5 for 2012

Here's the short list of market musings from 2012:

1) Most people's opinion of a market is fabricated by the net change when asked.

2) Market "journalism" is now POV cheerleader slant. The most common example is the "Here's why the market just moved..." uselessness.

3) People change their minds, often and quickly. Over a short enough time frame, everybody's right.

4) Markets have morphed from long boring advance and intermittent calamity to constant calamity promotion and short bursts of wealth and capital formation. As such, they have lost their utility.

5) As always- You can't have a crisis where everyone is looking. You can experience volatility but vol (contrary to modern CB stability holy grail) does not mean crisis.

bonus observation- You're a "rogue trader" if the P/L is negative, if up you're a "rising star."

Tmro - 5 for 2013

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