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What is investment?

Trading, is about buying cheap or selling expensive or the other way round. Shorting is abut first selling expensive and then buying (back) cheap. Investment is about buying at the right price and selling to the right price. But what is the right price?

“An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.”
Benjamin Graham

Thorough analysis is the key word. If you have not done your home work, the analysis is not thorough, it is speculation. Trading may be speculation, but trading by professionals are based on thorough analysis. But the difference between an investor and a trader, is

  • The trader is interested in volatility or price swings.
  • The (value) investor is interested in identifying undervalued papers.
  • The investor is interested in long time real appreciation of his invested capital.

Demolition may be depreciation, but sometimes you have to demolish to rebuild. In the theory of nonlinear partial differential equations, an irreversible solution is a solution that can not be inverted. If you blow up an art museum with paintings of Vincent van Gogh you cannot recreate the paintings. If you buy (good) paintings of Vincent van Gogh and Pablo Picasso, it seems to be investment at nearly every moment of time. They have a tendency to appreciate in value over time.

Dynamic allocation, decide on wave degree and invest with the preferred wave count in direct or inverse indexfunds. Trade with the preferred wave count.

It has always been said that the easy way to beat the market is dollar cost averaging. Over a long enough horizon this is right, since the main trend is up. Rebalancing the protfolio is another possibility, but in a secular bear market, you can rebalance the portfolio down. Benjamin Graham, the famous "Dean of Wall Street" said that you could beat the market by putting it on autopilot and rebalance the portfolio between 75 % in bonds when the market was overvalued and 25 % in stocks. A 50 / 50 % distribution in between and 75 % stocks and 25 % bonds when the market was undervalued. He proposed using index funds since they were cheapest. Some index funds like funds following the Dow Jones Industrial average are often very inflated in cyclical bull markets, so it may perhaps be best to use other indexfunds. You may use Dr. Ed Yardeni's measure of the market sentiment as an yardstick to value the overall market.

In a secular bear market, containing many cyclical bull markets, there is an alternative to the above procedure. The message in the heading explains it. This allocation principle may of course be modified to allocate X% in indexfunds according to the preferred wave count, Y% to the alternative count and Z% to the third count.

To understand the message, you must understand the Elliott Wave principle or the Elliott Wave fractal as it is also called. You find relevant literature in the Elliott Wave Bookstore or by clicking banners to Elliott Wave International on the education sub page. Elliott Wave International also deliver a market news service on the following pages

Visit their new site, Read their message there about the next big move in the stock market.

If you are young and have a horizon of 30 years or more, you may combine the two procedures, 50 % to dollar cost averaging and 50% to dynamic allocation.

In his facianting new book, "The wisdom of crowds", James Surowiecki explores a deceptively simple idea: large groups of people are smarter than an elite few, no matter how brilliant—better at solving problems, fostering innovation, coming to wise decisions, even predicting the future. His message is very different from the message of Charles MacKay.

"No one in this world, so far as I know, has ever lost money by underestimating the intelligence of the great masses of the plain people."
-H. L. Mencken

Valuable information on trading, investing, derivatives, commodities and consulting. Investionary is a general financial directory with a Commodity Trading - sub directory. StockPoint Trading System - Incredibly Accurate Real-Time Buy and Sell signals!

Peter Lynch calls Value Line "the next best thing to having your own private securities Analyst." It has outperformed the DOW by 17 to 1 over a 39-year span that covers both bull and bear markets. We've delivered 17,949% gains for those who invested in our portfolio of #1-ranked stocks. To try this legendary stock-picking system for the next 13 weeks, Click Here

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Stock Market Reports - Daily stock market sentiment reports for the NASDAQ, S&P 500, and DJIA. Designed to enable traders to discover the relationships between current investor sentiment and prevailing market trends.

Penny stock trading | investment strategies for penny stocks provides penny stock traders with online trading and investment tips, online trading strategies and penny stock picks.

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What is production? Is it production if you cut your finger in a mincing machine? What is economies of scale? Would it not be economies of scale if you had your company in the hip pocket? Would it not be economies of scale if your company's infra structure was stored on a laptop?

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