I heard an interesting ad on the radio today. The message was that this market is being "driven by fear, rumors and speculation." Okay, as opposed to what, euphoria, rumors and speculation. I don't get it. Rumors and speculation are always present in the market, they only get such negative treatment when there's a bear market going on. When the markets are up, rumors are exciting and passed around with much excitement and speculators are the heroes that quit their day jobs to become millionaire day-traders. I don't know why ads like that one bug me, I guess that I hate seeing the term speculator used in a negative light. As if the "Conservative Buy and Hold" investor is not a speculator. That person is still trying to make money by buying a security and holding it in hopes that it will appreciate. Yeah, yeah, yeah, I've seen the figures that say the market has averaged 10% per year over the last X number of years but I don't buy it--the buy and holders are still speculators in my book.
Love em' in the good times and hate em in the bad, I guess that's the public's view and it will probably always be that way. Well I want to thank all of the speculators because I think they deserve some praise. They're out there trying to earn a living by doing something that is very difficult, both intellectually and psychologically, and they're risking their own hard earned money in an attempt to make money. My hats off to you guys.
TLT
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