arabs are planning to drop dollar denominited oil sales - DFWstangs Forums
 
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post #1 of 42 (permalink) Old 10-06-2009, 01:02 AM Thread Starter
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arabs are planning to drop dollar denominited oil sales

This is _not_ good. Not good at all.

The plan is for oil to be priced in "a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar."

Enjoy "cheap" gas, it ain't gonna last for long since our dollar is worthless anyway.

http://www.independent.co.uk/news/bu...r-1798175.html
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post #2 of 42 (permalink) Old 10-06-2009, 01:08 AM
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Originally Posted by mikeb View Post
This is _not_ good. Not good at all.

The plan is for oil to be priced in "a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar."

Enjoy "cheap" gas, it ain't gonna last for long since our dollar is worthless anyway.

http://www.independent.co.uk/news/bu...r-1798175.html
F'n A...

[sarcasm]Good thing the Obama camp increased the deficit and printed so much money to boost the dollar value [/sarcasm]

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post #3 of 42 (permalink) Old 10-06-2009, 09:40 AM
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stocks are up but your dollar is weakening. Fuck Bernanke and the Fed.

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post #4 of 42 (permalink) Old 10-06-2009, 09:43 AM
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So this war may become about oil after all?

Obama is losing OUR respect in the world because he is at the forefront of pussy leaders

1/19/09, the last day of Free America.
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post #5 of 42 (permalink) Old 10-06-2009, 09:48 AM
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I just finished reading the T Boone Pickens book "The First Billion Is The Hardest", which cronicles his life and business ventures. Very good read with a lot of predictions about the future of oil and the underlying problem of the US's dependency on foreign oil. He calls it the greatest transfer of wealth in history.....

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post #6 of 42 (permalink) Old 10-06-2009, 09:54 AM
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Fiat currency FTL

Our government needs our help, they have an addiction. Our government is addicted to our money. Since they always have our best interest at heart it's time we return the favor. We need to have an intervention, for the governments own good of course. It's just irresponsible for us to let people with a known money addiction continue to handle our money. Lets have an intervention now so we can help these sick individuals.
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post #7 of 42 (permalink) Old 10-06-2009, 09:57 AM
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So this war may become about oil after all?

Obama is losing OUR respect in the world because he is at the forefront of pussy leaders
Obama never had any respect from me anyways...

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post #8 of 42 (permalink) Old 10-06-2009, 10:00 AM
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Obama never had any respect from me anyways...
I don't think he had any from anyone, other than himself.

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post #9 of 42 (permalink) Old 10-06-2009, 02:18 PM
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So now, an article saying there's no talks...
Quote:
STANBUL/SYDNEY (Reuters) - Big oil producing nations denied a British newspaper report on Tuesday that Gulf Arab states were in secret talks with Russia, China, Japan and France to replace the U.S. dollar with a basket of currencies in trading oil.

The dollar eased in response to the report, which was written by The Independent's Middle East correspondent Robert Fisk and cited unidentified sources in Gulf Arab states and Chinese banking sources in Hong Kong.

It said the proposal was for trade in crude oil to move over nine years to a basket of currencies including the Japanese yen, the Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, which includes Saudi Arabia and Kuwait.

The report coincides with a wider debate on the role of the dollar as the world's reserve currency, which has come under question. For most of this decade, the United States has struggled to maintain the dollar's value.

But top officials of Saudi Arabia and Russia, speaking on the sidelines of International Monetary Fund meetings in Istanbul, denied there were such talks. The two countries are the world's largest and second-largest oil exporters.

Asked by reporters about the newspaper story, Saudi Arabia's central bank chief Muhammad al-Jasser said: "Absolutely incorrect." He repeated the same response when asked whether Saudi Arabia was in such talks.

Kuwait's oil minister and a well-placed source in the Organization of the Petroleum Exporting Countries made similar remarks. Russia's deputy finance minister Dmitry Pankin said: "We did not discuss this at all."

