A Quote by John Allen Paulos
One must give up the fantasy of a perspicacious gunslinger/investor
outwitting the market.
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The investor has the benefit of the stock market's daily and changing appraisal of his holdings, 'for whatever that appraisal may be worth', and, second, that the investor is able to increase or decrease his investment at the market's daily figure - 'if he chooses'. Thus the existence of a quoted market gives the investor certain options which he does not have if his security is unquoted. But it does not impose the current quotation on an investor who prefers to take his idea of value from some other source.
Oh, this beast? It's...perspicacious loris. 'Perspicacious' meaning 'wise or canny'." "Get stuffed," Bovril said, then giggled. "And it insults people," Telsa said. "How peculiar.
Rip Van Winkle would be the ideal stock market investor: Rip could invest in the market before his nap and when he woke up 20 years later, he'd be happy. He would have been asleep through all the ups and downs in between. But few investors resemble Mr. Van Winkle. The more often an investor counts his money - or looks at the value of his mutual funds in the newspaper - the lower his risk tolerance.
Looking at it, I started crying. Maybe it was knowing that I had to give up the fantasy, the enormous life consuming fantasy , that someone or something was going to do this for me – the fantasy that someone was coming to lead my life, to choose direction, to give me orgasms.
We are convinced that the intelligent investor can derive satisfactory results from pricing of either type (market timing or fundamental analysis via price). We are equally sure that if he places his emphasis on timing, in the sense of forecasting, he will end up as a speculator and with a speculator's financial results." And "The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices.
I know there are certain times you have to be smart with the football but I'm a gunslinger, I've always been a gunslinger and that's just what I'm gonna do.
The marriage between the fantasy and the Westerns is that thing of, if people think you're the best gunslinger around, they're going to come looking for you.
Here’s how to know if you have the makeup to be an investor. How would you handle the following situation? Let’s say you own a Procter & Gamble in your portfolio and the stock price goes down by half. Do you like it better? If it falls in half, do you reinvest dividends? Do you take cash out of savings to buy more? If you have the confidence to do that, then you’re an investor. If you don’t, you’re not an investor, you’re a speculator, and you shouldn’t be in the stock market in the first place.
The average investor's return is significantly lower than market indices due primarily to market timing.
we have complaints that institutional dominance of the stock market has put 'the small investor at a disadvantage because he can't compete with the trust companies' huge resources, etc. The facts are quite the opposite. It may be that the institutions are better equipped than the individual to speculate in the market.But I am convinced that an individual investor with sound principles, and soundly advised, can do distinctly better over the long pull than large institutions.
The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of value is more likely to be right than the market's. In this process the investor sets his judgement against that of the market. To some this may seem arrogant or foolhardy.
The hardest thing over the years has been having the courage to go against the dominant wisdom of the time to have a view that is at variance with the present consensus and bet that view. The hard part is that the investor must measure himself not by his own perceptions of his performance, but by the objective measure of the market. The market has its own reality. In an immediate emotional sense the market is always right so if you take a variant point of view you will always be bombarded for some time by conventional wisdom as expressed by the market.
The chief problem with the individual investor: He or she typically buys when the market is high and thinks it's going to go up, and sells when the market is low and thinks it's going to go down.
An investor who proposes to ignore near-term market fluctuations needs greater resources for safety and must not operate on so large a scale, if at all, with borrowed money.
The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator's primary interest lies in anticipating and profiting from market fluctuations. The investor's primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell.
On 'Van Halen,' I was a young punk, and everything revolved around the fastest kid in town, gunslinger attitude. But I'd say that at the time of 'Fair Warning,' I started concentrating more on songwriting. But I guess in most people's minds I'm just a gunslinger.
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