Either/Or, from Kim Zussman

December 18, 2008 |

 If I may paraphrase something Doc Castaldo once wrote, "Whether or not you have a position, you have a position."

One of the simplest forms of this occurs in relation to markets: Assuming one has $ome discretionary capital (or can borrow it), it can be spent or invested many ways. Or kept under the mattress (assuming one has a mattress). If you choose to keep it in a money-market account, that is the same as choosing not to invest it other ways, and miss the next move in (say) stocks.

Of course the same holds for whether to keep various positions, vs close or add to them.

This can be extended to life in general; where (for example) each day you can choose to be loyal to your spouse (or not), stay at your job, exercise, further your education, etc. Each is a kind of binary yes/no decision, with large ramifications compounded into the future, which are make on a daily basis.


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