Are You Comfortable Being Alone?
Words of Wisdom from Technician John Murphy:
Chris Wilkinson: Do you have any words of wisdom that you would like to pass on related to your investment experiences?
John Murphy: Yes, If you are right on the market, most people will disagree with you. If I am right, almost everybody who comes on tv that day will totally disagree with me. I feel very content in that. When everybody is saying the same thing that I am saying then I'm usually wrong. Most of the world the security analysts, the economists, the journalists who cover the market - they are still 90% fundamentally oriented. If you go back to the idea that the charts really do lead the fundamentals and if I'm reading the charts that means I am going to be ahead of the fundamentalists and they are all going to disagree with me. Appearing to be wrong is something you have to learn to live with. Early in your career I think it bothers you. It's a tough thing to accept but eventually you will be proven right. I am extremely comfortable being alone. In fact, I assume that if I am right, I will be alone.
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