Civil / Rui Daliou edits / Xu Shan
Will look later, my suffering a crushing defeat is one of best things that had produced on my body, because it lets me become condescending, and I am needing condescending the aggression sex that will balance me. I acquired the consciousness that a kind of very good fear errs, this my thinking formulary from think " I am right " became ask oneself " how do I know I am right " .
I discover, the person with the very successful great majority that I encounter ever had experienced similar bitter failure, this let them get a lesson, just about these lessons help them finally move toward a success. Steve. Qiao Busi says when reviewing the experience that its were fired by the apple 1985: "That is potion bitter medicine, but I guess a patient to need it. Live sometimes can give your pawn one club. Do not lose faith. I believe firmly urge my ceaseless and forward only motive force, it is the thing that I like me to do. It is the thing that I like me to do..
Head rich go bankrupt
Before thanksgiving before long, I am overcome in oil club of Dalasi and state. Henry spy meeting, he is the whole world at that time the first moneybags. A few years before, my client and friend, city person Bader is gotten in what oil and business of domestic animals respect do very greatly. Dilade introduced us to know. I often discuss economy and market issue with Bunker, especially inflation.
Be in we this meeting a few weeks before, iranian armed personnel atttacked the United States to be stationed in Teheran embassy, buckle 52 American humanness to pledge. American discharges very long line to buy natural gas at that time, the market is fluctuant and acuteness.
With me about the same, bunker also saw debt crisis and inflationary risk. In a few years before, he thinks the money oneself all the time from soft on move, then he is buying heavy goods all the time, especially silver. He is with restraining 1.29 dollars the price of one ounce buys silver to develop inflationary risk in order to be opposite at first. As inflation rate and silver-colored price rise, he buys silver ceaselessly, be close to the acme of silver market basically already till him.
Go smoothly of American oil rich and powerful family is special sudden huge profits of obtain of futures of brotherly spec soja, silver, market of Ceng Yin hair is acuteness and fluctuant
In those days, of silver trade the price is 10 dollars about. I tell him, I feel the likelihood is moment was exited, because of beautiful couplet store already took more conservative attitude, preparation raises short-term interest rate long-term interest rate over (this kind of circumstance the name is " yield curve is hanged " ) . When producing this kind of situation every time, the asset value to developing inflation can drop, economy can glide. Dan Bangke is doing oil to trade at that time, and the business of production of middle east oil that he contacts still worries about a dollar to devalue. They tell Bunker, they also will buy silver, serve as the asset of pair of strong inflation, then Bunker is in what can continue to rise to silver-colored price to anticipate relay add buys silver. My criterion was exited.
To 1980 the beginning of the year, silver-colored price already rose to approach 50 dollars, the Bunker that is moneybags all the time is more so rich that the Bunker that is moneybags all the time shed oil. Although rise in silver-colored price,arrive in the process of 10 dollars, I ever earned a lot of money, but I still regret oneself missed the silver-colored value that approachs madly to 50 dollars. At least, through exiting, I ensured I do not have compensate.
In the professional career of every investor, have the hour of angst, you expect to what did not come with what happen truly the circumstance nots agree with, what you do not know you are faced with is tremendous opportunity or disastrous mistake. Because I have very strong " look right but as soon as possible collects a hand " the tendency, it is right that so I am willing to believe such doing more. This kind of practice is right really, but the silver-colored price that missed 40 dollars rises, to me character is unpardonable.
Be in finally in March 1980, of silver-colored price steep fall began, drop to 11 dollars all the time the following. This caused annihilative blow to Bunker, while he goes bankrupt, economy of almost whole United States also glided. I very him comfort exited silver market ahead of schedule, but see global head is rich (the person that also is cherish of my awake photograph) going bankrupt is a heartrending thing really. But compare with coming its posture, what don't this calculate.
The most disastrous suffer a defeat
In August 1982, mexico is right its debt break a contact. In those days, almost everybody sees clearly, very much other country also is met pace its follow. This thing is of great importance, because American bank is in,provide loan to the other country of high like Mexico risk, 250% what amount is summation of its capital gold about. Commercial loan activity of the United States gradually sink halt.
Because I am the person that minority sees this one case beforehand, I begin to get a lot of attention. Making public a circumstance, I allege self-confidently, we are moving toward a depression, explained a reason.
