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I say things on Twitter

4/1/08

GLD and Warren Buffett

When a trade immediately goes wrong on me I often find a Warren Buffett quote will cheer me up. After taking the $91.68 on GLD Monday, this happened:
Ouch...a perfect time for a Buffett:

"..The dumbest reason in the world to buy a stock is because it's going up...."

Ah, good start! Bit of contrarian from WB is always good for a massage. Got another one Warren?

"..If I like a business, then it makes sense to buy more at 20 than at 30..."

Cool dude....GLD isn't exactly a business, but it fits close enough. Just one more?

"..I like to go for cinches. I like to shoot fish in a barrel. But I like to do it after the water has run out..."

Yeah, that's more like it. Gold under $900 is a cinch buy. So i added more today at 86 and change. After all, when you hold more gold than anything else, you know what patience is all about. GLD: a good way to trade the metal.

Warren rocks.