No, not that one. I have little use for the pithy phrases of the do as I say not as I do folksly little guru(anyone else find it interesting that the man who preaches against speculation, against leverage and leaving your circle of competence, ignoring economies because they are unpredictable,is now one of the largest dollar shorts?) The last 3 or 4 weeks around here have been very frustrating as I continue to load up on very cheap stocks to watch them become incredibly cheap stocks.I have little doubt that over time, as has always been so in the past the vadsy majority of my positions will turn out positively. I’m reasonably certain that the basic tenets of valuation and business that I have used for 15 years did not disappear but none the less, negative marks can be frustrating.One turns to the OTHER Buffet, the south Florida troubadour of the lifestyle I wished I lived on days like this. The clown prince of beach rock and roll has much wisdom on life and markets slipped into his rum laden ditties and I share such discoveries.
It’s a strange situation,a wild occupation,Living my life like a song.
I have to sit still and remember sometimes that it very much has been like a song. There has been adventure, love stories,heartbreaks,tears in my beer and neon moon nights..but there been plenty of good old boys, barefooting,Navajo rugs and unchained melodies. There have been nights of quietly making noise,searching for a honkey tonk angel. Ive have whiled away many an hour sittin on the dock of the bay contemplating the secrets of the universe and staring at the change of the tide,have cried the tears of a clown on an occasion or two, but spent many more nights dancing in the streets at the midnight hour. I have got lots of friends in low places and I have traveled an interesting path in the company of good friends and there is much to be said and sung for that( of course it is best that I don’t sing in public,with my voice it would be a great way to make sure it’s a lonely highway).
The chair has often pointed out the connection between music life and markets. They share a rhythm-the fade, the crescendo,not only with each other but with life itself. One entire chapter of Education of a Speculator is devoted to the subject. I venture I guess most of us have music playing in our offices throughout the day, rather it be Vics show tunes or the Guns and Roses tunes I heard a fellow spec play while trading heavily.Music is more than just a backdrop. It provides the pace, the rhythm, the toe of our actions at times…when doing heavy research I load up the cd player with classical-Vivaldi, Handel, Mozart.When its time to play I go with Buffett, Jerry Jeff Walker,David Allan Coe or some house rocking blues like Stevie Ray Vaughn or Susan Tedeschi…for the softer moments we have the collection of Sinatra, Nora Jones and I have found that Miles Davis’ kind of blue, some candles and champagne does have a magical sort of effect. Music is one of the truly elemental natures of the life well lived.It defines and enhances the lives we live.
With all of our running and all of our cunning,If we couldn’t laugh, we would all go insane.
Laughter makes it all better.This has been said by philosophers, poets, clowns, drunks and pontificators over the years(one of my favorites being the old Irish proverb…A good laugh and a long sleep are the best cures in the doctor’s book. Of course this brings up another favorite cure for a bad day-the sacred afternoon nap,with CNBC or CNN droning n the background or best of all an absolutely meaningless Saturday afternoon baseball game on a rainy day -one of life’s better cures)this does not however make it any less true. A good joke well told, a Carl Hiassan,Lawrence Shames or Christopher Moore novel, a phone call from Hillman or Crossman wirth their latest cockeyed adventures,chases away any monetary bad feelings or self pity jamboree. A half hour of Jeff Foxworthy or Robin Williams works better upon the psyche than years of therapy and mountains of prozac. As it has been pointed out there no point taking life too seriously -no one gets out of here alive.