The dollar slipped after the newspaper story. The euro edged up as high as $1.4756, although it fell back to $1.4701 when the Saudi Arabian and Russian officials denied the report. Oil prices rose above $71 a barrel on Tuesday.

Algerian Finance Minister Karim Djoudi told Reuters: "Oil producing countries need to stabilize revenues but...I don't see a need for oil trade to be denominated differently.

"But we are at the IMF conference where all sorts of subjects are raised and discussed," he added.

'NOT LIKELY'

Analysts said that while individual countries would find it relatively easy to stop using the dollar in oil trades, as Iran has done, replacing the currency in which oil is priced would require a massive effort.

The newspaper story did not make clear how the change would work, and many analysts doubted it would occur any time soon.

"I don't think this is a likely scenario in the short to medium term," said Carsten Fritsch, oil analyst at Commerzbank in Frankfurt. "Without Saudi Arabia's support it is difficult to imagine that the dollar will be replaced."

Saudi Arabia and some other Gulf states peg their currencies to the dollar. Continued...
More at link: http://www.reuters.com/article/busin...e=businessNews

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post #10 of 42 (permalink) Old 10-06-2009, 02:47 PM
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So now, an article saying there's no talks...

More at link: http://www.reuters.com/article/busin...e=businessNews
They just don't want it released until they're ready to flip the switch. No sense in decreasing the value of the dollar even more if they don't have things in order and aren't ready to proceed just yet. It will happen though.

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post #11 of 42 (permalink) Old 10-06-2009, 03:30 PM
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Gold at an all time high. Hmm... someone on this forum brought up the demise of the dollar, the run on gold and oil moving away from the dollar... I wonder who that was?

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post #12 of 42 (permalink) Old 10-06-2009, 03:30 PM
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What would be the end result if the US, in light of these events, stopped buying middle east oil overnight (banking on Obama not being the pussy that he is and the EPA taking a giant 'fuck off')?

They think they have a glut now, they would be choking on it.

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post #13 of 42 (permalink) Old 10-06-2009, 03:31 PM
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Gold at an all time high. Hmm... someone on this forum brought up the demise of the dollar, the run on gold and oil moving away from the dollar... I wonder who that was?
Peter Schiff is on dfwstangs?!

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post #14 of 42 (permalink) Old 10-06-2009, 03:42 PM
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Peter Schiff is on dfwstangs?!
Yea, Peter is in the camp as well. I made the prediction a couple of years ago on here. I traded in and out at the time on its run over 1K and kept trading while keeping a long term position that I've continued to forward contract and still do.

This year moved almost 100% out of equities and into futures except for my SEP-IRA that became a 401K (I could move more active income into a 401K with a safe harbor.) While I lost my ass the first few months I found my zone and it is going rather well but it was an expensive education to say the least. All part of the master plan to replace all my "active income" with "passive income." Although I guess, trading, it is really active income.

Trading + poker is my goal by the end of 2010 with passive income from what is now my active income (partnership profits without being involved in the day to day.)

My 401K is now a 400K (was 301K)
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post #15 of 42 (permalink) Old 10-06-2009, 03:47 PM
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Gold at an all time high. Hmm... someone on this forum brought up the demise of the dollar, the run on gold and oil moving away from the dollar... I wonder who that was?
It was Rufus Paul Harris!
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post #16 of 42 (permalink) Old 10-06-2009, 03:49 PM
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it was rufus paul harris!

cshd ftw!

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post #17 of 42 (permalink) Old 10-06-2009, 03:49 PM Thread Starter
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What would be the end result if the US, in light of these events, stopped buying middle east oil overnight (banking on Obama not being the pussy that he is and the EPA taking a giant 'fuck off')?

They think they have a glut now, they would be choking on it.
I like that idea, but it would take a lot of time to ramp up our domestic oil production enough to affect what we import enough to hurt the arabs.

