Thursday, May 07, 2009
Reinvesting when Terrified
GMO: The Last Hurrah
There is no doubt that the bears are right about the economy but Jeremy Grantham of GMO (who is ultimately bearish) puts some very convincing arguments why missing out on this rally (even now) will mean missing out on a very rare opp to make a lot of £.
I have been trying to get invested over the past couple of weeks having spent the early part of the rally waiting for a pull back that is begining to look like wishful thinking. As Grantham points out psychologically it is very difficult to get reinvested esp if you are bearish. Equally there is the fear of missing out - bears are ultimately bears because they want to buy at low prices and make huge gains.
Posted by bellwether @ 10:05 AM (1675 views) Add Comment
76 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. refusetobuy said...
I did think that the FTSE was a good inflation & currency hedge, since a large proportion of FTSE returns come from overseas.
Haven't invested yet though.
Didn't believe the 4500 in January, and I don't see what has changed since.
2. bellwether said...
RTB, did you read the article? I do have difficulty believing the market will keep climbing from here but I thought that 5 weeks ago, 3 weeks ago a week ago and I've been wrong every time.
3. paranoia blue said...
But it has to start dropping soon. What I find very telling is that gold has held its price – in fact it has been rising. That signals to me that this rally is very, very fragile. It built on the premise that “the slightest less” bad news is great news. Lots of manipulation going on. When it starts heading down again, it is really going to tank!
4. will said...
Granthan bases his thoughts on the Presidential Cycle, which others use in their forecasts, but nearly always getting it wrong over the past three years that I have been watching them. Interesting table at the end of the article which states 'chances of a recovery to the highs taking 20 years is 85%.
5. refusetobuy said...
I skimmed it (he like to talk). As will points out, the appendix is the most interesting.
80% chance of US and other economies picking up this year.
o rly?
6. crunchy said...
Don't fight the market ride it untill it proves you wrong. That's when you ride it again on the other lane.
7. str 2007 said...
Well for what it's worth I can't quite believe 'it's all behind us now'.
So we can have the biggest meltdown in history and in less than a year it's all ok again.
Unlikley in my opinion.
8. str 2007 said...
Wise words Crunchy
9. mechos said...
If you are feeling brave, buy some XUKS
http://www.google.co.uk/finance?q=LON:XUKS
These will skyrocket when the ftse finally tanks.
10. letthemfall said...
Whose views should one take seriously on this? Anyone's? This reads like so much guesswork. On the other hand the author is supposed to be one of the better investors, so perhaps his views are worth more than others. What I wonder is whether the recession can be so easily pushed behind given what's happened over the last year or two. Any more expert experts out there?
11. crunchy said...
8. str 2007 looks like the boyz are at it again. Keeping the .............. But hey! ; b
12. growler said...
Essentially he is saying: we should have had a sharper fall so thereby get a quicker recovery.
What he fails to say is: a sharper fall means I, as an investor, could make a quicker killing than having to wait for a slower recovery which by implication ties my capital up for longer.
13. mountain goat said...
Dollar and Treasuries falling where is all this money going to go? I never thought those were safe havens anyway.
I read somewhere that this year it is "buy in May and go away". I would like to go short the banks at some point, but probably will wait till the end of summer. Bought physical silver ETF yesterday since that seemed to break technical resistance.
14. bellwether said...
I cannot think of any credible long term investors who are not seeing opportunity at present - can you? On the other hand I can name a lot who have flagged this as a buying opp. Even a number of formerly bearish commentators have softened their tone, and even those who haven't softened see this rally continuing for some time.
Bears are usually fundmentally right in some sense but we have lousy timing. I mean really lousy timing. How many of us were predicting the housing crash in 2002/03 based on fundementals?
As I have said before the cosy consensus on here is not always helpful or even healthy.
15. crunchy said...
6. crunchy said...Don't fight the market ride it untill it proves you wrong. That's when you ride it again on the other lane
Trade the difficulty!!!!!!!!!!!!!!!!!!!!!!!
16. bellwether said...
M G I have the frustration of suggesting US financials back in March on this site and have only backed the hunch in fits and starts,waiting for this thing to stall and then freefall.
But I just don't see that happening for months, and I suspect this time will be an exception to the axiom.
17. Tommyweaves said...
Is this short term over-optimism in banking stocks that's skewing the indices, or are equities rising across the board?
