Our kindergarten teacher once told my mother that she thought I was a “մտավոր հետամնաց (mentally lagging)”. Couple weeks later we were given small paragraphs to learn for a performance. I brought home the handwritten piece of paper so my mother could teach me what I had to say. She instead corrected seven or eight grammatical and spelling errors with red ink and asked me to take it back to the teacher…

In response to a recent post from Jeff Watson, I said “I don’t believe markets can be accurately predicted. I have not yet seen any evidence that proves me wrong and would appreciate learning from those who have access to such science or methods. Markets are not subject to natural laws. My objective is to lose as little purchasing power over time as possible. I have not found a way to accurately [and consistently] predict even a single future price.”

Rocky Humbert, the legendary speculator and curmudgeon, promptly responded with “I tend to agree with you, but…

I cannot get my childhood out my head in the past couple weeks. Nostalgia is an old acquaintance of mine whose visits are no longer welcome. This time my cousin’s death prompted it to pay me a visit. This clever magician has its distinguished seat at the table of our worst enemies such as worry, greed, hate, dishonesty, and fear among others. This one pretends to be a close friend, one who has only good intentions, but under the elaborate disguise is a ruthless controlling pig with the singular objective of getting in our way of living the current moment to its fullest. I have seen most of the tricks this one plays to trap us in its web. Once captured, it infects our lens through which we see life, the world, and ourselves and causes all kinds of distortions…

In a recent post at 0 to IPO in 7 Years, I made a comment that I did not see enough of a difference between speculation and investment and asked for a clarification. Rocky promptly presented the following crisp definition:

“My definition: A speculation is a holding (of whatever sort) where the success or failure is determined by the expectation that ANOTHER MARKET PARTICIPANT will move the price in a particular direction…

A sense of worry about the many negative unintended consequences of recent actions has come over me. Perhaps it has something to do with receiving “healthy” doses of government propaganda during my ten years in the Soviet Armenian school system. I can still remember the brain-cleansing we had to undergo…