Lessons from 2010

I may write a real post on this later, but for now, Josh Brown has curated a terrific list from a wide variety of pundits and mouthpieces, well worth the time to check out.  My personal quote was:

"It's a momentum world and we're all just living in it."

Others I enjoyed were:

Downtown Josh Brown (The Reformed Broker): Bieber Fever trumps the Hindenberg Omen every time.

Eddie Elfenbein (Crossing Wall Street): Bulls make money, Bears make money ... but Greece is royally fucked.

Dasan (Davian Letter): extreme pessimism that worked once in 71 years doesn't work so well in the other 70 years. And don't fight the Fed.

Tom Brakke (Research Puzzle): my memory is longer than the market's, so some selective forgetting can be beneficial. It's just that I don't know which things to remember and which to forget.

David Blair (Crosshairs Trader): stock trading can be likened to a psychiatrist visit: you spend good money only to find out how wrong you are in your interpretation of past events.

I had another thought that was a variation on the old "the market can stay irrational longer than you can stay solvent," adage:  "The Fed can pretend the banks are solvent longer than you can say they are being irrational."

Happy New Year to all.

-KD