Presentation is loading. Please wait.

Presentation is loading. Please wait.

“Money itself isn’t lost or made, its simply transferred from one perception to another.” Gordon Gekko, Wall Street, 1987 Victor Adair White Bear Capital.

Similar presentations


Presentation on theme: "“Money itself isn’t lost or made, its simply transferred from one perception to another.” Gordon Gekko, Wall Street, 1987 Victor Adair White Bear Capital."— Presentation transcript:

1 “Money itself isn’t lost or made, its simply transferred from one perception to another.” Gordon Gekko, Wall Street, 1987 Victor Adair White Bear Capital Corporation Vancouver Resource Investment Conference January 23, 2011

2 Today’s topics Way more money has been borrowed than will ever be repaid

3 Today’s topics Way more promises have been made than will ever be kept

4 Today’s topics “Its not a question of enough, Pal. It’s a zero sum game, someone wins, someone loses. Money itself isn’t lost or made, its simply transferred from one perception to another.” Gordon Gekko, Wall Street, 1987

5 Today’s topics Why do you believe what you believe?

6 Today’s topics “You gotta get your mind right.” Cool Hand Luke, 1967

7 Today’s topics What am I going to do today to make some money?

8 Today’s topics What are my market thoughts today?

9 Way more money has been borrowed… The greatest credit bubble in history Consequences Private sector de-leveraging Public sector “to the rescue…” Austerity / stimulation Inflation / deflation Risk on / risk off Crisis / muddle through

10 Way more promises have been made… Gov’ts: Break promises? Cut services? Raise taxes? Raise tariffs? Default? Blame someone else! Get re-elected! Central Banks: Print money? Devalue? Interest rates? Reserve requirements? Who suffers? Who pays? Who benefits? Who wins?

11 “Money is…transferred from one perception to another” Psychology is more important than math Its easier to swim with the current than against it – identify the prevailing perception… While watching for signs that it may be changing!

12 Why do you believe what you believe? You’ve got an opinion? You’ve got a risk. Markets can remain irrational far longer than you can remain solvent. “When the facts change, I change my mind. What do you do,sir?” J.M. Keyes Know where to get out before you get in.

13 You gotta get your mind right It is what it is. It ain’t fair. It ain’t right. It can’t continue. It is what it is.

14 What am I going to do today to make some money? I’m in. I’m open. I anticipate, wait for confirmation, and act. I know my time frame. I know my edge. I manage my risk. Its only a trade. (No more masterpieces!)

15 What are my market thoughts today? Marco views shape perceptions China: Bubble? Who’s in charge? Euro: reports of death exaggerated? Gold: less urgency? CAD: everybody loves Canada? Stocks: it’s a bull mkt! APPL 21% of NAZ Correction (at least) coming!


Download ppt "“Money itself isn’t lost or made, its simply transferred from one perception to another.” Gordon Gekko, Wall Street, 1987 Victor Adair White Bear Capital."

Similar presentations


Ads by Google