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Thursday, September 22, 2005
As with jobs, so with stocks
Gautam Chikermane has an excellent cautionary tale in the Indian Express, the point of which is this: you should exercise the same caution while buying a stock as you would while accepting a job somewhere.
That's precisely why I have no sympathy for schmucks who lose money after a mad bull run ends. If they invested because they had studied the fundamentals of a company and believed in it, they wouldn't go and get themselves into trouble. But they rush blindly into speculative frenzies, driven both by greed and self-deception, and have the audacity to blame the system when they lose big. What would the "market manipulators" manipulate if there weren't doofuses around wearing notional t-shirts that say: "Bakra"?
Cross-posted on The Indian Economy Blog.
That's precisely why I have no sympathy for schmucks who lose money after a mad bull run ends. If they invested because they had studied the fundamentals of a company and believed in it, they wouldn't go and get themselves into trouble. But they rush blindly into speculative frenzies, driven both by greed and self-deception, and have the audacity to blame the system when they lose big. What would the "market manipulators" manipulate if there weren't doofuses around wearing notional t-shirts that say: "Bakra"?
Cross-posted on The Indian Economy Blog.
