This line from "The Intelligent Investor" by Ben Graham jumped out at me.
Page 260, bold added by me -
For years the financial services have been making stock-market forecasts without anyone taking this activity very seriously. Like everyone else in the field they are sometimes right and sometimes wrong. Wherever possible they hedge their opinions so as to avoid the risk of being proved completely wrong. (There is a well developed art of Delphic phrasing that adjusts itself successfully to whatever the future brings.) In our view - perhaps a prejudiced one - this segment of their work has no real significance except for the light it throws on human nature in the securities markets. Nearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do. The demand being there, it must be supplied.
Both of the those bolded sentences are fascinating.
The first one highlights the absurdity of people wanting to abdicate their decisionmaking -
"Nearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do."
And yet, that's how it is.
"The demand being there, it must be supplied."
This explains a lot of absurd products and things out in the world - if people want something, even if it's silly, someone will come along and supply it to them.
Really a wonderful book with lots of insights. Yes, it's on finance, but it also promotes clear-thinking in general. Recommended.
August 11th, 2011. Chiba, Japan.
A mix of confusion and awe as I step off the platform.
I must have made a mistake. But maybe a good mistake.
Birds caw and cicadas click gently, filling the warm afternoon air with sounds of nature. The train platform is open to the air and on the other side of the tracks is a high fence. Beyond it, a bicycle and walking path leading to a park.
Children are running around and playing in the park, but surprisingly quietly. Very Japanese.
Ah, you there, my Type-A friend. I'm glad you came today. Come in. What would you like? We've got coffees, teas, or clear still water perhaps? No juices at the moment, I'm afraid, I'm not having carbohydrates and it'd be fiddling with the devil to buy juice and then attempt not to drink it. The coffee is good, though, yes?
One moment. I'd like to light the fireplace. Maybe it's technically Spring, but this "Spring" in West Germany is chilly and cold and damp and grey, right down into the bones. But pardon me, I'm near veering into complaint, which is the exact opposite of the place I want to go. I'd much rather pull up by the warm fire's glow with non-carbohydrate beverage-of-choice and muse a little about philosophy and psychology with you -- and maybe it'll even be productive for us?
Ah, the warmth is nice.