Unfortunately, we should have been drilling years ago, but the damn environmentalists stood in the way. Now it's too late, we are still importing way too much oil, and our national currency is poised to become worthless. We've been a foolish country.
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post #18 of 42 (permalink) Old 10-06-2009, 03:53 PM
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cshd ftw!
Don't know if you ever saw this, he had 1.6 million shares he was trying to unload.

http://www.sec.gov/litigation/litrel...08/lr20731.htm
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post #19 of 42 (permalink) Old 10-06-2009, 03:57 PM
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Don't know if you ever saw this, he had 1.6 million shares he was trying to unload.

http://www.sec.gov/litigation/litrel...08/lr20731.htm
The retard couldn't even unload his shares during the pump and dump!

Now that is CEO material for sure!

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post #20 of 42 (permalink) Old 10-06-2009, 04:00 PM
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The retard couldn't even unload his shares during the pump and dump!

Now that is CEO material for sure!
The situation is an instant classic for sure. I'm sure he will be right back at it once the 7 years is up. Probably before then.
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post #21 of 42 (permalink) Old 10-06-2009, 04:12 PM
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Yea, Peter is in the camp as well. I made the prediction a couple of years ago on here. I traded in and out at the time on its run over 1K and kept trading while keeping a long term position that I've continued to forward contract and still do.

This year moved almost 100% out of equities and into futures except for my SEP-IRA that became a 401K (I could move more active income into a 401K with a safe harbor.) While I lost my ass the first few months I found my zone and it is going rather well but it was an expensive education to say the least. All part of the master plan to replace all my "active income" with "passive income." Although I guess, trading, it is really active income.

Trading + poker is my goal by the end of 2010 with passive income from what is now my active income (partnership profits without being involved in the day to day.)
How is your business surviving?

I had dumped my cash into getting my place ready to sell, all to hit a wall. I'm essentially in a hold position until my place sells so I can ramp up metal buying.

Want to do a $.50/$1 night?

1/19/09, the last day of Free America.
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post #22 of 42 (permalink) Old 10-06-2009, 04:28 PM
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How is your business surviving?

I had dumped my cash into getting my place ready to sell, all to hit a wall. I'm essentially in a hold position until my place sells so I can ramp up metal buying.

Want to do a $.50/$1 night?
Actually fairly well. Not our greatest year but after buying out a partner we stabilized and 4th quarter looks like it might come in.

Hmmm.... not sure. I'm posting on DFWStangs during the day because I started drinking at noon (took the day off stopped trading at lunch time NY time) and well... I might just lose some money in a drunken ego all-in or two or three or thirty. haha.

Metals should come in in a big way over the next few months.

My 401K is now a 400K (was 301K)
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post #23 of 42 (permalink) Old 10-06-2009, 04:37 PM
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Actually fairly well. Not our greatest year but after buying out a partner we stabilized and 4th quarter looks like it might come in.

Hmmm.... not sure. I'm posting on DFWStangs during the day because I started drinking at noon (took the day off stopped trading at lunch time NY time) and well... I might just lose some money in a drunken ego all-in or two or three or thirty. haha.

Metals should come in in a big way over the next few months.
Not a bad deal. *cough*shameless attempt to ask for work*cough* So you hiring at all?

I have no doubts. My place sells and I'm thinking about pumping less than 101% of cash and more than 99% into them.

1/19/09, the last day of Free America.
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post #24 of 42 (permalink) Old 10-07-2009, 01:07 AM
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Forgive me for my ignorance, but suppose I had about 2k to invest, which should be at my disposal soon, where would you recommend that be put into for if/when this shift in currency changes for preparation?

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post #25 of 42 (permalink) Old 10-07-2009, 09:29 AM
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Forgive me for my ignorance, but suppose I had about 2k to invest, which should be at my disposal soon, where would you recommend that be put into for if/when this shift in currency changes for preparation?
Powder backed lead.

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Pericles "Freedom is the sure possession of those alone who have the courage to defend it. "

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post #26 of 42 (permalink) Old 10-07-2009, 10:23 PM
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Powder backed lead.
This!
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post #27 of 42 (permalink) Old 10-07-2009, 10:59 PM
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Gold at an all time high. Hmm... someone on this forum brought up the demise of the dollar, the run on gold and oil moving away from the dollar... I wonder who that was?
I think it was... 89... 89gt-stanger?


