Year of the Pig | BAK Message Board Posts

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Msg  418362 of 426773  at  1/11/2019 10:11:35 PM  by

Maddy's Dad

The following message was updated on 1/11/2019 10:13:38 PM.

Year of the Pig

"What does the Chinese New Year say about 2019? This is the year of the pig. Market participants are likely to immediately recall the old saw that “bulls make money, bears make money, but pigs get slaughtered.” That would suggest a very dim view of one’s prospects if the pig is an apt metaphor for what we are likely to experience in 2019.

I think, though, there is a better analogy than the bromide noted above. In 1992, George Soros and Stan Druckenmiller bet heavily against the British pound, expecting it to fall sharply. George kept telling Stan the position needed to be bigger and Stan dutifully increased it each time. Stan worried that the position had gotten too big, and when George told him again it needed to be bigger, Stan repeated the point about pigs getting slaughtered. George responded, “It takes courage to be a pig.” That courage was rewarded when the pound collapsed on September 5. Soros made a billion dollars and became known as the man who broke the Bank of England.

In this year of the pig, I think courage will be rewarded in the equity market, just as it has for most of the past 10 years."

https://millervalue.com/bill-miller-4q-2018-market-letter/?dtr

YMMV


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Replies
Msg # Subject Author Recs Date Posted
418364 Re: Year of the Pig Longnholding 9 1/11/2019 11:24:23 PM


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