I've just finished reading my second books of André Kostolany: Die Kunst über Geld nachzudenken. Inside this book, Kostolany said that a great speculator must have capital (not margin), ideas, patience and luck. None of them can be missed; otherwise, he will fail in the speculation.
He summarizes as a simple equation:
2+2 = 5-1
Capital: when the market changes direction, you can’t get “5” if your money is borrowed.
Ideas: you must imagine any possibilities, including uncommon risks, in order to preventing loss.
Patience: sometimes, the tape doesn’t react as you like. Thus you must wait.
Luck: speculation, will earn money sometime but it can lose money definitely. Bad luck means you’ll be a loser.
Make money is not straightforward. It’s tricky. 2+2 is equal to four, but you can’t the answer directly. You need get it through 5-1. Speculation is an art but a science. This is speculation.
There are other important thoughts from him. I may them down later on.
Further readings:
1. Wikipedia: André Kostolany (1906-1999)
2. André Kostolany: Die Kunst über Geld nachzudenken (1999)
3. André Kostolany: Kostolanys beste Geldgeschichten (1993)
4. André Kostolany: Kostolanys Börsenpsychologie (1991)
Wednesday, April 16, 2008
Monday, April 14, 2008
El Resultado de EFD en el Marzo
El Fondo del Devengos (EFD) was estimated NAV at the close of the day on 31st March was HK$0.715 per share, bringing the YTD returns to -19.31%.
The HSI was down from 27,812.65 to 22,849.19, which was translating into -17.85%.
Obviously, my performance was worse than HSI, which was 1.46% better mine. I've no actions after 1st November, 2007. During this period, I read books to gain more knowledge. I really want to beat the benchmark! I really want to earn money! I really want to be successful in speculation and investment!
What're books have I read? I've read three books totally: Pit Bull by Martin Schwartz, Reminiscence of a Stock Operator by Edwin Lefèvre and Kostolanys beste Geldgeschichten by André Kostolany. These are great books. I learn some speculation mindsets from the authors. However, I haven't apply the skills yet. Why? This is because I lack self-confidence. There is something missing inside my heart. I've to overcome it and God is helping me.
Futher readings:
1. Martin Schwartz: Pit Bull
2. Edwin Lefèvre: Reminiscence of a Stock Operator
3. André Kostolany: Kostolanys beste Geldgeschichten
The HSI was down from 27,812.65 to 22,849.19, which was translating into -17.85%.
Obviously, my performance was worse than HSI, which was 1.46% better mine. I've no actions after 1st November, 2007. During this period, I read books to gain more knowledge. I really want to beat the benchmark! I really want to earn money! I really want to be successful in speculation and investment!
What're books have I read? I've read three books totally: Pit Bull by Martin Schwartz, Reminiscence of a Stock Operator by Edwin Lefèvre and Kostolanys beste Geldgeschichten by André Kostolany. These are great books. I learn some speculation mindsets from the authors. However, I haven't apply the skills yet. Why? This is because I lack self-confidence. There is something missing inside my heart. I've to overcome it and God is helping me.
Futher readings:
1. Martin Schwartz: Pit Bull
2. Edwin Lefèvre: Reminiscence of a Stock Operator
3. André Kostolany: Kostolanys beste Geldgeschichten
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