18. str 2007 said...
11 cruchy
Sorry that has gone right over my head.
14 bellwether
True again, I'm seeing spending picking up in the office fit out market at present from a quiet start to the year.
Whether this means things are picking up or it's just a case of blind optimism (on the part of the buyers) remains to be seen.
Re: the housing market, I hadn't seen the fall in asking prices, but am now seeing 20% off peak in a few cases.
I'm convinced they should still fall another 20% to be fair value.
However, checking out the repayments rates on a mortgage (which is how most people seem to value houses) and you suddenly wonder if this marks a close to low point. By that I mean if there's much more good news people will stop accepting 5-10% off offers against their asking prices.
19. crunchy said...
17. str 2007
Keeping the host alive! From the other thread we had. The rest meant following the market no matter how irrational it may seem.
The old adage- Buy the dips in an uptrend sell the rallies in a downtrend still holds true. The smart money is in the trend.
Hope this is clearer!
20. timmy t said...
VI's are constantly criticised on here for trying to talk up the market, and here's a leading investor, who presumably owns a whole bunch of investments, saying stuff which encourages people to buy, which pushes up their value. I don't know what the answer is but I would be willing to stake everything I own on the fact that this guy cares more about the value of his portfolio, than he does about making other people rich with his free advice.
21. flashman said...
Bellwether: My best guess for the equities market would be an extended period of relatively low volatility stagnation. The terror has gone but there is no cause for massive optimism either
paranoia blue @ 3: It's not wise to use gold as a leading indicator for the equities market. People seem to have programmed themselves to believe that gold will go up if the economy/stock market tanks and that it will go up if there is serious inflation. These correlations do not always exist. The price of gold is affected by way more than two variables. The following are three situations in which gold might not conform to the stereotypes recently ascribed to it.
1. In the event of a complete economic crash, I can imagine someone being laughed at when they try to use their shiny coins to buy some eggs. Gold is very far down Maslow's list of needs and could end up worthless in the event of a FIAT system or whatever collapse.
2. In the case of severe inflation, many lucky people will have their debts wiped out and will consequently own outright, their land and productive assets. They'll be pretty happy that they didn't waste their time buying shiny stuff and will be inclined to borrow to buy yet more productive assets
3. If a lasting economic boom takes hold then instead of falling, gold could actually rocket in price because another billion formerly third word folks will start to covet gold jewelry.
22. crunchy said...
..................And when the market is range bound that's when day traders shoud take a break!
23. techieman said...
STR 2007 you misunderstood this post the other day
On the 24th march i said:
"ok so we have had the violent bear squeeze which HAS breached 3950. Because it has that then puts the money on the boom boom for a while - after this retracement now which now shouldnt (75% probability) hit new lows. Where this rally ends or will it go sideways for a while - those are the things i am working on. After this more major rally though (the first "proper" bear market rally) my GUESS is that it carries on UNTIL people think its over (the bear market i mean) at that point we start to move down and yes more lows to come before this bear is put to bed.
........Tuesday, March 24, 2009 12:27PM"
At that time the market had breached 3950 to the upside and then was retracing. At that time I said that after the retracement - that wouldnt break the prior low @ 3460, we would have boom boom boom until everyoine thought the bear was finished. The next part was in "real time":
"So what % are now saying the bear market is over..... a few more than last week. I have taken a small short position @ 4368 (i normally play the middle not the extremes).. I said i was looking for 4315 to short and it went straight through that 4375 was the next idealised level, so as it didnt look like it would breach that quickly i have dipped the toe into the dark side. I have a very large stop - so a small position - on the basis that the S&Ps made an inverse H&S with more upside for the measured target - so we could have more upside before we get a fall [thats the theory].
Therefore i am not saying it wont go higher - i just think that was a good place to go. If it breaks 4300 to the downside then stops to breakevn - if not i build up a bit bigger [short] possition averaging up." - it missed 4300 overnight by something stupid 0.3 of a point - so i am "short and caught" - still its not really a big surprise so am looking for the next place to enter the dark side :-).
Tuesday, May 5, 2009 05:00PM
24. techieman said...
Flash do you use the pivot points in your trading?
25. bellwether said...
Flashman I think that is probably right but this rally looks as if it has a way to go yet, or at least that's what I'm betting on - albeit somewhat late in the day.
