“Wall Street people learn nothing and forget everything.” Ben Graham
“ Buy on the cannons, sell on the trumpets.” Old French Proverb
“A stock broker is one who invests other people’s money until its all gone.” Woody Allen
“It is fortunate for Wall Street as an institution that a small minority of people can trade successfully and that many others think they can.” Ben Graham (more…)
1. The Process and the Practice: “Confidence doesn’t come from being right all the time: it comes from surviving the many occasions of being wrong” (27).
2. Stress and Distress: “Thinking positively or negatively about performance outcomes interfere with the process of performing. When you focus on the doing, the outcomes take care of themselves” (56).
3. Psychological Well-Being: “We can recognize the happy trader because he is immersed in the process of trading and finds fulfillment from the process even when markets are not open” (72).
4. Steps Toward Self-Improvement: “Your trading strengths can be found in the patterns that repeat across successful trades” (105).
5. Breaking Old Patterns: “Many trading problems are the result of acting out personal dramas in markets” (133)
6. Remapping the Mind: “When we change the lenses through which we view events, we change our responses to those events” (168)
7. Learn New Action Patterns: “Find experienced traders who will not be shy in telling you when you are making mistakes. In their lessons, you will learn to teach yourself” (203)
8. Coaching Your Trading Business: “Long before you seek to trade for a living, you should work at trading competence: just breaking even after costs” (230)
9. Lessons From Trading Professionals: “If you don’t trust yourself or your methods, you will not find the emotional resilience to weather periods of loss” (267)
10. Looking For the Edge: “The simplest [trading] patterns will tend to be the most robust” (311).
I don’t need to remind you of the frightening economic data Washington doesn’t want you to know — the nearly $13 trillion debt, 90% debt to GDP ratio (that does not even include the off-budget items, such as the $6 trillion owed by Fannie Mae and Freddie Mac, or the $50 trillion of unfunded liabilities for programs like Social Security and Medicare)… And I certainly don’t need to reiterate the urgency of this situation. You know how severe the ramifications will be if we fail to take immediate action
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.
March 1 (Bloomberg) — The board of bankrupt LyondellBasell Industries AF rejected a bid from Reliance Industries Ltd., owner of the world’s largest oil-refining complex, two people briefed on the matter said today.
Reliance, based in Mumbai, had raised its offer for a controlling stake in Lyondell to $14.5 billion, two people with knowledge of the offer said Feb. 22. Lyondell is based in Rotterdam.
Buying LyondellBasell would create a company with more than $80 billion in revenue and give Reliance chemical plants and two oil refineries in the U.S. and Europe. The chemicals maker had rejected a revised Reliance bid that valued it at $13.5 billion, the Wall Street Journal reported Jan. 8.
Lyondell was formed in a 2007 deal financed with $22 billion in debt in which it was bought by Basell AF, a unit of Len Blavatnik’s Access Industries Holdings LLC. Creditors have said the buyout crippled one of the world’s largest polymers, petrochemicals, and fuel companies, causing it to seek bankruptcy.
Lyondell spokesman David Harpole declined to comment.
