A Quote by Warren Buffett
The stock market is a no-called-strike game. You don’t have to swing at everything – you can wait for your pitch.
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Some guys, first pitch of the at-bat gets called a strike - maybe it's a ball off or below their knees, and it gets called a strike - and then the next two pitches, they swing at balls in the dirt, and all of a sudden, they're yelling at the umpire about that first pitch. You just swung at two balls in the dirt, buddy.
You decide you'll wait for your pitch. As the ball starts toward the plate, you think about your stance. And then you think about your swing. Then you realize that the ball that went by you for a strike was your pitch.
I'm the kind of guy who, if I look inside and they throw me a fastball outside, and it's a strike, I'm going to swing. Everything in the strike zone, I'm going to swing. Doesn't matter if it's a fastball, changeup, breaking ball. If it's in the strike zone and it's something you like, you've got to swing.
As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.
Swing your swing. Not some idea of a swing. Not a swing you saw on TV. Not that swing you wish you had. No, swing your swing. Capable of greatness. Prized only by you. Perfect in it's imperfection. Swing your swing. I know, I did.
Investing is the greatest business in the world because you never have to swing. You stand at the plate; the pitcher throws you General Motors at 47! U.S. Steel at 39! And nobody calls a strike on you. There's no penalty except opportunity. All day you wait for the pitch you like; then, when the fielders are asleep, you step up and hit it.
Sometimes I chase, but I'd rather swing at a close pitch than take it for strike three.
In the 1987 stock market crash, according to the conclusions of the official Brady report, colossal sales of stock index futures by so-called portfolio insurers - whose investment strategies depended entirely on these derivatives - greatly exacerbated the 500-point market decline.
The stock market has gone up and if you are stock picking, that's fine, you may do a bit better than the market. But if you want to play in another game where you can get rapid increases of value and so on and so forth, this apparently has become the new parlour game, to invest in these companies and many their cases, the private equity that has been piling in onto of the venture capital is creating the unicorn, in other words the company with the $1 billion valuation.
Treatment of the apparently whimsical fluctuations of the stock quotations as truly non stationary processes requires a model of such complexity that its practical value is likely to be limited. An additional complication, not encompassed by most stock market models, arises from the manifestation of the market as a nonzero sum game.
When you get strike one, strike two, you're putting pressure on them to swing at your pitches.
The underlying strategy of the Fed is to tell people, "Do you want your money to lose value in the bank, or do you want to put it in the stock market?" They're trying to push money into the stock market, into hedge funds, to temporarily bid up prices. Then, all of a sudden, the Fed can raise interest rates, let the stock market prices collapse and the people will lose even more in the stock market than they would have by the negative interest rates in the bank. So it's a pro-Wall Street financial engineering gimmick.
I'm not afraid to swing the bat. If they elect to pitch to me, I'm going to swing. I'm not as picky as Mr. Sheffield. I'll swing at something over my head.
You have to be patient, efficient with your moves, and attuned to what's happening with your body physically. The key is not to rush or panic. You wait and wait and wait - and then strike.
You can watch videos and hit off the tee, stuff like that, but at the same time, it's you against the pitcher. I just need one swing or one pitch to click, and you can find your swing.
I'm working on a new pitch. It's called a strike.
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