Various members of the NetNet crew are in and out this vacation and snow-filled week, so we've asked a few friends to fill in. The following is from hedge fund manager and financial columnist Joshua Brown ...
Everyone gets stuff wrong, that's the market and that's life. Moreover, people get things right sometimes but for the wrong reasons—that's life as well. The key is not to dwell on who did what right and wrong or the why's and how's. Instead, we want to look at what we can do better on a going forward basis.
So let's make some resolutions together, regardless of what side we're on...
I will recognize that I owe the seven percent market return this year to my central bankers and prostrate myself several times a day facing Washington D.C. in worshipful praise.
I will not be a poor winner, less gloating as the rising tide of risk assets make me look smarter than I really am.
I will take money off the table on the way up and heed the near-extreme sentiment readings as a sign that things may have gotten a bit carried away for now.
I will stop fighting the battles of last year and open my eyes to the possibility that the huge-headed charlatan on TV selling gold coins may not be so smart.
I will be flexible and recognize that circumstances change and with them so must my opinions and tactics.
I will not be a sore loser and learn to focus more on making money rather than claiming the intellectual or moral high ground.
Read more from Brown at The Reformed Broker __________________________________________________
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