"Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes." ~ Jesse Livermore
The 662-page Financial Crisis Inquiry Report issued this week by the federal government is an exercise in the naivety and arrogance of man. A financial crisis is just as much an occurance of nature as is a hurricane: They are both inevitable, yet necessary for the balance of nature. The great storms can be predicted to some degree but they may not be prevented; and the scientific study of the aftermath only gets in the way of life that is happening now.
I'll have much more to say about this next week...
Pretty sure there's nothing better that's ever been written on this topic than Fred Schwed's "Where are the Customer's Yachts?"
One of my favorites of all time!
http://www.amazon.com/Where-Are-Customers-Yachts-Investment/dp/0471770892/ref=sr_1_1?ie=UTF8&qid=1296229834&sr=8-1
Posted by: Jeffrey Dow Jones | January 28, 2011 at 10:51 AM