저자: World Window · 외국인
다듬은 글
I would say emotional control uh you know look if you think about cycles and this is a there's a lot about this in the book and that's why I recommend that everybody body buy several copies but if you think about the cycle the market cycle let's say that goes this way what's happening so we we're in a we're in one of these periods and the economic news is good everything on MSNBC is favorable the newspapers only report the good news everything can the most stories can can be given a positive spin the companies are performing and they're generally exceeding the expectations the stock prices are rising the rising stock prices are making people feel good people are turning more optimistic their their fears are are abating their eagerness is rising and they're buying and they people tend to buy more when prices go higher and then of course the reverse is true on the other side the news is bad people get depressed they've lost money they feel terrible and they start to sell so people tend to buy a lot here and and sell a lot here now unless I'm mistaken they got it wrong you're supposed to buy here and sell here and not buy here and Sell Here Buy Low sell high it's very easy dict them uh so why do they do the opposite why do people buy here and Sell Here the answer is I think we can lump the explanation Under The Heading of emotion and if so you you were you mentioned Seth claran and uh Stan Dr and Miller I mean these are two people that have been here in this in this series and I think one of the things that they have in common among they're very different people but they're both brilliant but one of the things they both have in common is they're not emotional and you know I say in my book that uh that not being very emotional is very useful in the investing World there are worlds in which it's not such a good thing like in marriage you know it does it right it lack of emotionality does not endear us to our spouses uh but the truth of the matter is it's very helpful to be either be unemotional or have the ability to control your emotions you have to I mean when you make the really big money in this world by unhooking from the market when it gets up here and everybody and everybody's happy and nobody could think of anything that could ever go wrong and everybody thinks that that that trees are going to grow to the sky and and so you sell up here and then the market collapses and when you get down here nobody can think of anything that could ever go right again and the and every stock price is devoid of any optimism in at all and that's a great time to buy but to be that you have to be a contrarian and you have to be ability you have to be able to diverge from the crowd now if you think about it everybody receives the same inputs we read the same newspaper the economic news is the same for all of us the corporate news is the same for us the TTV says the same thing to all of us some of us see the news and the prices as a Buy Signal and just when most people see the news and the prices as cell signal and vice versa and you want to be in the minority back in back in the early 70s somebody gave me a great gift and and told me about the three stages of a bull market the first stage when only a few unusually perceptive people Bel to understand that there could be some improvement the second stage when most people accept that Improvement is actually taking place and the third stage when everybody in his brother believes that things can only get better forever you make a lot of money if you buy in the first stage you lose a lot of money if you buy in the last stage you buy the same things but what matters is when do you buy them and at what price and to do that you have to it the mark the prices are set low because everybody else is pessimistic you should be optimistic the market is set high and dangerous when everybody else is optimistic you should be pessimistic but it takes obviously emotional control to be able to do that
Comments 0