Sunday, October 6, 2013
"The Future is Wide Open" and other funny stories
Whenever my family leaves town, or at least in the old days when the kids were in the back of the Ford Aerostar...we used to insert a cd of Tom Petty's greatest hits, and the first number or so was the song with the line "The Future is wide open." It was kind of a soothing ritual...and during times of stress...like leaving for college...leaving for a job...etc, etc,,,well to summarize...we wore out the cd...I am not sure statistically whether we did indeed reduce the amount of stress...we did not have a proper test group...but still....here is my review of the concept.
Whenever we listened to the song, as the older guy in the group, I just wondered whether anyone had really tested just how wide open the future was....and then last week, I heard a presentation in which a guru said that the stock market pundits who say that one should "never limit your upside" are simply full of "xxxt"....The truth that the money pros all know is that one "ALWAYS" limits the upside, and takes the other side of the transaction, making oneself the banker, not the river gambler....writing calls, shorting...anything but gambling on the eternal upside....
So there it is,,,about the "Future is Wide Open"....and now I think of Tom Petty as a financial guru...I do need to get another cd so I can never forget the message....