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Japan – National CPI for March: 1.6% y/y (vs. 1.6% expected) & the rest of this data

  
Analysis, Education
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Japan inflation data:

National CPI y/y for March,  1.6%

  • expected 1.6%, prior was 1.5%

National CPI y/y excluding Fresh Food for March,  1.3%

  • expected 1.4%, prior was 1.3%

National CPI excluding Food, Energy y/y for March,  0.7%

  • expected 0.7%, prior was 0.8%

Tokyo CPI y/y for April,  2.9%

  • expected 3.0%, prior was 1.3% (Note: the ‘expected’ is much higher than the prior due to the introduction of the higher sales tax rate on April 1 …. note we get Tokyo inflation figures for April, with national figures are for March)

Tokyo CPI excluding Fresh Food y/y for April,  2.7% (this is a 22-year high … but, of course, skewed by the sales tax hike)

  • expected 2.8%, prior was 1.0% (ditto) (more…)

Trader Types and Personalities

  
  Education
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  • Scalpers
    • High energy, short attention spans.
    • Usually former athletes, tennis and hockey players make the best traders.
    • Able to play both offense and defense simultaneously, and able to think a few steps ahead of the game.
  • Spreaders / Option Traders
    • Quick and flexible thinkers, able to look at numbers and figure risk and value instantaneously.
    • Not in the market to take risk, methodically search for mathematical anomalies and lock in profits immediately.
  • Position Traders
    • Energy level almost nonexistent.
    • Put on passive positions, ride the winners, cut losers.
    • As a position trader, your brains are working all the time, and you keep looking for an informational edge that might drive the market one way or the other.

Top 17 Quotes from Buffett's Letter

  
  Education
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  1. “I needed no unusual knowledge or intelligence to conclude that the investment had no downside and potentially had substantial upside.”
  2. “You don’t need to be an expert in order to achieve satisfactory investment returns. But if you aren’t, you must recognize your limitations and follow a course certain to work reasonably well.”
  3. “Keep things simple and don’t swing for the fences.”
  4. “When promised quick profits, respond with a quick ‘no.'”
  5. “If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility.” 
  6. “Games are won by players who focus on the playing field — not by those whose eyes are glued to the scoreboard.”
  7. “Forming macro opinions or listening to the macro or market predictions of others is a waste of time.” 
  8. “It should be an enormous advantage for investors in stocks to have those wildly fluctuating valuations placed on their holdings — and for some investors, it is.”
  9. “Owners of stocks…too often let the capricious and irrational behavior of their fellow owners cause them to behave irrationally as well.” 
  10. “In the 54 years (Charlie Munger and I) have worked together, we have never forgone an attractive purchase because of the macro or political environment, or the views of other people. In fact, these subjects never come up when we make decisions.” (more…)
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