We agree wholeheartedly with his comment. We truly embrace this thinking. And you should, too, if you want to become a highly successful investor. Human nature is no different today than it was back in the 1920s and 1930s when Jesse Livermore was a major force on Wall Street.
Investors have the same hopes and fears today that they had seventy or eighty years ago.
Mr. Livermore saw repeatedly that the opinions of many of his colleagues were frequently wrong, as the market went on its own merry way in a direction contrary to what they had expected. We learned long ago that it's a mistake to argue with the stock market. Others, however, have yet to learn this valuable lesson. In fact, some of these advisors, scared of the lofty market heights, have stayed out of stocks for years. But this bearish sentiment hasn't prevented the stock market from moving ahead strongly over the past few years.