I'm also still quite attached to the idea that the market coulld tumble after this rally, as I am not convinced on global growth without something to replace the consumer as the engine of growth of the past couple of decades. I also think that there are far more loans to go bad than many anticipate particularly in commercial property which is a mess of overlevrage, massive over supply and shrinking demand.
As per a post a couple of days ago I think that is however a story for later.
Good to see you name checking Maslow!
26. paranoia blue said...
Flashman @ 20
Perhaps, however I believe that it is prudent to have a broad exposure, and that for me, means having a fair percentage in gold bullion, and gold shares.
This guy - Paul van Eeden – speaks a lot of sense, as far as I’m concerned:
http://watch.bnn.ca/squeezeplay/april-2009/squeezeplay-april-21-2009/#clip163848
NB My point about the gold price was that the idea of “safe haven value” has driven the price up. If everyone were feeling really relaxed about the economic situation, right now, then the gold price would have tank – It has not.
27. bellwether said...
Techieman I've noticed that most of the Tech Analysis I've been following while worhwhile for short terms trades, has been useless in predicting the longer term movements in this market at least.
Surely looking to go short here is kind of playing to your preferred side until you have some real confirmation of a change in direction.
I've struggled to make a return in this market because at heart I'm bearish but I can't see anything to suggest that this market will change its basic up trend anytime soon ie isn't just sitting in the easiest thing to do.
28. flashman said...
techieman: No I don't. I've got some proprietary indicators that are essentially pivot points that are unique to each market. They use neural networks to constantly adjust themselves. It's been quite a while since I used them but its sometimes fun to dust these things down and have a play.
Incidentally I think the best indicator package available to the public is sold by Jan Arps. They use Tradesations easy Language. I use TradeStation for my private accounts and I can across them a few years ago.
29. bellwether said...
Paranoid Blue gold went on a huge bull run this decade while things were booming It therefore seems to respond to factors other than crisis or stress in other markets. I actually find gold really difficult to read becuase it is purely based on sentiment and has no earnings as a basis of valuation. Because it has not earnings it is of course a terrible investment unless you time it just right. has Also in fairness gold has been in a state of stasis for a couple of years, so for now, at least, there are more interesting stories.
30. techieman said...
Flash : i used to use SuperCharts - a poor man's tradestation - which used (not so) Easy language. I asked about the pivots because i remember lots of the chaps in the pits used to swear by them.
Have fun this afternoon!!
B/weather - yes you are right re the preffered side. As i said a couple of days i do prefer one side over the other in some markets (although i will trade both - not concurrently - sometimes) . I havent told you the full story about my short position - i also sort of hedged it with longs on the S&Ps and the QQQs. As i said the S&Ps looked like they needed more upside but i thought maybe the FTSE might not follow it so ridgidly. WRONG! Still no real damage done - as i said they are small positions which i am still carrying. As to when it gets too painful..... well ive got the calculator out now!
Having said that i am getting ready to "lift a leg" and go full short.
31. paranoia blue said...
bellwether @28
I believe that gold will have a good run, again, later this year.
I actually was lucky to get into bullion a few years back – sterling-wise, it has virtually doubled. Unfortunately, some of my gold shares have dropped back in that time. However, I’m looking for an upward run, again before much longer.
32. techieman said...
b/weather - yes you are right (again) - i had no real confirmation of a change in trend to go short - which was my point (i dont normally play the extremes - actually thats not 100% true - if i were long i would be looking to go take profits based on divergence with the momentum oscilaors which is effectively counter-trend on an overbought position). I dont normally initiate at the extremes though. As you know the RSI for example is hugely fallable.
33. mountain goat said...
Flashman I agree that predicting gold's relationship to boom and bust is hard and I guess that you were playing devils advocate with your examples. I put gold in the security section of Maslow, with money etc.
Below is a pyramid of liquidity as per the ex-Fed central banker John Exter. Although admittedly 50 years old this model places gold at the apex because it is the most secure form of money/liquidity, can always be exchanged for some eggs when people refuse to accept your CDOs ;-)
34. flashman said...
techie: when I came up, pivot points were starting to die out. I think the feeling was that they were great when they were a 'secret' but when everyone got hold of them they stopped working.
35. mountain goat said...
now you see it now you don't hmmm
36. techieman said...
