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"When the shoe shine boy tells you to buy, you know it's time to sell." (a reference/paraphrase to the famous story about Rockefeller getting advice from his shoe shine boy to buy RCA. Rockefeller sensed that the market was obviously overbought).
An interesting story is that a friend of mine was in a bar/club and he was in the restroom taking a piss. While he was relieving himself, he was listening to the bathroom attendant and some drunk idiot talk about how much money could be made in the housing market buying condos and selling them before they were even complete. He promptly cleared out of his 3 real estate properties and avoided the burst. He said he remembered the story about the shoe shine boy.
"A dumb man never learns. A smart man learns from his own failure and success. But a wise man learns from the failure and success of others."
The comment below is not from a trader, and it also contradicts
what I wrote in 2010, which was:
Price is the only truth in the market, anything else is a lie.
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"It's the value that matters, not the price."
- Graham Vick (Director, Birmingham Opera Company)
One definition of 'value' is 'the monetary worth of something'.
We've been talking about price action so long, I don't think
the term value action would ever catch on (ha!).
