick to chop my dogs - sometimes too quick - but thats another story.


----------



## rub92me (19 April 2007)

"One cannot judge the performance of trading by results, but by the cost of the alternative. "


----------



## noirua (22 April 2007)

"I made my fortune by selling too soon", - Baron Rothschild


----------



## erictjie (23 April 2007)

*Please read this*

Mark Twain observed that October was a particularly dangerous month to speculate in stocks. "The others", he said, "are July, January, September, April, November, May, March, June, December, August and February"


----------



## Kimosabi (23 April 2007)

*Re: Please read this*



erictjie said:


> Mark Twain observed that October was a particularly dangerous month to speculate in stocks. "The others", he said, "are July, January, September, April, November, May, March, June, December, August and February"




What are you trying to do, fill up the Internet?


----------



## 2020hindsight (23 April 2007)

noirua said:


> "I made my fortune by selling too soon", - Baron Rothschild



Or as someone once suggested "leave a bit on the table for the next bloke"


----------



## 2020hindsight (24 April 2007)

I notice we are asked to predict when the correction will happen ( sell in may thread ) 
"Timing has a lot to do with the outcome of a rain dance"


----------



## noirua (24 April 2007)

2020hindsight said:


> I notice we are asked to predict when the correction will happen ( sell in may thread )
> "Timing has a lot to do with the outcome of a rain dance"




It rained all day and it rained all night
so I danced all day and danced all night,
I drank all day and drank all night long,
then sang all day and sang all night long.

I timed my visit, avoided the rain,
danced a while and went on home,
predicted her thoughts, yes all night long
and the following day sang a song.

Note the correction in the verse
the outcome was not rehearsed,
sold my thoughts, lost my thread
market collapsed, now I'm dead.

Good night, dead - noirua


----------



## noirua (24 April 2007)

2020hindsight said:


> Or as someone once suggested "leave a bit on the table for the next bloke"




Hi 2020, I think the Baron forgot to mention that he stayed in cash during the 1929-32 crash. Then bought Coal stocks at prices about 5% of their 1928 peaks in the UK. Sold out in the market after the British Labour Government nationalised them. They reduced the nationalised price before the bid was completed, but the crafty old Baron Rothschild had already sold and made his fortune.

I guess he mean't that he sold in 1928 well below the 1929 peak.


----------



## hongwong (25 April 2007)

Would you tell me, please, which way I ought to go from here? 
''That depends a good deal on where you want to get to'.' Said the Cat. 
I don't much care where / Said Alice. 
Then it doesn't matter which way you go, said the Cat.” 
Lewis Carroll quotes 


The happiness of those who want to be popular depends on others; the happiness of those who seek pleasure flutuates with moods outside their control; but the happiness of the wise grows out of their own free acts
Marcus Aurelius


----------



## noirua (26 April 2007)

"The market climbs a wall of worry" - a bullish trend in the face of negative uncertainties.


----------



## drmb (5 August 2007)

The Tao of W Buffett

You can't make a good deal with a bad person.

It's easier to stay out of trouble than it is to get out of trouble.

The market, like the Lord, helps those who help themselves. But unlike the Lord, the market does not forgive those who know not what they do.

My idea of a group decision is to look in the mirror.

The reaction of weak management to weak operations is often weak accounting.

You can always juice sales by going down-market, but it's hard to go back upmarket.

You have to think for yourself. It always amazes me how high-IQ people mindlessly imitate. I never get good ideas talking to other people.

In looking for someone to hire, you look for three qualities: integrity, intelligence, and energy. But the most important is integrity because if they don't have that, the other two qualities, intelligence and energy, are going to kill you.

Never ask a barber if you need a haircut.

A public-opinion poll is no substitute for thought.

If you let yourself be undisciplined on the small things, you will probably be undisciplined on the large things as well.

The fact that people are full of greed, fear, or folly is predictable. The sequence is not predictable.

We also believe candor benefits us as managers. The CEO who misleads others in public may eventually mislead himself in private.

What we learn from history is that people don't learn from history.


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## burglar (7 January 2013)

Sultan of Swing said:


> _'Diversification is a protection against ignorance. It makes very little sense for those that know what they're doing.'_ - Warren Buffett




My mentor oft said, "If I knew where I was going to fall, I would have put a haybale there!".
I don't have a clue who to attribute that to!


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## pixel (7 January 2013)

"Don't put more money into shares than you can afford to lose."
that's a corollary to "There can be no certainty in securities."

"We're here for a *good* time, not a *long* time."


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## burglar (7 January 2013)

Freeballinginawetsuit said:


> ... Gero is remote though, but still a bustling little laid back community, with lots of rich millionaires!.




Pls define rich millionaire!


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## tech/a (7 January 2013)

burglar said:


> Pls define rich millionaire!




One who doesnt have his million in Zimbabwe


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## burglar (7 January 2013)

tech/a said:


> One who doesnt have his million in Zimbabwe




*Blow me down!*

There was me, thinking it was an all-time great tautology!


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## DocK (7 January 2013)

My Dad used to say "never invest in anything that floats, flies or fornicates".  Having said that I hold FLT & WEB, but wish I'd bought QAN 6 months ago.


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## sydboy007 (10 January 2013)

The old Rene Rivkin saying - no one ever went broke selling at a profit.

Don't let your purchase price be an anchor point.

Be fearful when others are greedy and greedy when others are fearful - Warren Buffett (oh so very hard to do)

Compound interest is the most powerful force on earth. Einstein

The safe way to double your money is to fold it over once and put it in your pocket.


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## burglar (2 February 2013)

“Unlike Isaac Newton, I can calculate the madness of people, but not the motion of heavenly bodies.” 
burglar, circa 2013


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