leftcoast Posted May 20, 2012 Share Posted May 20, 2012 Read some good accounts of extreme stress conditions. Such as the account of Sgt. Paul McGee's experience in Korea as told in The Coldest Winter by David Halberstam. I found it gave me perspective. Also, remember that you are going to die, and so is everyone you love. Now, go back to worrying about your money the most... +1 I've been reading about the Nanking Massacre tonight, puts things in perspective... What you said about "being 100% long in BAC and that ultimately it is only money" has been stuck in my mind. :) We should of course never carry these things to extremes but in essence they are true. This will sound corny, but to reinforce a long-term perspective, I find it helps to have a conversation with my future self. If you could go back in time 10 or 20 years and have a conversation with your younger self, what advice would you give? Were the things that seemed most stressful to you back then really the most important things? Now visualize a similar discussion with future you. Actually picture what you'll look like, and how you'll feel at that age. What will be future you's biggest regret in 10 or 20 years? Will it be about how long it took your undervalued stocks realize their full value? Really? Or will it be about the relationships you didn't invest enough in, a life-changing decision you were too afraid to make, the time you wasted trying to meet other people's expectations, or on work you didn't find meaningful? Maybe it will be about decisions that affect your future health? Or about the big opportunities that you clearly saw but didn't seize (e.g. didn't join that start-up, didn't kiss that girl, didn't load up on BAC-WTA @ $3.25 because you hoped for even better prices)? Basically I think life is a lot about minimizing future regrets. Link to comment Share on other sites More sharing options...
leftcoast Posted May 20, 2012 Share Posted May 20, 2012 Ray Dalio sold his entire BAC stake in Q1 after buying the entire stake in Q4. Now he can buy it again, then sell, then buy, then sell... will this ever end :( Pretty interesting interview with Ray Dalio in Barron's today: http://online.barrons.com/article/SB50001424053111904370004577390023566415282.html Link to comment Share on other sites More sharing options...
obtuse_investor Posted May 20, 2012 Share Posted May 20, 2012 I'd be curious to hear how others deal with the mental side of investing, which I find to be BY FAR the most difficult part of the business. Have a day job that isn't about investing. That is what I do. I don't have a choice-- I am not independently wealthy, yet. If you don't have a non-investing day job, pick up a hobby that consumes your heart and mind. It could be anything, as long as it isn't investing. Value investing is best done at a gentle[wo]menly pace. It shouldn't be taxing. Think of it this way; if it is taxing/stressful, you're probably not doing it right. Link to comment Share on other sites More sharing options...
merkhet Posted May 20, 2012 Share Posted May 20, 2012 I think it's important to have a hobby... I find myself reading a lot recently to counter the impulse to check my portfolio day-to-day... Link to comment Share on other sites More sharing options...
nkp007 Posted May 20, 2012 Share Posted May 20, 2012 Cardboard, is it not amazing what you just said - "Three years have been tough to invest thru/will I ever live thru a bull market." I honestly wish the market was open once a month. I believe the minute to minute update of our holdings is by far the biggest impediment to long term thinking, and I battle the consequences just as much as the next guy. Not sure how otherd feel, but I LOVE reading and researching and thinking when the market is effing shut. Think about it - in just five short years BAC will be trading close to three times higher than its current level, yet we're concerned with what it's doing right now!! Watching it not only everyday but probably many times throughout the day turns that five year period into something that feels like an eternity. I HATE IT. I'd be curious to hear how others deal with the mental side of investing, which I find to be BY FAR the most difficult part of the business. Fantastic point. I think to be a good long-term investor, you've got to find something to occupy your mind during those long waiting periods. That could be anything from researching every single company that has a public financial statement to working a day job at Starbucks. However, if you fail at occupying your mind in a systematic way, your mind will wander to short term results and you will fail. Investing is a full time job. Ignoring daily price changes takes effort. Systemize and execute. Link to comment Share on other sites More sharing options...
bmichaud Posted May 21, 2012 Share Posted May 21, 2012 Speaking of long-term investing....BAC looks real good today. Gotta love that low-volume chart straight down. Link to comment Share on other sites More sharing options...
