Letters to my Broker by Clem Chambers

Author:Clem Chambers
Language: eng
Format: mobi, epub
Tags: finance
ISBN: 9781908756183
Publisher: ADVFN Books
Published: 2013-12-02T00:00:00+00:00

Clem’s Comment:

Ah, narrative, what would the market do without it? These days the market goes up because bad news is good news. Bad news means more QE so stocks rally. Then we have good news and stocks go up because good news is good for stocks. You can’t have it both ways but if you write headlines you can.

The market is mainly random so it can go up for no reason at all, but “Market rockets on probabilistic noise” will never be a headline.

Atlantic City, N. J., Sept. 10, 1919.

Dear Eddie:

I got a peculiar feeling which don’t make me feel all right at all, because I’m so nervous I can’t sleep. I dream about the market all night long because I’m short of Keystone Tire since 50 and when it went to 60 I sold some more, and now it’s 68 and a friend of mine which is related to a member of the crowd which they say is putting it up says it will reach 200 sure in sixty days. I never knew what it meant to be short of the market. Its such a rotten feeling you can’t describe it. Now when I buy something and it costs $50 a share, I aint worried none at all if it should go down because the most I can lose is 50 points, but when you sell something short at 50, it can just as well go to 500 there aint no limit, and thats the rotten feeling I have. Every night I dream the stock opens up 100 points and I must ask Flora to sell all her jewelry, which God knows I’d rather do anything else in the world. You know her temper, right or wrong.

Well, Eddie, old top, I might as well be jolly, as not, for whats the use to be all the time thinking about a stock like Keystone, and anyway I dont think it will run away, do you? But leaving the stock market aside, how’s everything by you? You know, since I came down here and everybody I know seems to be making piles of money I’ve become the biggest liar you ever saw. In order to keep up with the bunch I got to say I trade in thousands of shares I never even seen at all. The funny part of it is that my imagination is becoming so real I get a stomach ache every time I think of my actual bank balance. Anyways I got one consoltion. Maybe my neighbours is also trying to kid me in which case the biggest liar is the worst off, aint it?

Do you think I should cover my Keystone now or wait until something happens? Everybody says it aint worth the paper its printed on, but it keeps right on going up. Its just like the argument we have home every day about our cook. Flora keeps on telling me she’s absolutely honest, and I keep on telling Flora the cook’s positively honest, but things keep on missing every day.

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