June 13, 2006

What is Richard Russell saying?

In euphoric times and ugly times I like to check in on Richard Russell. He is at least 200 years old and has been writing for 199 years.

He has seen all the cycles. He is not one to pull punches.

I checked in today and he has a few insights, but not much more than I have been writing about here.

Richard is correct in saying that margin and debt will bleed you and kill you in markets like this. I am stupid for even trying to trade this. I know better and will be LUCKY to trade my way out of my Gold, Russia and India positions without big losses.

I do know enough to have kept posiion sizing small and use no margin, but the losses are still losses.

Here you go and I hope it helps:

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