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In the last 18 months, a lot of people lost a lot of money...............here are some useful thoughts and ruminations.

- Winners become Emperors, Losers become prisoners.  Everyone loves a winner, don't they? In reality winners and losers come from the same stock, most often with same ambitions and abilities.   No need to treat Emperors and prisoners differently.......often, it is down to luck. Chinese call it fate...fated....I think it is good attitude.

- But great success is luck....luck including when and where and to whom born. Slow success is skill and hardwork............Re stock market, there is nothing CFA can teach except diversification . CFA sylabus has little to say about FA and TA.. Most of the CFA sylabus is devoted to portfolio theories. Professors of finance after all are on the side of random walk theory.  

  Great success is luck; moderate success is skill......and as for individual success and failure.....it is about practice, habits and characters .....some times the market favors certain habits and characters, some times another set of habits and characters....as Buddhists like to say, there is no permanence, only changes.

- The real lesson is...success and failure are two sides of the same coin. Stock market performance is about practise, habits and character. The same practise, habits and character that leads to super profits in good times are  the same practise, habits and character that leads to huge losses in bad times. Habits and characters don't change.

- stock market.....best viewed as a personal adventure....and people's habits and characters cannot change

- knowledge is not skill. Skill comes from practise and habits and repetitions. U can teach all the knowledge in the world, in the final analysis , no use one.  For the recipient of the knowledge no use without personal practise, habit and character.

- The old Chinese philosophers got it right when they are very careful in choosing who to teach.......teaching to the wrong people, the public in this case.....only produces bad results and unintended consequences.

ps....The fairy tale of Buffalology is a billion dollar industry. On it rests the foundation of capitalism. For the vast majority of people, it will remain a fairy tale until the day they die. And there is little you can do about it.

In the end, the randomness of the U curve rules. The vast majority will be in the middle and some at either ends....and your position in life is down to luck.

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