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> But reading books/ articles about Buffet, John Train, Peter Lynch ,
> Markovitz etc opened my eyes.
> These guys are millionaires (plus ) been in the business almost 50 years ,
> and yet dont look at tick / intraday charts.
> Not even once in Peter Lynch's books / Michael Price / Buffets interview
have
> I seen stochastics, 14 period RSI, MACD being mentioned.
> It is interesting. Food for thought.
> Mike
>
A lot of people make more than they do by starting a dot com
company and scam the public to take their IPOs :)
Almost all of these companies make no money and posting
losses quarter after quarter ... even with very creative accounting ...
Isn't it the better way than those guys you talk about -
Buffet, John Train, Peter Lynch, etc.
Non of these dot com promoters use RSI, MACD, nor do they
care about P/E ratio, better earning, etc. They are one step
even more advance!
So, the flip side of the same thing - stock market is just many
roulette tables (stocks, futures, etc.) in a big casino (namely,
the financial industry) with hidden switches under each table
(e.g. insider news).
Those old time stock pickers you mentioned are just "lucky" -
because they buy everything and hold until they bankrupt.
IF they were born in 1920s - then such strategy do take
them all to bankrupcy because more than 1/2 the stocks
back then did went bankrupt :)
Key thing to stock market is to treat it like crapshoot, or,
lottery ... gamble (oops, they beautify the terms to "invest")
the money you can afford to LOSE THEM ALL, which
immediately implies the ones with biggest chance to win
are the ones who are richest right from the beginning!
So, go study statistics, learn about gambling theory,
then you are better equipped to "bet" in the market :)
-Lawrence Chan
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