Wellll, it looks like we have a winner!

NO NO NO, it should be DFWLS1's, CUMMINS, C6 VETTES.net
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post #28 of 42 (permalink) Old 10-08-2009, 12:35 AM
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All this will do is dissolve OPEC.

Buell 1125R
Raptor 700R
No fast cars though
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post #29 of 42 (permalink) Old 10-08-2009, 10:06 AM
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the arabs said its not true and you know they never lie...

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post #30 of 42 (permalink) Old 10-08-2009, 04:38 PM
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I think it was... 89... 89gt-stanger?


Wellll, it looks like we have a winner!
Actually, I wrote a pretty long and involved post on Gold back in late 2007 or so which the naysayers on DFWStangs laughed at. Within a few weeks it topped 1K/ounce for the first time.

I've kept a core position in the futures market since then and traded in and out in a secondary position. I still think we have some room to run. Is it this year? next year? 5 years from now? I don't know but I can see gold topping in the multiples of thousands.

Inflation adjusted.... gold is still have of its all time high.

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post #31 of 42 (permalink) Old 10-08-2009, 04:54 PM
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Actually, I wrote a pretty long and involved post on Gold back in late 2007 or so which the naysayers on DFWStangs laughed at. Within a few weeks it topped 1K/ounce for the first time.

I've kept a core position in the futures market since then and traded in and out in a secondary position. I still think we have some room to run. Is it this year? next year? 5 years from now? I don't know but I can see gold topping in the multiples of thousands.

Inflation adjusted.... gold is still have of its all time high.
Or half even!

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post #32 of 42 (permalink) Old 10-08-2009, 06:24 PM
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How high do you see gold going from these levels? Seems like its more of a hedge against inflation than an actual investment to make money on.
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post #33 of 42 (permalink) Old 10-08-2009, 09:13 PM
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Or half even!
LOL. Yep, that too!

theSource... gold is priced under 1/2 its inflation adjusted high of 2358.04 in 1980.

I don't think gold is necessarily an inflation hedge as much as it is a crisis hedge.

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post #34 of 42 (permalink) Old 10-08-2009, 09:34 PM
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LOL. Yep, that too!

theSource... gold is priced under 1/2 its inflation adjusted high of 2358.04 in 1980.

I don't think gold is necessarily an inflation hedge as much as it is a crisis hedge.
A gold trader I know thinks it'll hit 1300-1400 before a pullback. Absolutely, still way below its inflation adjusted peak of 2300.
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post #35 of 42 (permalink) Old 10-08-2009, 11:01 PM
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A gold trader I know thinks it'll hit 1300-1400 before a pullback. Absolutely, still way below its inflation adjusted peak of 2300.
A pullback (or profit taking, if you will) before another run up?

I'm with the old man. There is a lot of twitchy people right now, I can see gold hitting 5k+ per ounce in the next couple of years.

I just get nervous taking delivery of the stuff. Then my valuable lead is forced to protect my valuable gold.

1/19/09, the last day of Free America.
Pericles "Freedom is the sure possession of those alone who have the courage to defend it. "

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post #36 of 42 (permalink) Old 10-08-2009, 11:23 PM
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A pullback (or profit taking, if you will) before another run up?

I'm with the old man. There is a lot of twitchy people right now, I can see gold hitting 5k+ per ounce in the next couple of years.

