Jan

11

 Common thoughts among the masses:

Invest in bricks and mortar, you will never lose your money. Invest in banks, whenever a bank has collapsed? Buy oil. It can only continue to rise in price, considering the peak oil, etc…

Ralph Vince writes: 

Banks?

Yes I did, starting in the summer of 08…buying and buying and buying and hotel room trauma in zero degree NR US city pacing at 4 am to meet margin call by 10…

My last position, Corus Bancshares, I saw print a 56 cents from a hot dog stand TV in Sarasota in the Winter of 09, and I knew my 55 cent limit was filled, my last position, exited with a profit — about enough to pay for my lunch that day after all of that!

I learned the hard way — banks aren't brick and mortar– they are bags of air, just as industrial companies are a web page with a picture of their parking lot on it, and some CNC drawings that are being used to make the product in Indonesian machine shops.


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1 Comment so far

  1. Emilio on January 13, 2016 3:31 pm

    “Common thoughts among the masses”

    No doubt the author himself is cut from finer cloth than “the masses.”

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