On October 31, 1517 Martin Luther posted “95 Theses” on the door of the Wittenberg church, and so began the Protestant Reformation. At the core of Luther’s call to action against what he saw as the corruption infesting the Catholic Church were two key principles: sola scriptura and sola fides.
In his introduction to the 1932 edition of Mackay's Extraordinary Popular Delusions and the Madness of Crowds, Bernard Baruch suggests that American speculators in 1929 displayed the attributes of a crowd psychology. He cited the German ...
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Thursday, November 26, 2020
Whatever the reason for its appeal and widespread popularity, no reason for buying is more persistent among amateur investors, than simply loading up on shares that have recently lost a large portion of their value. Isn’t it strange that a trader ...
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Wednesday, November 25, 2020
As Jesse Livermore said, “If a man didn’t make mistakes he’d own the world in a month. But if he didn’t profit from his mistakes, he wouldn’t own a blessed thing.” George Soros is on record as saying: “the main reason I am rich is because ...
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Tuesday, November 24, 2020
A miller, his young son, and their donkey were making their way to the market, where the miller intended to sell the donkey. As they passed a house, a neighbour jeered at them. “What fools! See how they walk when they have a perfectly good donkey?” ...
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Thursday, November 19, 2020
All inflation, by definition, is uneven. Let’s say there was 10% inflation, but it was even across the board: your expenses went up by 10% and you got a 10% raise. It’s an annoyance but it doesn’t change your life. But the CPI is an index. It tells you ...
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Wednesday, November 18, 2020
In 1856, with a loan from a local bank Andrew Carnegie invested $217.50 in the Woodruff Sleeping Car Company. Woodruff's went on to dominate the sleeping car business during the 1860's and within a few years Carnegie was earning thousands ...
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Tuesday, November 17, 2020
As far as I know, each of you has one life to live. Even if you believe in reincarnation it doesn't do you any good from one life to the next! Why shouldn't you do significant things in this one life, however you define significant?
How can we be confident that what we believe is right when someone else feels equally strongly that it's wrong — especially when we can't articulate why we think we're right in the first place? Of course, we can always write them off as crazy or ignorant or something and therefore not worth paying attention to.
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