how low will it go?, page-21

1. "For the next few weeks at least, the sun seems destined to shine on the stock market.”

Right before the Lehman Bros crash that is now blamed for just about everything bad.

2. Warren Buffett was right when he famously said that one of the primary purposes of stock market forecasters is to make fortune tellers look good.

I've been through two major stock market crashes and the biggest lessons were the same; They are totally unpredictable, AND, once it happens, the only thing to do is admit being wrong, sell, and retire to the sidelines and look for opportunities.

The other lesson is that selling and taking a nice profit can rob us of a life-changing opportunity.

I bought FMG for a few cents in 2003. What if I had taken a nice 200% profit and sold out at say 10 cents?

We just don't know. What is a 'high' price? FMG was once at $48. Posiedon hit $282. Paladin was hailed not long ago as almost equal to FMG in its performance. Where is it now? And so on, we all have our own examples.

The stock market can be lonely, but I know of no other business where personal effort is so well rewarded.