"The mere fact you think that securities trading is 'investing' is testament to the fact the sell-side has educated you to think in terms of them creating products and you buying them, and holding them.
If you want to invest in a company’s assets and operations, which is a direct investment, then you must study the company from the bottom up--i.e., balance sheet and income statement.
But if you want to trade in securities for purposes of creating wealth from portfolio investing, then you must first and foremost study the market from the top down, and that requires understanding the structure of markets.
And you were taught to believe that portfolio investing required a bottom-up approach. Ha!"
Tuesday, December 20, 2005
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