Aunt speak and Rugged Individualism

Earlier this evening, my aunt phoned on her opinion of the markets. Since I've had a couple of requests on posting her thoughts, here's a summary of what she said.

She's still long MYY.

She's thinking about two new shorts:
LFC
MPEL (target to 13)

With this Tuesday's Mega Millions jackpot exceeding $340 million, there is an unusual sense of entitlement sweeping through the office. In this example, most of the staff at my day job have been pitching in $10/person/drawing and pooling their tickets together in the hopes of beating the 175 million to 1 odds. While I hope they win the jackpot, the detail that shakes my head is when some members of the staff have begun to blame others not in the pool for the group not winning the jackpot.

I am reminded of a speech from Herbert Hoover during his 1928 presidential campaign. In short, it emphasizes the importance of the individual. We all have a right to lead our own lives and as long as we do not infringe on the laws of the land, we do not have to answer to anyone. If people want to invest $10 in a lottery pool, that is their right; but consequently, if i want to invest my $10 in a money market fund, that is my right.

Jonathan Koenig from capitalistpig.com and sometimes featured on Fox "Bulls and Bears" investing segments on Saturday morning had these thoughts to share (as my fellow traders noticed the Nikkei average down another 3% this morning):

"In the stock market, you are entitled to nothing. The stock market does not reward failure, laziness, inactivity, stagnation, or irresponsibility. "

There are many different ways to succeed in America. When others start giving you unsolicited advice, 90% of the time you are doing the right thing.