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November 2008
Sales Idea: Knowing It and Believing It Are Two Different Things
Some truths about our business.
Every single time the stock market has gone down, it has come back.
Every single time the market has come back, it has gone on to set new highs.
The market climbs a wall of worry.
Fear is a bigger emotion than greed.
The market does not go up and up. Its goes up and down.
The time to buy stock is when it hurts the most.
Buy the bad news and sell the good news.
The press will be uniformly negative at the worst possible times.
Buy straw hats in the wintertime.
Seeking the highest return means undergoing the greatest risk.
Believe in them.
Every client knows the above axioms are true, but not one client believes them. And it's time you and I speak up about that. I am tired of the guilt and the frustration that have become such major intrusions on my mental well-being in down markets. It's time I stand up for myself and it's time you stand up for yourself. We tell clients over and over again the facts of market-volatility life and then we end up apologizing and feeling guilty when everything we predicted comes true.
Don't feel bad.
We spend inordinate amounts of time immersed in the caveats and clichés of our business. We forewarn and forewarn and forewarn and then become punching bags for the press, the talking heads, and a few overbearing, intolerant clients when our warnings come to pass. We try our best, only to have people who know little or nothing about our business make us feel badly about ourselves. They act as if we are hurting good people on purpose. That implication may make for lurid headlines, but, like so much of what the press reports, it is not grounded in fact. It is grounded in personal bias and a shameless urge to sell newspapers and advertising space
Be like "The World's Greatest Stock Trader."
You are doing the right thing and you are doing things right. Just continue to do what you do to prepare clients for those inevitable declines. And when you have a moment, buy and read Richard Smitten's The Amazing Life of Jesse Livermore: World's Greatest Stock Trader. Richard Smitten is a wonderful author and the de facto caretaker of Jesse Livermore's legacy. I think you'll also enjoy Edwin Lefevre's Reminiscences of a Stock Operator.
I'm going to plaster my wall with some of Jesse Livermore's more salient musings. And then I'm going to make anyone who asks me for investment advice read them aloud.
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