Well i didn't know that and does explain a bit, had no idea about Cung he/she/it didn't post alot but i remember the name.
Doc worked in the markets??? Sounds like the past tense, did he get the imperial boot? or the DCM (Don't come Monday), we'll ring you don't ring us type of procedure?
Would be interesting where he worked but understand it may not be right to post it for everyone to see.
I think he's quite a knowledgable bloke, knows all the market wording etc, has obviously been educated in the system, just needs that penny to drop i guess, i've learn't things from him some things informative and some things about what not to do especially from a psycological perspective. In some ways he made same mistakes as you, he believes whats written on paper (depending on who or what writes it rather than the actual content) or that just because some entity like KPMG audits and sign's off on accounts they believe its real and a TRUE reflection or representation of reality.
The system has to encourage such mindsets and behaviour or it will fail. ( With any luck Trump will drain the swamp.)
I'm by no-means perfect at this job and can even sometimes go for 6-9 mths without making any real money because i do get things wrong ST, (i.e don't buy at bottom or sell at the top consistantly enough to avoid 6-9mth periods of no income) but its not always a ST game and my knowledge of financial market detail, law and broker/Fund resources lacks (fine print) lacks and is quite limited compared to those like Doc and others.
I'm only here because of my old man and was lucky in some respects that i went to 13 different schools in 12 yrs and became a butcher because when he was "trying to teach" me things about the market he knew he couldn't go into detail about things Lawyers would argue about ( the BS) he had to keep it real or i would only get confused and he also knew all i needed to know was how to make money, i didn't need to know about how a deal has to be put together to be able to sell it etc. So when i looked at books or what Directors were really up to there was no excuses they were either trying to con you or they weren't, laws cannot be relied on because people will always break them to make money if they think they will get away with it, its a downfall of our monetary system but the best we've got to date to cut a long story short.
Old man worked for Deloittes (US), Partner PWC (GBG), and also worked with and for Jim Slater (Who Doc should have heard of) along with E.J. Austin etc, loved Maggi and was ruthless when it came to his market mindset, i wish he never left GBG and he also did for 30+ years.
I've got 3 older brothers, 2 of which did commerce degrees and became CPA's not CA's, i think one has an FCPA gong aswell, he still practices, writes invoices (up to $500/hr) and is good at what he does, the other use to work for BDO, then own practice but quit went back to uni to do marine biology and the PHD became a greeny and is now somehow happy with counting fish, both don't touch the stock market or very little because they lose. I remember times when one of them would tell the Old man what they was taught at Uni and the Old man could hardly believe it, as it was BS but probably sounded nice. I have also asked questions to all three of them about certain valuations etc and i got 3 different answers, if i wasn't prepared to work it out myself who would i choose to believe? they were all so called qualified people?
I've met Lawyers, brokers, accountants, Directors, Pollies, even had lunch with Allan Bond in London and i tell you 9 out of 10 cannot and do not know or are unable to make money out of stocks consistantly over a good sample period, yes they can make money slaving away doing their jobs buts thats where it normally ends. I've only ever met one or two that know how to think and find it hard to lose. The bottom line is imo, if you can't work it out yourself or have to rely on others or pay for advice on investing in the markets you shouldn't be doing it, stick to ETF's or superfunds and property and be happy with peanuts because peanuts are better than no peanuts or owing peanuts.
Again i'm not perfect and am a work -in-progress but i survive, the most important thing is not to lose, if that means missed opportunities because one's brain not up to speed so be it, it's much safer that way as less guessing, hope and praying goes on for all the wrong reasons.
All imo and limited grey matter ability.
P.S. That tin shed diamond miner LOM i told you about made me double my money twice since i first mentioned it to you and that RLE did make a pigs ear of it but hasn't lost much value since i mentioned it to you and are currently in middle of testing 2 new wells that have been redesigned and the estimated 13+TCF's are still there.
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