The Penny Opera

by Geoffrey Uttmark

To appreciate the performers and not just the performance, it is essential to have the right seat. This is true in equity markets, just as it is in theaters. Regardless of whether the outcome of an investment is financial euphoria or deflated pocket book and ego, in time most individual investors view things somewhat more philosophically, tacit concession to the emotional side of investing that accepts occasional defeat as the price of acting individualistically and intuitively.

Independent ship owners and individual investors would not trade the drama and suspense of their decision-making for all the professional managers in London and New York. They see markets and companies as they see themselves – sometimes right, sometimes wrong, sometimes misbehaving, and by definition almost always unpredictable, just to keep things interesting. No concentrating about the mean for this group. “Give me an edge and I’ll make it a ledge” could be the common rally cry of aspiring thespians, independent ship owners and individual investors who are looking for more in life than safety and security.

This is only an excerpt of The Penny Opera

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