After Mexican break a contact, serve as pair of economy to break down the response with debt break a contact, beautiful couplet store increased monetary supply. This makes the stock market appeared to go up record-breakingly. This one phenomenon unscrambles my general to be opposite for the market beautiful couplet store the reaction of conditional reflex type of the action. After all, 1929, the stock market rises 15% later, appeared history on the most massive collapse dish.
In October 1982, I wrote down my diagnosis to a got-up affair in a memorandum. I think, beautiful couplet store hard invalidation, the probability that economic trend breaks down is 75% ; Beautiful couplet store the action stimulates economy successfully at the beginning, but the probability that still fails finally is 20% ; Beautiful couplet store offerred enough stimulation to save economy, but spark finally the probability of malign inflation is 5% .
To pass possibility of pair of strong avoid worst, I begin to buy gold and national debt futures, those who regard pair of Europe as the dollar is right strong, this is a kind of detain notes the risk at credit problem aggravate to control fashion.
But I am off base. After experiencing a paragraph of defer period, american economy is right beautiful couplet store made a response hard, the means that does not have inflation with a kind revives. Change character, while inflationary rate falls economic growth is quickened. The stock market began big ox city one round. Be in next in 18 years, american economy experienced what flourish most on Duan Shi to increase period without inflation.
How can you produce such job? Final, I found a reason. As capital in a large-scale evacuate those debt countries, circumfluence United States, everything was changed. This makes the dollar appreciates, caused to American economy shrink pressure, make thereby beautiful couplet store can be in do not lower interest below the circumstance of aggravate inflation. This drive an economy booms.
The bank got protective, because,be beautiful couplet store lend them ready money, 2 because creditor nation committee and international Monetary Fund, international liquidated the orgnaization of international finance reforming such as the bank to make arrangement,be, make the debtor nation can fulfil obligation of repay a debt with acting the way that borrows new debt. This is equivalent to everybody can assuming everything is good, be in next make reduce those bad debt gradually in old time write down.
Commit so big mistake, especially in the public eye, have humiliate sex extremely, also let me lose everything what I create in bridge water almost. I before I discover am a self-righteous fool, contrariwise is certain an off base viewpoint.
This is me from course of study the circumstance after 8 years, be without achievement but character. Although I am right when when comparing a fault, get more much, but I still returned origin at a draught.
That paragraph of time, my losing money is too much, I pay as a result not to have the salary of the people that works together with me. I must let ground of their one after another leave, then bridge water remained a staff member only -- myself. Lose the person that I care so, I am myself and dreamy all but of the job is about finish, this is annihilative to me. To achieve balance of income and expenses, I must lend 4 000 the dollar to my father even, sold the 2nd car till me.
Bond's tragedy
After my suffering a crushing defeat, I go bankrupt almost, do not prepare enough money to buy ticket of a piece of plane to go so that the city visits Kesasi even a potential client, although I am likely from which a lot of times the service fee of gain is fare. Then I did not embark on a journey.
Nevertheless, I foster new client gradually, gain income, established a new group. As the elapse of time, my suitable condition considerably grow in quantity, and my adversity since is OK and patient, have educational sense again. What I do not think what I do is to build (perhaps build afresh) a company, I just want to strive for the thing that the investment game place that gets playing me needs.
To 1983 the end of the year, bridge water shares 6 employees. Up to in those days, I did not make any sale. The business that we get results from public praise, and those who read me " daily observation " , the person that sees I appear in open circumstance.
In those days, our business includes 3 main fields: Pay cost to seek advice from venture of company of service, management to obtain award to expend thereby, and sell bale research serves. We and orgnaization of all sorts of companies that are put in market risk n, finance orgnaization, government cooperate, if enterprise of international of bank, diversity, heavy goods produces business, food,produce orgnaization of business, public utility to wait. For example, if a transnational corporation in different nation operation is faced with n of foreign currency risk, we can design a plan to help it answer these risks.
Because of promiscuous manage and spec, one of Australia plute Allan. Bond is forced to announce to go bankrupt
Allan. Bond is us a client that in 20 centuries 80 time metaphase has served. He is a bold entrepreneur, it is one of people with the most wealthy Australia. Rely on the person that oneself succeed hard as, the blame American that Bond becomes the first to gain the championship on contest of America cup caique, this match already had history of 132 years at that time. He becomes famous accordingly.
