Watched a fascinating interview by Piers Morgan with Jordan Belfort last evening. Jordan the Wolf was the man played by Lenny D C in the movie of that name and according to him was the greatest trader on the street till being imprisoned for fraud.
JB says now that prudent investing is to buy the S&P 500 index which gives you exposure to 500 top USA companies. Apply 90% into that and 10% into ‘ play ‘ or an area of trading risk. The Wolf has been tamed and has become more serpent and wise perhaps.
JB says that Wall Street is a crooked place and always has been saying it’s like going into a Casino where the tables and the cards are fixed / stacked deliberately reducing your win prospects to zero. Not of course a great indictment to open markets and western democracy. JB however is still in the casino. He bemoaned that the cost of fuel has reduced his private jet travel these days. Texas fuel sells at $3 per gallon and that compares with $8.35 in UK. Yes good old Brexit Britain travelling at 3 times the cost of same distance as Americans. Or put another was the Americans can kill the planet cheaper than the Brits.
Piers Morgan prefers meantime picking individual stocks of companies like he says Warren Buffet does. JB thought that was a wrong move and corrected Piers saying he is less successful than buying the index. Fact is they might both be wrong as WB has one half of his funds in one stock called Apple.
Anyway the bulls and the wolves are still on Wall Street and with Stock Markets at all time highs there are no Bears in sight. Surprising bearing in mind ( pun intended) the Russian Bear is still prowling trying to spark more distractions to the daily dealings. Funded all of course by fuel sales in the main @ $2.87 per gallon for daily Russian consumption. About the same price as the Yank for their Tank.
qbitblogger 