I just get nervous taking delivery of the stuff. Then my valuable lead is forced to protect my valuable gold.
A pullback. Temporary slide, entry point, etc. I can certainly see gold going much higher than 1400 into the 2000 range. The gold market is a very shadowy market and it's very difficult to tell where it's going short-term. Long term calls are difficult, but a little easier than short-term, in my opinion. As I've posted before, I tend to think other commodities are better inflation/US dollar trades than gold. Commodities as a whole right now, are not trading on fundamentals imo. However, markets don't always trade on fundamentals and if the markets are telling me I'm wrong, then I have to listen. That being said, I still think we see a pullback in commodities and that will provide me my entry point into a few names I like. I know we've discussed Freeport McMoran, FCX, that's one of a few names that I am very bullish on long-term and accumulate on significant pullbacks.
I have a decent portfolio position in names with heavy foreign currency exposure, like KO, as well which I will continue to accumulate on pullbacks and position cash holdings 100% into tips over the next few quarters if the market (and secular dollar downtrend) keeps heading the way it's headed now. REITs are another way to position your portfolio for an inflationary event, once the CRE market works its way through the current clusterfuck of course.
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post #37 of 42 (permalink) Old 10-09-2009, 12:09 AM
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I too like FCX?

01whitecobra,

Are you trading futures of GLD?

What is your position on SLV. I currently own a little, but own stock in a metals companies like pcu/x. I've been debating on throwing a good bit into both GLD and SLV.

Do you have any recent investment books that you like? I need to learn more fundamentals on several areas of trading.
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post #38 of 42 (permalink) Old 10-09-2009, 01:13 AM
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I too like FCX?

01whitecobra,

Are you trading futures of GLD?

What is your position on SLV. I currently own a little, but own stock in a metals companies like pcu/x. I've been debating on throwing a good bit into both GLD and SLV.

Do you have any recent investment books that you like? I need to learn more fundamentals on several areas of trading.
01whitecobra will be able to throw some good books out. He has a lot more experience than I do. However, I'll go ahead and throw out some names.
For a relatively novice investor I like:

"Warren Buffet and the Interpretation of Financial Statements." If I were in Dallas I'd give you that one, I have no use for it, but it can be had pretty cheaply.

Any of the Peter Lynch books. I know I've read "Beating the Street" and it was realtively useful. Lynch's books focus a lot on the thought process of investing in companies, which cannot be stressed enough. You have to have a good working knowledge of a business and its operations before you can value it and invest wisely.

"Pioneering Portfolio Management" by David Swensen. The guy has a hard-on for private equity, but I think the book could add some value.

Books by Taleb, "The Black Swan", "Fooled by Randomness", etc. These will teach you to think about the world and what's really a "6th sigma event". (see 2008. I don't think it's really a "low probability event" when you approve $500k houses for shitloads of people who make $40k.)

"Liar's Poker" was ok.

I think a very basic concept that any investor needs to understand is the amount of risk they're taking by investing in something. I frequently see people loading up their entire portfolio on 1-3 positions. Or loading up on 1 or 2 positions but because they've taken a derivative position say, "It's very low to no risk." Risk is fine, but you have to understand the risk you're taking and the potential payoffs.

I just saw today that firms are now pushing reverse convertible instruments out to average/everyday investors. A traditional convertible is similar to a position and a call option. A reverse convertible is akin to taking out a position and a short put. In the promotional literature, the firm was touting, "downside 'protection' to 30%" and stated, "how often does the market lose 30%?"
There are a couple of problems with this...
A. They're rolling this product out to average retail investors.
B. By saying a market losing 30%, they're vastly misrepresenting the product. While markets may not lose 30% that often, individual stocks do much more frequently...they're pushing reverse convertibles on individual stocks.

Last edited by slow99; 10-09-2009 at 01:39 AM.
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post #39 of 42 (permalink) Old 10-09-2009, 10:53 AM
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Heres the solution.

DRILL OUR OWN FUCKING OIL.

Obama banned off shore drilling again with a executive order. However the fucking Russians, Cubans, and Brits are drilling in the Gulf of Mexico.

Drill in Alaska again....

Whenever opec cuts production of oil by 2 million barrels, have the US Raise production by 2 million barrels. Also by drilling our own backyard we stop buying middle east oil and the price will go down. We are one of the largest customers...

