All bull markets start with investors crowding churches, synagogues and temples around the world. A united chorus: “Lord, forgive me for having overindulged myself in what turned out to be a bear market, I got carried away, a bit too greedy…pardon me Lord, I will never buy another biotech stock, another high P/E stock, mea culpa, and for sure no more FANG stocks or hi-tech names. And forever swear off buying stock tips from the CNBC charlatans.”
It is always darkest before the dawn and then a loud and forceful voice is heard coming from the altar of these respective houses of worship:
Go placidly amid the noise and haste and remember what peace there may be in the stock market. As far as possible without surrender be on good terms with all the bulls. Speak your truth quietly and clearly; and listen to your broker, even the dull and ignorant; they too have their story. Avoid loud and aggressive persons, (Jim Cramer, Doug Kass, Dennis Gartman,); they are vexations to the spirit. If you compare yourself with others, you may become vain and bitter; for always there will be greater and lesser investors than yourself. Enjoy your profits as well as your losses. Keep interested in your portfolio, however humble; it is a real possession in the changing fortunes of time. Exercise caution in your business affairs, for the world is full of trickery. But let this not blind you with virtue for there is, many fundamentalists that strive for high ideals under the weight of high frequency trading algo’s; disingenuous FED policy and everywhere life is full of the heroism of those who have survived their margin calls. Be yourself. Especially do not feign the chartist, the market technician. Those plots are real, fear and greed, pain and pleasure with volume figures thrown in. Neither be cynical about money for in the face of all aridity and disenchantment it is perennial and as green as grass though physical gold and silver will last far longer. Take kindly the counsel of your Registered Investment Advisor, he has no ax to grind to twirl you with outrageous commission structures from the big brokers who want you to gracefully surrender your hard-earned cash because of their name alone. Nurture your stops, not mental stops to shield you against sudden market declines. But do not distress yourself with imagining a $100 stock disintegrating to $15 in three days. Many fears are born of bear markets. Beyond a wholesome discipline, be gentle with yourself. You are a child of Wall Street, no less poor or richer; you have a right to be here. And whether it is clear to you, no doubt Wall Street is unfolding as it should. Therefore, be at peace with the market; whatever you conceive it to be and whatever your investment approach in the noisy confusion of life on Wall Street, keep peace with the soul. With all its sham, drudgery and broken dreams
