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May 22nd, 2015 at 11:19 am
We all go through rough patches, Pirate and, like it says on the shirt: "GTAT happens" but, when it does, you can't assume all stocks are GTAT – it's just one of those things, we got caught with our pants down and LL may burn us too but the other 60 stocks we're tracking in our portfolios aren't all likely to crash at once and, if we consistently sell premium on ALL of them (not just a few that we guess on), then, statistically, we'll do very well collecting a constant stream of revenues.
Even in the collapse in 2008 – only autos and financials were seriously in danger of going under and only some of them – the people who got burned were the ones who bailed – especially the ones who over-leveraged and were forced to sell.
You say I'm smart but I'm really only smart enough to know that I shouldn't try to outhink the markets. While we have poked short, we haven't tried to fight the tide and have simply moved to the sidelines on what I THINK may be a blow-off top in the market. If it isn't, we still have our cash (with huge gains) and we can move forward and look for (relative) bargains going forward but the philosophy doesn't change – find ways to SELL premium to people who do think they are smarter than the market.
Gratias Newt. "Quandoquidem inter nos sanctissima divitiarum maiestas, esti funesta pecunia templo nondum habitas." (Among us, the god most revered is Wealth, but so far it has no temple of its own.)