Monday, June 30, 2008

The sky is falling...

...Well that was fun, was it not?

And yet, volatility remains at acceptable levels and the hysteria that punctuated last weeks swoon, replete with cries of doom for every significant financial institution in the United States, has subsided.

But the Recapitulator believes in accountability and was wrong about the 1310 level being the bulwark for steady movement forward. My yearly strategy is unchanged, this is not the time to switch strategies.

And so now it is time to revisit a great out of print book on horseracing (first recommended by a great investor and generous persona) that contains many, many nuggets of wisdom: "The Secrets of Professional Turf Betting".

Chapter 4 "Keep Out of Those Switches"

..."Racing is simple. Everything about the game is logical and common sense and elementary...but the game is decked out in an endless number of minor contradictions and open switches and deadfall traps, in order to lure the average player into doing everything wrong.

If the average player - the public play- kept out of all these switches and traps, the the powers-that-be would have to make the game far more complicated in order to insure the fact that the majority of players continue to lose and continue to furnish money to keep up the game"

And, so it goes with the markets.

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