The government can not allow anymore oil based power plants in the US of A. All power plants must be NUKE, Wind, Solar, or Geothermal.... This way if we do go to a electric car option in the future, all our power is US MADE not oil based.

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post #40 of 42 (permalink) Old 10-09-2009, 10:58 AM
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WTF happened to gas overnight it went up .20 since yesterday?

You can't fix stupid, but you can vote it out.

Quote:
Originally Posted by Vertnut View Post
Bullet sort of looses his grip when he factually gets his ass tore off.
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post #41 of 42 (permalink) Old 10-09-2009, 11:03 AM
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Originally Posted by 67camino View Post
WTF happened to gas overnight it went up .20 since yesterday?
Dollar fell again.

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post #42 of 42 (permalink) Old 10-09-2009, 11:29 AM
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Quote:
Originally Posted by Sean88gt View Post
A pullback (or profit taking, if you will) before another run up?
It will pullback at some point. The key is waiting for the pullback and to see if it really is a pullback or a change in direction.

I can certainly see scenarios where gold continues higher but also scenarios where it turns direction. I don't try to predict the markets as much as just listen to them.

dblack, in terms of education it depends on what you want to get out of the market. Are you an investor or are you a trader? In terms of equities I'm looking for 3-5 day moves on a stock based on their charts. I don't care what the company does, its balance sheet, etc. I'm looking for price action. Not even volume. I sometimes use Fibonacci lines to help me determine exits but that is about it.

If you are investing (longer time frame) Peter Lynch's book that slow99 mentioned as well as William O'Neil's book How To Make Money In Stocks. O' Neil's book is a very good top down approach to investing and, at a certain level, is exactly how I trade stocks.

- What is the general direction of the market? (Up/Down)
- Which sectors are in the market are leading the charge?
- Which stocks in the sector are leading the sector?
- Are there any chart patterns that I like of the stocks leading the sector?

With equities I trade only pullbacks (if the direction is down I'm looking for setups where a stock has bucked the trend and vice versa on an up market.) The majority of stocks trade the trend of the market so I don't try to be buck the trend but I'm looking for stocks that tried and will fail (the majority of the time.) There are infinitely more ways to trade but I'm stuck with pullbacks because they make the most sense to me.

If that is the way you want to trade visit http://www.davelandry.com/ and watch every video on the site. Dave is the ultimate swing trader and has done it for many many years. He is a great guy and shares a lot of his information without having to spend the $$$$$. Of course, if you like his methods he'd love to sell you some stuff. His market in a minute is a great short overview of what he thinks for the day. His weekend chart reviews are awesome.

A good book on position sizing, expectations, money management, etc. is Van Tharp's Trade Your Way To Financial Freedom. If you are more of the trading mindset this is a definite book to purchase and understand. It doesn't teach you to read charts (anyone can do that) but delves into the mechanics of how to size position and not blow out your account before you can realize the long term expectations of your (any) system.

I've gotten away from equities for the most part this year although I still look at charts every night and try to find setups but also added the S&P 500 e-mini to the mix. I'm still a newb when it comes to futures so I spend a bit more time at night with those instead of equities.

In terms of futures I read (on a daily basis):

http://donmillerjournal.blogspot.com/

Anyone who can take $2 million dollars out of the market in a year is someone I want to study. Luckily for us, Don Miller opens up (almost daily) on how he trades the markets. He doesn't get into the mechanics but it is a great read on the thoughts of a highly successful trader. I do plan on purchasing his webinars ($1500) but I want to spend a couple more months on my own so that when I study his webinars they make sense (i.e. I don't want to still trying to figure out the basics. I look at his webinars as being a graduate course, not an undergraduate course.)


Other blogs I read daily:

http://www.tradethepicture.com/

http://blog.afraidtotrade.com/

http://maoxian.com/

http://hardrightedge.com/daily/

http://www.tradermike.net/

http://traderjamie.blogspot.com/

http://www.davelandry.com/

If you read those websites on a regular basis you won't need to purchase another book!

My 401K is now a 400K (was 301K)
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