...The Interweb isn't quite up to speed at the ol' Nusbaum hut I am posting this from the Honolulu airport.
The market had another bad day but I see that INTC and YHOO are up big after hours on earnings but IBM is down a little (thanks for the reminder Leisa!). I did not read the reports but the trading tells me a lot given that I don't own any of the three.
Every sector ETF to the lower right on this page was down. In the portfolio it looks like utilities, Norway and one stock I have from Spain for a lot of clients were the only things that did well, oh and the double short. Gold was down and the dollar was up against everything but the yen and maybe ISK.
I am guessing that INTC and YHOO would be enough for stocks to start higher tomorrow but we'll see.
I had a thought on the plane about patience as it relates to a portfolio you might care about. I have been pleased with my year so far. But when the current quarter started I lagged for a few days and I thought well ok well that's the deal for now. The amount that I lagged by was small and the trend has now reversed. The point is that over the course of just a few days, and this applies to longer periods of time, a lot of the fundamentals of the themes you care about are not going to change a whole lot. For me things like oil, emerging markets (in moderation), some of the countries I believe in are all multi year themes.
Periods of lagging will happen but I do think they are the right place to be. If you have done your homework on the themes you care about and you then lag for a few months with reasonable allocations to those themes, remain patient.
One observation to share from the thing I spoke at yesterday was the the audience seemed eager to learn. I believe most of the folks were in the business in one capacity or another (but I can't be certain) and despite how boring we all must have been the audience seemed engaged and questions were asked.
People who manage money are in the same boat as people who do not manage money; they have more to learn. Learning more is one of the reasons I do what I do. The challenge of learning new things combined navigating current events makes it exciting for me and perhaps intellectually stimulating for you?
Or I am just a big nerd.
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7 comments:
Could you please translate into english?
Roger.
Your humility is a breath of fresh air in a world of Wall Street talking heads.
I have learned a lot from your blog and it's interesting that you have as well.
Thanks, and keep up the good work.
I made it a point to watch the Fox Business Channel today. I think it is going to be very well received by the novice investor and for those more advanced investors needing relaxation. Putting Dave Ramsey on for the more conservative, less affluent demographic is a stroke of programming genius. A less urgent, more gentle instructive style should make Fox Business a popular choice in cable world.
Competition assists to improve a product. Fox will carve out their niche. CNBC and Bloomberg will fight to retain theirs. Fox may have the broader net.
Roger, the markets are so interesting, and the intellectual stimulation is unbearable at times! For every point/counterpoint, there are smart people with smart arguments. Divining the "truth" is very hard!
T. Boone is on the TV calling for $100 oil. I've noted (and I say this with sarcasm, for I do understand the fundamentals of oil and the plausibility of his arguments) that each time he goes on and shakes his oil shaman gourds oil goes down. Now, two observations does not fact make, but given that short track record, I remain skeptical!
Roger, nerdiness is a gift. I wish more kids were comfortable being nerds these days.
Can you imagine having a job where everday was the exact same thing??
Enjoy your holiday Roger!
Have some Belgian Waffles at Bear's Coffee for me! :)
Bear's cafe?
I think we had lunch there in July. Its down town, a couple of blocks from the farmers market?
Here's a great Hilo site if you haven't found it already:
http://bigislandgrinds.com/
Native Hawaiian guy, so lots of carbs, and spam! Great blog!
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