The customer would finish the tale of his perplexity and then ask:
“What do you think I ought to do?”
Old Turkey would cock his head to one side, contemplate his fellow customer with a fatherly smile, and finally he would say very impressively, “You know, it’s a bull market!”
Time and again I heard him say, “Well, this is a bull market, you know!”
as though he were giving to you a priceless talisman wrapped up in a million-dollar accident insurance policy. And of course I did not get his meaning.
One day a fellow named Elmer Harwood rushed into the office, wrote out an order and gave it to the clerk. Then he rushed over to where Mr. Partridge was listening politely to John Fanning’s story of the time he overheard Keene give an order to one of his brokers and all that John made was a measly three points on a hundred shares and of course the stock had to go up twenty-four points in three days right after John sold out. It was at least the fourth time that John had told him that tale of woe, but old Turkey was smiling as sympathetically as if it was the first time he heard it. Well, Elmer made for the old man and, without a word of apology to John Fanning, told Turkey, “Mr. Partridge, I have just sold my Climax Motors. My people say the market is entitled to a reaction and that I’ll be able to buy it back cheaper. So you’d better do likewise. That is, if you’ve still got yours.”
Elmer looked suspiciously at the man to whom he had given the original tip to buy. The amateur, or gratuitous, tipster always thinks he owns the receiver of his tip body and soul, even before he knows how the tip is going to turn out.
“Yes, Mr. Harwood, I still have it. Of course!” said Turkey gratefully. It was nice of Elmer to think of the old chap.
“Well, now is the time to take your profit and get in again on the next dip,” said Elmer, as if he had just made out the deposit slip for the old man. Failing to perceive enthusiastic gratitude in the beneficiary’s face Elmer went on: “I have just sold every share I owned!”
From his voice and manner you would have conservatively estimated it at ten thousand shares. But Mr. Partridge shook his head regretfully and whined,
“No! No! I can’t do that!”
“What?” yelled Elmer.
“I simply can’t!” said Mr. Partridge. He was in great trouble.
“Didn’t I give you the tip to buy it?”
“You did, Mr. Harwood, and I am very grateful to you. Indeed, I am, sir. But ”
“Hold on! Let me talk! And didn’t that stock go op seven points in ten days? Didn’t it?”
“It did, and I am much obliged to you, my dear boy. But I couldn’t think of selling that stock.”
“You couldn’t?” asked Elmer, beginning to look doubtful himself. It is a habit with most tip givers to be tip takers.
“No, I couldn’t.”
And Elmer drew nearer. “Why, this is a bull market!” The old fellow said it as though he had given a long and detailed explanation.
“That’s all right,” said Elmer, looking angry because of his disappointment. “I know this is a bull market as well as you do. But you’d better slip them that stock of yours and buy it back on the reaction. You might as well reduce the cost to yourself.”
“My dear boy,” said old Partridge, in great distress “my dear boy, if I sold that stock now I’d lose my position; and then where would I be?”
Elmer Harwood threw up his hands, shook his head and walked over to me to get sympathy: “Can you beat it?” he asked me in a stage whisper. “I ask you!” I didn’t say anything. So he went on: “I give him a tip on Climax Motors. He buys five hundred shares. He’s got seven points’ profit and I advise him to get out and buy ‘em back on the reaction that’s overdue even now. And what does he say when I tell him? He says that if he sells he’ll lose his job. What do you know about that?”
“I beg your pardon, Mr. Harwood; I didn’t say I’d lose my job,” cut in old Turkey. “I said I’d lose my position. And when you are as old as I am and you’ve been through as many booms and panics as I have, you’ll know that to lose your position is something nobody can afford; not even John D. Rockefeller. I hope the stock reacts and that you will be able to repurchase your line at a substantial concession, sir. But I myself can only trade in accordance with the experience of many years. I paid a high price for it and I don’t feel like throwing away a second tuition fee. But I am as much obliged to you as if I had the money in the bank. It’s a bull market, you know.” And he strutted away, leaving Elmer dazed.
What old Mr. Partridge said did not mean much to me until I began to think about my own numerous failures to make as much money as I ought to when I was so right on the general market. The more I studied the more I realized how wise that old chap was. He had evidently suffered from the same defect in his young days and knew his own human weaknesses. He would not lay himself open to a temptation that experience had taught him was hard to resist and had always proved expensive to him, as it was to me. I think it was a long step forward in my trading education when I realized at last that when old Mr. Partridge kept on telling the other customers, “Well, you know this is a bull market!” he really meant to tell them that the big money was not in the individual fluctuations but in the main movements that is, not in reading the tape but in sizing up the entire market and its trend.
"Reminiscences of a Stock Operator", 1923 E. Lefèvre/J. Livermore
WIG dociera do szczytu z 2011 roku przy rekordowo byczym sentymencie inwestorów indywidualnych. Wielu doświadczonych inwestorów/graczy spodziewa się korekty i sprzedaje akcje, żeby odebrać je niżej. Choć widzę spore ryzyko powtórki spadków i konsolidacji z lat 2002-2003, zgodnie z przytoczonym powyżej cytatem nie chcę stracić pozycji, którą utrzymuję i powiększam od roku. Zdaję sobie sprawę, że brak odbicia w gospodarce w drugiej połowie roku może zapoczątkować falę spadków w okolice dołków z maja 2012, jednak wg narzędzi i analiz, które stosuję, na bessę w Polsce jeszcze za wcześnie. Posiadane spółki są w dobrej kondycji i albo uklepują dno, albo są w trendach wzrostowych, daleko od swoich szczytów z lat 2007/2011.
Co ciekawe nie widać też rozgrzania na forach giełdowych, jakie panowało w trakcie formowania szczytu ze stycznia. W zeszłym roku o takim Graalu codziennie powstawały elaboraty, a teraz nowe wpisy pojawiają się raz na kilka dni. Silna korekta wymiotła dyskutantów i większość z nich wróci pewnie, gdy spółka będzie pędzić pod 20zł (to nie jest rekomendacja, tylko cicha nadzieja posiadacza papiera ;) .
Ciekaw jestem Waszych nastrojów i składu portfeli - chyba niedługo czas na nową ankietę. Czy posiadacie jakieś akcje trzymane dłużej niż pół roku? Czy macie na jakichś akcjach powyżej 50% zysku, ale trzymacie je dalej, bo zakładacie sprzedaż na określonym poprzez AT/AF poziomie, lub trzymacie dopóki nie padnie sygnał sprzedaży? Do kiedy zakładacie wzrosty? A może właśnie sprzedajecie przed nową bessą?