And women who gave themselves
So I can be free
This weekend, I gave thanks for my freedom by chillin'. Saturday morning, I spent 1.5 hours with my favorite personal trainer, Sara. This woman must have a special mojo that convinces me that getting up at 9am on Saturday mornings -- to lift weights, briskly walk on a treadmill, and walk on that evil stair machine -- is a good idea. I worked out so hard that while laying in the tub to wash off, I shortly found myself snoring from exhaustion. When I woke up, I meandered my way to Pentagon City to see the play Fat Gay Jew at Theatre on the Run. [Not worth seeing, thank goodness again to
Sunday, I enjoyed a day reading Benjamin Graham's Security Analysis, the 1934 edition while eating brunch at Napoleon's Bistro in Adams Morgan. It's fascinating to read of the "new" security types and their issues with a real estate boom-and-bust. Moreso, I'm fascinated with a passage that has resonated with me throughout my re-reading of the Fixed-value Investments chapter.
"Our primary conception of the bond as a commitment with limited return leads us to another important viewpoint toward bond investment. Since the chief emphasis must be placed on avoidance of loss, bond selection is primarily a negative art. It is a process of exclusion and rejection, rather than of search and acceptance. In this respect the contrast with common-stock selection is fundamental in character. The prospective buyer of a given common stock is influenced more or less equally by the desire to avoid loss and the desire to make profit. The penalty for mistakenly rejecting the issue may conceivably be as great as that for mistakenly accepting it. "(page 66)
For a natural pessimist like myself, the idea of a role that could utilize my negative viewpoint is exciting! Plus, it also points out the challenge that I have had with the whole idea of stock selection. To be a truly good stock picker, I've got to listen to products a company wishes to hock, review customer & supplier feedback, and allow myself to float away on the hype surrounding the product. And in that heightened state, analyze what the 'potential' is for growth in that company. And then, I have got to believe that either (a) some poor sucker is going to be willing to pay me more money for the stock than I paid for it or (b) that out of the goodness of the company's heart, they've shelve out a dividend someday. And if I paid attention at all in investment analysis class, the one thing I remember is that dividend payouts are decreasing! So, I'm left with just the ability to sell it on the secondary market at some future date. Thus, I am continuing to read with a smile on my face and a wish that I could have learned directly from a gentleman like Mr. Graham.
Today, Memorial Day, I didn't get up until 11:30am since II had suffered from a horrible bout of insomnia. Couldn't get to sleep until nearly 4am. This was a bummer because I didn't make it to my step class at the gym. Though one lost it could be said won't kill me, but if The Right Questions book is correct then it'll be this one bad decision combined with the same bad decision each day from now until the end of the month that means I don't end up getting sexy back by July. Nonetheless, it's good that I was able to get some rest today and just watch some bad movies.
No comments:
Post a Comment