Recently by James Altucher: Why Did Georgetown University Call Me Out?
I came up with an ultra-perfect top-secret method for beating the stock market. I saw it right there on the screen after thirty straight hours of computer programming. My heart was beating fast. I was sweating when I went to sleep. I could only sleep for about two or three hours and I had to get up and check my work. I added up all the money I was going to make. I would never work again!
It didnt work.
Every day I get a message that sounds something like this. Can you introduce me to Steve Cohen. I have something that will make him a lot of money.
I dont mean to sound arrogant and I certainly dont want to piss off people who take the time to send me emails (usually they flatter me first and say, I love your blog and can you give me [insert rich guy]s personal cell phone number.)
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Playing along I write back, Why? Like why would I give anyones email to someone I dont know, for one thing.
Answer: I have a method that beats the stock market.
Usually it involves some moving average bullshit or theres some new theory about commodities or whatever.
Its all BS. NOTHING works. Let me repeat it a different way:
YOU ARE NO GOOD.
Youre not even a good person. Youre arrogant and rude. You smell.
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I know from personal experience. Youre smart, talented and yet you want to use those talents to do some hocus-pocus that you think will put you ahead of the other 5 million people who are trying to win in the markets: people a lot smarter than you are, a lot hungrier, have a lot more computers, have a lot more inside information, have teams of analysts, etc. I cannot believe how stupid you are.
Let me describe to you the ONLY people who make money on Wall Street (and note: I am very bullish on stocks in general). By the way, all of the below people will slit your throat in a dark alley. They dont like you, they want you to die a painful and disgusting death and they want all of your money. So beat it, punk.
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People who hold forever. Warren Buffett, Bill Gates, etc. These are usually the founders of companies, who build their companies up, take them public and never sell their shares. Some people who try this have companies that fall apart and they make nothing. Some people who try it turn out to be multi-billionaires. If Bill Gates had sold his company in the early days instead of going public he wouldve made about $100 million or so. A good amount. But not the 50 or 60 billion he has today. Ditto for Buffett who was worth about $20 million in 1970 but didnt sell a single share of Berkshire Hathaway stock during its climb from $6 to $100,000. (See, 8 Unusual Things I Learned From Warren Buffett).
So this presents an obvious way to make money on Wall Street. START A GOOD COMPANY that actually helps people. Then take it public and ride it forever. Youll make money.