Stock Market
Everything in stock market is not perfect, you have to take some risk. You have to say to yourself, by the time everything is perfect, the stock has gone from 10 to 60. Occasionally, you have to say I'm willing to take a little risk. Things are getting better, the balance sheet is OK. I'm going to buy this; I might be wrong. You can be wrong in this business maybe 3 or 4 times out of 10. But, if you're right & you hold on & you make 3 times your money, 5 times your money, 10 times your money, it more than offsets the times you're wrong.
So, you have to understand you have no control when a recession is going to happen. Who knew? All of a sudden, we have a recession on our hands, the banking system is in trouble. How could you predict that? Obviously you couldn't.
Time is on your side in the stock market. If you're not on margin where you borrow the money to buy, you've got plenty of time to say, 'I'm going to be right, the story is getting better. So far no one has recognized it. They will eventually.' Stocks go up when companies' earnings go up, not because of buyers & sellers. That stuff is way overrated.
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