Saturday, December 10, 2005

A fiery quote from Bill Cara

I thought this fiery quote from Bill Cara's coverage of the latest on Stelco captures the spirit that I approach the markets with:

So, by telling you about Stelco, I am telling you about the dishonesty that is widespread in capital markets, where the participants are politicians, judges, lawyers and accountants, management and Directors, and securities commissions, all wrapped up in self-serving affairs that do not lead to fairness in capital markets. You accept it and move on.

But you get even. You make 5 pct here, 5 pct there. When you sell, you make sure you leave the promoters holding the bag. Stocks are not your children; they are merely prices that you trade for gain. Your gains become your wealth. You are not an investor -- unless you happen to be Warren Buffett and others who get involved in the Boardrooms and the courtrooms -- you are a trader. Be proud of that. Go make money.

I doubt even the great Oliver Stone could improve that prose.


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