Short-term,
in-and-out, frenzied trading by the pros is what aggravates financial
meltdowns. It is the segment of Wall Street that I always avoid in
good times. Imagine what can happen in dangerous markets.
This
is precisely what aggravated the 2008/2009 market selloff, aided and
abetted with mark-to-market and short-selling. True, erratic markets
create opportunities for professional traders, particularly those I
call inside players. But not the vast majority of investors. (See
the Earl J. Weinreb NewsHole® comments.)
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