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Author: trader2012 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 35400  
Subject: Re: Venezuelan Bonds Date: 12/13/2012 11:38 AM
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RH, Sir.

There is a vast difference between knowing lots of things about a subject, and knowing what is worth knowing. That individual fails to understand basic bond terminology and concepts, but he wants to tout their difficulties. Well, yes, bond investing can be challenging if you don't know what you're doing. His dismissive comments of Maduro --Chavez's likely replacement-- as "a former bus driver" characterize his shallow understanding of what is important. I'll stand by my judgement that "he knows nothing worth knowing about investing". Others will disagree, of course. But how successful are they themselves at pulling more money out of markets than they bring to them on an after-taxes, after-inflation basis?

The median non-home net-worth (in 2010 dollars) in this country is a mere $10,000. You do understand, don't you, what 'median' means? If you don't, I'll translate it for you. The 'average investor' fails to have enough money under management to ever become a competent participant in whatever markets they choose to pursue. It is Catch-22 situation. They can't invest effectively, because their lack of good judgement about what is worth knowing prevents them from gaining the money they need to gain experience that could become the basis of good judgment. So they chatter on the sidelines. Let me ask you this. Did you buy a judicious portion of Venezuela's debt when it should have been bought (as I did) and are now sitting on a fat profit and/or a fat income stream? Or, as is more likely, are you merely a fixed-income bench warmer?

If you can't tell who in the various forums knows what they are doing, as opposed to who has nothing of worth to offer, then I pity you. You read what I write, but you fail to understand it. Why not put me on your "Ignore" list and, instead, follow those who will merely tell you what you want to hear? Do you read my posts to make yourself feel good, or to become good? Why do I run riffs to hostile audiences? Certainly not for confirmation or affirmation of my ideas. (That's what markets are for.) But to gain insight into what the little people are thinking. They are they 'dumb money' against whom I'm trading. They are 'poor investors' in several senses of that term, and they are who I was once as well until I realized that what I was being told by them about inverting didn't work. Most people will never obtain investing success because they lack the courage to challenge the conventional wisdoms, or they fear offending the feelings of others. Investing isn't a group sport in which success comes from being a "team player". Success comes from following one's own path wherever it leads, never mind that no one else --but your growing bank account-- understands you.

Do you want to be well liked, or well paid? Choose carefully.

Charlie
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