After nearly 38 years of working on Wall Street there’s not too many things I haven’t seen or experienced.
This is especially true when witnessing smart people making dumb mistakes.
The truth is, regardless of how savvy or experienced an investor is, they’re never totally isolated from the Wall Street traps.
It’s easy to see how a novice makes dumb mistakes that cost them a lot of money.
(The boyz in the “Club” count on them to fuel their obscene year-end bonuses).
But you’d be amazed at how some of the “really smart people” are at times no different than beginners.
It’s almost comical when I hear someone tell me about their friend who is “really smart” and how they “study the market” and, of course, makes lots of money.
Their “friend” usually has some kind of “special system” they use to beat the system.
That’s a dead give away that their friend is a fool.
No one beats the system…NO ONE.
(Unless you’re a privileged member of the “Club”).
Anyone can look smart and make tons of money in a Bull Market. But what about a Bear Market?
Let me remind you that since 2009 we’ve been in The Most Hated Bull Market in History.
Ironically, it’s made a lot of dumb people look smart (and rich) while making lots of smart people look dumb.
A lot of smart people I know have been on the sidelines since the meltdown in 2008.
They’re “still waiting for the right time to get back in.”
What usually happens is when the market surges up another 20%, they’ll say, “Crap. I gotta get in now!”
When that happens (and it will) you need to run for the exits.
Most people won’t recognize the EXIT signs along the way.
Instead they’ll wait too long and get crushed in the stampede.
Don’t be one of them!
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