101 Investment Lessons from the Wizards of Wall Street: The by Michael Sincere

By Michael Sincere

Suggestion: learn Michael Sincere's newest ebook: All approximately marketplace symptoms (McGraw-Hill, 2011), or figuring out shares (McGraw-Hill, 2003).

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He says they are constantly looking over their shoulder for anything that could threaten their trading position. Jim O'Shaughnessy, CEO of O'Shaughnessy Capital Management, explained the futility of trying to outsmart the market by his retelling of a Taoist story: A younger man was walking near a powerful waterfall when he saw an older man being tossed around by the turbulent water. He rushed up to try and save him but the old man had already climbed out of the water and was walking safely along the bank.

During any 20-year period, the returns of common stocks beat the returns of cash investments, primarily because of inflation, which can eat up as much as 60 percent of an investment. Bill Miller, portfolio manager of Legg Mason Value Trust, put it this way: "A lot of times people don't realize that something which is conservative and low-risk in the short-term may be high-risk in the long-term. People tend to keep too much cash. In a short period of time, cash gives them confidence. Over a long period of time, cash is going to be a drag over their long-term results.

Com. Although there are a number of books that will teach you how to interpret chart patterns, you may find these books rather technical. To become proficient with charting, it might take you a lot of time, yet it is not as difficult as you might think. In many ways, it will be like learning a new language. Page 80 28. Use Fundamental Analysis In the previous lesson, you learned how technical analysts use charts to decide whether to buy or sell a stock. They look at a number of factors, including trading volume, historical price patterns, and volatility.

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