Bought 10 shares of AAPL at 419. Sold LINE at a loss due to SEC inquiry into it's accounting practices-prices continue plunging after I sold. Sold some puts and a covered call on BMY.
Here's an interesting quote from 'The Intelligent Investor' followed by a statement by the article author;
Graham writes that the typical investor "would be better off if his
stocks had no market quotation at all, for he would then be spared the
mental anguish caused him by other person's mistakes of
judgment." Zweig expands on this: "If, after checking the value of your
stock portfolio at 1:24 pm, you feel compelled to check it all over
again at 1:37 PM, ask yourself these questions:
· Did I call a real estate agent to check the market price of my house at 1:24 PM? Did I call back at 1:37 PM?
· If I had, would the price have changed? If it did, would I have rushed to sell my house?
· By not checking, or even knowing, the market price of my house from
minute to minute, do I prevent its value from rising over time?"
This is the crux of the "Oh, cool," dogma. Tell me the market is
crashing. I really don't care—all it means is that right now, a bunch of
people got freaked out and threw away money. It means some lady in line
at Chipotle opened up her eTrade App and unloaded a few hundred shares
of GM right then and there. That means she lost. And when I get back to
the office and buy GM at $24—value investing at its easiest—well, that
means I win.
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