StealthP3D
Well-Known Member
You know what the funny thing is?
Some people hear this advice from successful millionaires and billionaires. But they think they are smarter. And most of them have middling returns (yes, some lose everything and even fewer do better, that is the nature of speculation) while people of average intelligence who actually follow the advice, do almost nothing and, in time, become wealthy beyond their wildest dreams. More money than they know what to do with.
Now that's funny!
Last year I noticed this board had a culture of trading built into it. When I realized beyond any reasonable doubt that we had hooked a keeper, I spent a good amount of time and effort making sure that participants here understood the time-tested and proven way to wealth and that markets are not predictable and good stocks do not stop appreciating simply because they seem to be very richly valued or because you have doubled or tripled your investment and the most successful way to wealth is to simply hold growth companies with great management. Not to try to time the market. Because the stock can go higher than you ever dreamed possible.
Likewise, earlier this year I spent a good amount of time and effort making the case that pandemics were not a good reason to sell, that historically they were just a temporary adjustment to the indices, that people continue to have sex, eat, drink and make babies, get new jobs, buy houses and cars and markets keep going up. In both cases I provided charts and graphs and wondered why some people were so convinced all the rules of the world we live in would had suddenly changed or why some people thought they were so much smarter than everyone else (even Elon Musk, fer cryin' out loud).
The greediest amongst us planned to out-smart the "system". They were afraid of losing their "money" and thought TSLA was "over-valued" at $420, $600 and (heaven forbid, $1000). Now, post-split, $84, $125, and $200! Those capable of learning, just a little slower than the rest, bought back in and are glad they did (and wish they were never educated in such a direct and unpleasant manner). The most stubborn are long gone and cringe every time they see TSLA share price flash on their screen. They prefer to not look because it makes them sick to their stomach. Many of them will make the same mistake again and again, repeatedly, throughout their lives. Because they worship money and are afraid to lose it.
I can't help it, I think that's funny (and sad).
I can't help it, I think that's funny (and sad).
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