Grupp: Huvudforum
A SHORT HISTORY OF THE BEAR
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" Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy when others are fearful." Warren Buffet
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#1
The most eloquent justification for the bear is provided
by the American financier Bernard Baruch, who was called
to Washington in 1916 after a market panic to explain
his short-sales of the stock of the Brooklyn Rapid
Transport Company, a go-go stock of that era. At the
time some members of Congress were calling for short-
selling to be banned. Baruch stood his ground, politely
explaining to the politicians that "bears can only make
money if the bulls push up stocks to where they are
overpriced and unsound." He continued:
Bulls always have been more popular in this
country because optimism is so strong a part of
our heritage. Still, over-optimism is capable of
doing more damage than pessimism since caution
tends to be thrown aside.
To enjoy the advantages of a free market, one must
have both buyers and sellers, both bulls and
bears. A market without bears would be like a
nation without a free press. There would be no one
to criticize and restrain the false optimism that
always leads to disaster.
Cheers,
Edward Chancellor,
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" Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy when others are fearful." Warren Buffet