Yes flash - for anyone interested this looks a good place to me: http://www.tradejuice.com/forex/pivot-point-trading-mm.htm
I think they are good for range trading intraday traders, but thats hard work for me!! Agreeing with you i say "everything works until it doesnt". Im sure thats a quote from someone but i cant recall who!
Another peach is - "show me what kind of day and ill show you how to trade it"!
37. letthemfall said...
timmyt
I agree with you there. The best way to make money from investment is to work in the industry. Incidentally, Warren Buffet isn't expecting good things for some time.
38. flashman said...
paranoia blue: yes that's right, I was only talking about correlations or lack of them. Lumping gold in the security section of Maslows' pyramid and the apex of the other one is entirely reasonable... except in the extremely unlikely event of a stupendous crash where it will just be shiny stuff that no one will take for an egg. I was making no comment on gold as an investment.
39. crunchy said...
34. mountain goat
If you see it with your eyes and not your head it might help some.
40. techieman said...
MG - did you read any of the neely book? We discussed. Is it me or do you find it difficult to follow to?
41. crunchy said...
Sorry if that sounded abrupt. My take on this is trade off your higher time frames to your lower the power is in the days and weeks. Look for trading oppertunities in that direction. I have a saying... Trade what you see not what you think. It's hard to be objective but that's what it takes at all times down or up! Stop losses are there to lock in profit and keep you safe.
Just my take on this subject!
42. andrew said...
Note, "with the single exception of UK houseprices", he is correct, prices may have dropped 15-20% but I don't see it in my area, the same 1 beds and even studio flats are at the same rediculous prices, and circa 5-6 even 7 times average salary. This is going to be a very long drawn out process, funny how the UK market is the most stubborn of all.
43. mountain goat said...
TM - no not had a chance yet apart from a quick browse and it didn't get me as interested as Pretcher's books which I am reading when I get a chance. Buying some silver yesterday was my second use of this stuff. Everything told me not to buy "because stocks are up so PM's must be down". But the break of a down trend between parallel lines looked convincing.
Crunchy - thanks for explaining, always easy to assume people understand what you mean, but on reflection it is probably very hard for people to understand what you mean.
44. crunchy said...
One last word on the subject stay away from interllecual Bull S and romour when trading you will lose your money!
Out!
45. techieman said...
MG - are you subscribing to the Futures Junctures (i think its called that) for the Silver trade? - if so how long and what do you think?
46. str 2007 said...
Crunchy
Keeping the host alive - thanks with you now.
techieman
Your summary
still its not really a big surprise so am looking for the next place to enter the dark side :-).
To me says you are seeing a down side at some point ie we're in a bear market rally.
From you points the other day I translated what you were saying as 'down side but not new lows' ie not below the previous low of 3460, now we've been upto where we are.
Was that wrong ?
47. crunchy said...
Str you blew it no more sound advise for you. Rumour then for those that couldn't work it out.
I don't mind helping traders avoid blowing out there accounts, but I have limits!
It's all yours tech. Good day.
48. mountain goat said...
TM no I was subscribed to the Softs Futures Junctures for a month. It was good but that said some of the calls were wrong. There were some very good calls that saved me money in the bear market, but then some bad calls that caused me to sell too early. So given the cost I did not renew it and so can't say whether on balance the analysis given is good most of the time. Probably they were too bearish although they clearly explained that the break-outs had started when they did. The great thing was they had daily videos explaining all their analysis. The videos were screen grabs using some software that automatically put in Fibernachi points once you had idenitfied waves etc. Being talked through their analysis day after day was a good education. The silver decision was done completely on my own, so if it pays off will make me proud! In general I think Pretcher thinks we will see some lower lows in gold and silver before higher highs in a few years time. He thinks more deflation on the way will take gold down. But he advised to open GoldMoney accounts in readiness for when he makes a call to buy gold.
49. bellwether said...
STR2007 I'd be careful assuming this is a counter trend rally, I mean personally I think it is but wouldn't be surprised if it doesn't conform to that. I've long thought that we haven't had the P/E needed to really create a bottom to the market but aren't those type of valuations are usually associated with high interest rates and we are not going to have them for some time at least. Also once we have high interest rates we will have inflation which will tend to push the market up on price if not value.
Also as a general point I'm less and less convinced with parralles with the 1929 crash a spectre that is no doubt wheeled out everytime there has been a major crash since
50. mountain goat said...
