Senior Partner in a New York brokerage firm addressing young broker trainees.
"Ladies and Gentlemen. One of the unfortunate things about this business is that you are going to take some people down."
(Silence in the room.)
"Yes. I am sure that you will make some folks a lot of money. Lots. But the unfortunate and ...something that you have to consider and come to terms with is that your advice will be wrong sometimes, and people will lose."
And....when you think about learning in general. You may have thought that in your life you learned best from your success.....In fact...I would propose that you in fact learn more....far more...from failure.....Failure builds champions.
The problem of course is that in this business, as I reckon, one has to lose about $100,000 just to become savvy.
And of course one of the reasons you are a broker....is that it is cheaper for you to lose the money of others....than your own money......."
(Nervous laughter......)
His words are something that every investor has to consider when one looks for a broker.
Some reflective words on the art of trading....in business, stocks, or ...anything.....and in the spirit of the Book "The Tao Jones Averages," why whole brain analysis is critical whether in the rush of the bull, or the panic of the bust. This blog is an archive blog for prepublication of a small booklet.