Resemble Bunker. Hunter is same, final detain issued Bond wrong bet, be forced to announce to go bankrupt. In the process that obtains a success in he and his group, I offer a proposal to them, in the process that topples in him, I also am accompanied all the time, the happening that accordingly my close quarters witnessed this tragedy process. Bond's circumstance is a classic case: promiscuous manage and spec, and choose pair of strong opportunities too late.
Dollar of state heart borrow buys property, be like Australian winery. He so doing is the interest rate because of the United States the interest rate under Australia. Although he did not realize, but actually he is to be in bet the dollar that uses repay a debt finally to won't appreciate. 20 centuries 80 time metaphase, the dollar is right really bay yuan appreciated, and Bond from the earn in beer sale bay yuan income can't repay his debt, then his group asks me to offer advisory opinion.
I calculated the financial standing that undertaking foreign currency leaves state heart company to strong case will how, discover so the kill that make is annihilative deficit for certain, so I suggest they await. When bay yuan when exchange rate rises, I suggest they begin to do to rushing, but they were not done, the exchange rate problem that because they believe themselves,faces had disappeared.
Soon, bay yuan exchange rate drops quickly new low, they request me to attend an urgent meeting again. But be in charge of them how to be done scarcely at this moment, the result will be annihilative deficit, so they again whats are done, and this bay yuan exchange rate did not rise again. Witnessed one of the the richest, most successful people on the world to lose everything, left deep impression to me.
Originality is preferred
Trade through the market making money is very difficult.
To this, brilliant negotiant and investment home Bernard. Say of Baruch figure ground: "If you already ready-made abandons all other things, like student of medical courses in general research anatomizes the whole history that studies the market carefully and setting, study all and main appear on the market company -- if you can be accomplished afore-mentioned everything, the 6th feeling of the aplomb that at the same time you still have gamester, person that have an insight into and leonine courage, you just seize an opportunity likely. You just seize an opportunity likely..
On October 19, 1987, black on Monday, global stock market steeps fall mad tide causes people panic
Will look later, bring about me to die dish those mistakes are gotten apparently embrassing.
The first, I am unusual the ground is excessive and self-confident, indulge oneself to be controlled by the mood. I (again) acquire, no matter I know how many thing, no matter how I am assiduous, I cannot be made self-confidently say or state with certainty absolutely, till today, I am at the outset self-righteous feel astonish and embarrassed.
The 2nd, I understood the value that studies the history again. In the final analysis, what happen at that time is nevertheless " old job repeats " . I should realize at that time, with the debt of valuation of money of one home products, can be in this country is recombined by the success below governmental help, inflation and shrink can be opposite each other strong.
The 3rd, these incident remind me, the opportunity that holds the market is how difficult. The long-term estimation that I balance a level to the market is not enough and reliable detain note an object. From me chip in becomes reality to my estimation (if can happen really) , meantime can produce too much thing.
Staring these failure, I understood, if if I do not want to be being taken,going, I must objectively him look upon, make a change. I can show a kind of natural aggression sex always when the objective that pursues my, I should learn a kind of better way to handle sex of this kind of aggression, this can become the jumping-off place that I change.
I see clearly, the best way that answers this question is the person that find other independence to think, the mission with they and my collective bear, but different to the view of the problem and me. Communicate through passing cogitative controversy means and them with a kind, I can understand their inference, let them undertake to my inference pressure checks. We can reduce the possibility that we err through this kind of means.
Change character, my target just makes him correct. I do not care right answer to originate I, so I learned to let my maintain exceeding and enlightened state of mind, allow the thing that someone else points out I may be unwary. I discover, the only way that I can succeed will be:
Find as different as my viewpoint the cleverest person, so that oneself can understand their inference hard.
Know oneself are in when cannot have clear opinion, do not be eager to making conclusions.
The principle with progressively and Baconian eternity and comfortable general, have a test to its, its systematization.
Will carry bigger get one's own back through balancing a risk, reduce be issued to lower levels to fluctuate.
This anthology is made up from " principle " , caption is added for complier place, chapter memorandum has cutout to decrease; Luck. Dali Europe is written, the letter publishs group accredit to publish in, published in March 2019.