TM - just to add the silver gold things I wrote about Pretcher were from his "The Elliott Wave Theorist" which was a monthly newsletter that came with my Futures Juncture subscription. If anything I might go back to that subscription alone which was more big picture orientation and cheaper because it was only a monthly issue.
51. techieman said...
str - yes i was saying this would happen:
1. a breach of 3950 to the upside meant that longs should be initiated, but only after the retracement we were having then.
2. that because of the breach of 3950 - there was a low chance that the 3460 would be breached to the downside in a swing low before the 3950 was again breached to the upside. That meant that there was a high probability that the market would rise quite alot - "boom boom boom for a while" - "first major bear market rally". At that time i wasnt sure what form the move would take but i was guessing that it would be a major short squeeze. Obviously thats been confirmed.
3. How long would that situation be in place - "until people think the bear market is over". At that point in time we would start to see falls and (eventually) new lows - i.e. lower than 3460.
4. The question is have all the bears now turned bullish or do we have to have some more upside first?
5. Its unlikely that we will go down in a straight line to take out the 3460, but I THINK we will eventually.
You thought I meant we wouldnt breach the 3460. I meant we wouldnt on the retracement off the 3950 breach and we would go up a fair bit before we revisited that on the downside. Sorry if i wasnt clear.
As for Gilts.......
52. str 2007 said...
Crunchy
If anyone takes time out to try and help me learn I am always very appreciative of their time.
BTW does anyone else now have to manually refresh their screen on this site or is it my pc's settings that have managed to change themselves ?
Previously if I click back from a thread to the blog the number of posts on each thread would automatically update - so you could see if there were new posts on other threads.
Now I have to manually refresh ?
53. techieman said...
b/wether - "4. The question is have all the bears now turned bullish or do we have to have some more upside first?"
;-)
MG - thanks for that .
54. flashman said...
bellwether: as you know, the 1929 parallels have never convinced me. I wont rehash old posts but one particular standout item is unemployment. Bulls, bears, journalists and economists all religiously quote future unemployment figures of between 3.1 million and 3.5 million (except the govt.). It's a blindly accepted mantra. I see no proof of this. I have done some sums and can’t get there. I asked some of the analysts at work and they quoted the same figures but when asked for their reasoning, there was a lot of shuffling and mumbling. This sums up what is wrong with the analyst world. They go with the flow and get smart after the event. No offence to any analysts out there
55. flashman said...
hey techie: Can I join your EW club if I promise not to foam at the mouth!
56. techieman said...
So long as "foam" isnt a mnemonic for something nasty! Flash. Can i join your BBC [Billionaire Boys Club] - i assume you have seen the movie?
Seriously though - no one knows who is gonna be proved right on this stuff - thats what makes it enjoyable. No dogma intended!
57. mountain goat said...
Hardly foaming was I? Salivating a bit perhaps, these things happen to virgins.
58. flashman said...
techie: I haven't seen it so I googled it. True story apparently. They started a investment and social club and them murdered everyone who crossed them. Everyone's fantasy.
59. flashman said...
mg: no, you certainly weren't foaming. I was referring to a past rant of mine against Elliot Wave. I savaged it for several paragraphs (hence the foaming)
60. techieman said...
flash - yep hence my reference - oh what comedians us financial types are! Even when we are the wrong side of the market!
61. mountain goat said...
Thanks, I do appreciate you experienced traders giving opinions, I hope one day to move on from being one of the pigs going to slaughter. But then again it is only money and it's Maslow's "self-actualisation" that I really value in life.
62. techieman said...
"Even when we are the wrong side of the market!" not quite so wrong now.... what a difference an hour can make!
63. paranoia blue said...
tm @ 61
Absolutely: My trading portfolio can move +/- £ 20K in a morning!
NB “Be bold, but hold gold”
PS But remember to CYA, with a wide variety of investment.
PPS If still resident in the UK, widen your horizon –very quickly!
PPPS Note the frantic market fluctuations today, as the U.K. follows the terminal decline of Wall Street!
PPPPS Beware, or keep on ones toes and “day trade” on all levels.
As I posted, elsewhere – I go way back to “Pinball machines” for enjoyment!
However, now the reward is not “Replays” but cash. ATB
64. techieman said...
PB @ 62. Dont go on about CYA -Mr. Flash will definitely get the wrong idea re my alleged "infatuation" with Rock Hudson.
