I don’t watch CNBC much, but was watching this AM over coffee at the house. I keep hearing people state, “I’m waiting for a pullback”, “This market is overbought”…reminds me of a little Jack Johnson for the wknd (below). It seems when everyone is talking about a pullback there is more room to the upside, and only when everyone is talking about buying is it time for a correction. Just a Friday missive.
PS Everything I do is quant (or quant with control over the dials), but for some reason nearly investor I meet with ends our conversation with:
Investor: “So, what do you think of the market here?”
Meb: “Which market?”
Investor: “Well, stocks.”
Meb: “US or foreign?”
Investor: “US”
Meb: “Ok, well realize first of all stocks are only a small part of our portfolio. Two, I am happy to give you my opinion, but realize I have no ability to subjectively forecast, so it really doesn’t influence our approach.”
Investor: “Ok, so what do you think?”
Meb: “Sigh”. Insert JP Morgan quote.
Classic! Have a great weekend. Aloha
Classic! Have a great weekend. Aloha, John
Great post, as well as music.
I'm definitely became fan of Jack Johnson, thanks to you.
And…however I follow your good blog just last week or two would like to thank you for your really clear approach to the market.
P.s. since July 30 I was bearish till 16 August, on August 17 I became bullish, as on today 50/50.
Sounds quite stupid, with one excuse, that I can not do anything with fact that I'm just forced to flow in direction of market, without prediction of that.
It seems to me you have deep understanding of market nature.
If that will be not too hard for you can you drop me a line about that, I'm interesting to get deeper into that issue.
Krgds,
Andrew
P.s.s. have you heard John Mayer ?
The day I discover someone who does watch CNBC a lot will be a remarkable day indeed!
I start watching it again when they put this guy on http://www.youtube.com/user/walstreetpro2.
I continue to admire your thoughts from afar, thanks for sharing.
Excellent post! Not only for the information, but I do love me some JJ…
It seems like people just can't see the forrest from the trees sometimes…
Liam
I'm reminded of this quote from Jesse Livermore…
The average man doesn’t wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn’t even wish to have to think.
On another matter the Aussie market (XJO) is up 11.9% since the first monthly close above the 200D MA.. Sweet times for the timing model I think.
Thanks for the Berk interview, he and Heebner are 2 non-diversified holdings of mine.
Mid teen's cash position is more than I thought.
One of the hedge funds has almost 50% cash and can still beat their peers.
Thanks for the Berk interview, he and Heebner are 2 non-diversified holdings of mine.
Mid teen's cash position is more than I thought.
One of the hedge funds has almost 50% cash and can still beat their peers.