Saturday, September 30, 2006

Dalal Street and me...

My Friend - Mayank, my broker says this stock is dead, it is illiquid, I will lose money on it. And you're going on and on about it being a good bargain. It trades 1500 shares in a day.

Me - P*****, your broker is supposed to make money OFF you, not for you. If you buy a stock which is not among the current favorites that means in all probability you want to hold it for the long run. The broker will lose out on his commissions. The shorter your holding period for your stocks, the more your broker will earn. He is a parasite who just wants you to trade, trade and trade, and he does not give a rat's ass whether in the long run you increase your capital or not.

My Friend - The broker knows stuff, he has been in the market for a long time, he has insider information all the time.

Me - Then why isn’t he driving a Ferrari?

We talked a lot, but you get the general idea how our conversation went.

The point is, WallStreer/Dalal Street thinks for itself. There are just two fundamental things in the stock market Debt and Equity. And the rest of the "instruments" are all typical inventions of the market to rip off people.

Options, Futures, Puts or calls etc etc etc, I classify everything apart from Debt and Equity as a means of making a fool out of myself. The concept of puts can be used to invest in complex securities or situations but I would rather do it after atleast a period of six odd months.

When will we get it? All the market wants us to do is trade. It doesn’t care whether I go bankrupt (They invented Margin trading to make the road to bankruptcy smoother), it doesn’t care whether I even understand what I am doing (Never could understand the different strategies for derivatives trading), it just cares for itself and it's cronies.

Cronies - Brokers, Investment Bankers, Financial News Channels.

I define the stock market as the mass of people who compose it and whose buying and selling actions and misreactions dictate prices.

Cynicism is a life skill for an investor. And it should be utilized to the full extent when dealing with either the market or the "cronies" of the market.

We are bombarded with useless noise/financial news 24/7 on television. Even the smallest rise is made out to be an "opportunity" for individual investors. The analysts on television are articulate, very reputed and supremely confident. They sell us the sizzle instead of the steak day in and day out. Pretty anchors keep most men hooked onto the channel.

I think, the combination of such enticing entities makes for an exciting time pass.

Whenever I watch CNBC India, I switch off the sound and just watch the anchors. Some of them are the stuff that most men's dreams are made off. I would love to date them, but I would kick myself if I took investment advice from them. I am not being sexist; I actually wouldn’t take investment advice from anybody ( I would rather learn about different concepts and ideas from somebody with a Value orientation who knows lots more than me )

I came up with my own explanation for one of the numerous jargons that is used all the time on TV -

Resistance Level - (My Take) Strong Resistance level at 0, not too sure about other numbers

4 Comments:

Anonymous arun said...

CNBC is a good channel, and they have reputed analysts on almost all the shows...

11:58 AM  
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