65. techieman said...
[Un]Employment numbers tomorrow - More fun & Games - TTFN.
66. paranoia blue said...
techieman @ 63
:) I will always CYA!
If not, it's :{ and even :(
NB Regardless of any "glubbermint" bullying! ATB
67. str 2007 said...
Bellwether
Interesting points.
What P/E ratio would you have been looking at to call the bottom and are you talking an average of the FTSE P/E ratios. If so where is that number ?
Agree that I doubt we'll see high interest rates for some time.
Interesting today that despite all the good news another £50 billion is required. Interesting to know what that's based on. And how long Mervyn expects that to last before the economy needs another £50 billion fix.
Thanks for that 'clearer' explanation techieman.
68. crunchy said...
62. techieman said..."Even when we are the wrong side of the market!" not quite so wrong now.... what a difference an hour can make!
Just looked at the S&P 500 all morning it was in a downtrend. That means you were on the right side of the market all morning.
Oh boy! Don't trade this pup so could not be bothered to look earlier. Basic stuff. Downtrend sell Uptrend buy. D'oh.
How can something so simple be made to sound so complexed. Go figure!
69. str 2007 said...
crunchy
At 30 I think techieman was saying he had a long position on the S&P, I presume as it had been trending up all week, but at that time 1.15pm was thinking of changing to a short position, presumably as the down trend was becoming clearer.
I guess the trick is the speed with which you can identify a change of direction that has formed a trend?
Or put another way at what point you decide your fighting the market ?
70. crunchy said...
69. str 2007
It's all about risk. If the weekly trend is up and you short, that trade is a higher risk trade than waiting to go long again. Ok it may work out once in a while but you are counter trading, One should always consider reducing risk as much as possible, even if you think the market doesn't make sense. The market is always right. Let me say that tech short will very unlikely be the main turning point. If you trade like this in an uptrend you will be wrong more than you will be right. That is not what putting the odds in your favour is about. There will be a time to short this market and the weekly chart is the one to look out for. Short when that signal comes hold that short if you want to and inter trade it whatever, but be on the RIGHT side of the market if you don't want to get burnt. It is far less stressful and more profitable.
71. techieman said...
wow - ok we best get the difference between facts and opinion out here.
1. my comment @ 30 was at 1.13pm at that time the [FTSE] market was @ 4515 approx.
2. the [FTSE] market started falling at about 14:25 ish GMT
3. By 15:49 - i.e when i said what a difference an hour makes - we were around 4420. perhaps i should have said an hour OR TWO makes!
Someone needs to check the time and sales!
As for opinion yes the hedge was just that - there is mostly a correlation between FTSE and S&Ps and while i was top fishing the FTSE i thought at the same time the S&P had a good chance of going higher (or else why would i hedge?). As for when an uptrend turns yes - obviously (because i havent shorted at the current swing high) thats not happened yet. Will it go higher before it does - possibly yes. Would i have been safer waiting for a turn and going with trend - yep! Do i do that normally - yep. Am i trying to be too clever - quite possibly. Will i pay the price - well only the market (and not the meerkat nor anyone else) will tell me if i am.
Current @ 4440. [open @ 4470 ish].
72. crunchy said...
Ok tech have it your way. I am saying that there is another way that would be more suited to people with lower risk attitude.
It is simple too. Genius is simplicity! Hedgeing? lol.
73. techieman said...
several ways to skin a Meerkat....Res ispa Locitur.
74. crunchy said...
Res ipsa Locator! hedgieman.
75. str 2007 said...
Well I hope I haven't caused a rift and look forward to future opinions from both of you.
I haven't started yet but plan to get started trading before long (been moving house and this and other things have delayed my start a little)
I favour crunchies 'simpler' approach as it suits my 'simpler' mind, having said that I always enjoy techiemans fascinatingly complicated opinions (even if I'm not actually trading them).
Hope you both keep posting your opinions and advice as I'm sure alot of other readers also enjoy them.
76. crunchy said...
75. str 2007
That's cool by me str. A rift? lol. People like tech and I are competitive by nature so this conflict is very natural and I actually enjoy it, but don't tell him that, he may stop amusing me!
Good luck with trading. At least these posts will highlight to you that there are many ways to skin a meerkat or if you dont like making money many ways to hedgie your bets. ; )