ERICOPOLY Posted May 21, 2012 Share Posted May 21, 2012 I wonder what Moynihan said today at the Deutche Bank presentation. I take it there weren't any positive surprises. Link to comment Share on other sites More sharing options...
moore_capital54 Posted May 21, 2012 Share Posted May 21, 2012 We have been buying all day... Link to comment Share on other sites More sharing options...
bmichaud Posted May 21, 2012 Share Posted May 21, 2012 I couldn't find a presentation and haven't listened to it/read the transcript yet.... Link to comment Share on other sites More sharing options...
bmichaud Posted May 21, 2012 Share Posted May 21, 2012 We have been buying all day... I'm tapped out - i'd have to start selling other things to buy more. Shocked it's this low again. Link to comment Share on other sites More sharing options...
moore_capital54 Posted May 21, 2012 Share Posted May 21, 2012 We have been buying all day... I'm tapped out - i'd have to start selling other things to buy more. Shocked it's this low again. There will be a day we look back in shock at days like this. When interest rates normalize businesses like Facebook will be worth 10-12x earnings with no real FCF to fuel buybacks/dividends, while businesses like BAC will thrive. Link to comment Share on other sites More sharing options...
sswan11 Posted May 21, 2012 Share Posted May 21, 2012 BAC presentation doesn't START until 2:30 Eastern time. Link to comment Share on other sites More sharing options...
bmichaud Posted May 21, 2012 Share Posted May 21, 2012 We have been buying all day... I'm tapped out - i'd have to start selling other things to buy more. Shocked it's this low again. There will be a day we look back in shock at days like this. When interest rates normalize businesses like Facebook will be worth 10-12x earnings with no real FCF to fuel buybacks/dividends, while businesses like BAC will thrive. I keep thinking about exactly that - the absurdity of FB selling at a higher valuation than MCD and BAC. Truly unbelievable when you step back and think about it. Link to comment Share on other sites More sharing options...
finetrader Posted May 21, 2012 Share Posted May 21, 2012 I bought a lot of warrants when stock price was around 7.00$ last fast. So I'm gonna wait 'till stock goes to 6.00$.. Should'nt be a long wait if recent performance continue Link to comment Share on other sites More sharing options...
Parsad Posted May 21, 2012 Share Posted May 21, 2012 Here are his comments on BAC's investments. Because he tore this sucker apart, he knows the depth of problems everywhere within the business. Risk control has become paramount to BAC I believe. Cheers! http://www.reuters.com/article/2012/05/21/bankofamerica-idUSL1E8GLGB620120521?type=companyNews&feedType=RSS&feedName=companyNews&rpc=43 Link to comment Share on other sites More sharing options...
alertmeipp Posted May 22, 2012 Share Posted May 22, 2012 I bought a lot of warrants when stock price was around 7.00$ last fast. So I'm gonna wait 'till stock goes to 6.00$.. Should'nt be a long wait if recent performance continue I doubt the stock will do another 100% run in a Q. Link to comment Share on other sites More sharing options...
PlanMaestro Posted May 22, 2012 Share Posted May 22, 2012 Brian Moynihan Deutsche Bank Global Financial Services Conference. http://www.media-server.com/m/p/c93im6h2 Very good job, and if anyone can get a transcript there are interesting excerpts. Link to comment Share on other sites More sharing options...
bathtime Posted May 22, 2012 Share Posted May 22, 2012 Chart comparing securities portfolio composition of major banks. Visual illustration of risk control at BAC compared to JPM. http://static.cdn-seekingalpha.com/uploads/2012/5/288196_13376581756270_rId5.png I didn't understand financials enough to follow you all into BAC last year, looks like I have another opportunity now. Comprehending the balance sheet of financials is beyond me, but I may be able to take Francis Chou's "leap of faith." Link to comment Share on other sites More sharing options...
ERICOPOLY Posted May 22, 2012 Share Posted May 22, 2012 I wonder if "Project New BAC" cut the position of the guy who's job it is to put the presentations up on the Investor Relations website. Link to comment Share on other sites More sharing options...
nkp007 Posted May 22, 2012 Share Posted May 22, 2012 I wonder if "Project New BAC" cut the position of the guy who's job it is to put the presentations up on the Investor Relations website. That guy is integral. If they fire him, what's this all really been about? Link to comment Share on other sites More sharing options...
Kiltacular Posted May 22, 2012 Share Posted May 22, 2012 Eirc, Is this the presentation you want to see? http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol-eventDetails&EventId=4783486 Link to comment Share on other sites More sharing options...
Parsad Posted May 22, 2012 Share Posted May 22, 2012 Not sure how many have heard the webcast, but it's well worth listening to. Moynihan may not be as charismatic as Stumpf or Dimon, but he's definitely in the same category. He knows his numbers, he knows his company inside out and he knows the industry as well as anyone. Cheers! Link to comment Share on other sites More sharing options...
biaggio Posted May 22, 2012 Share Posted May 22, 2012 http://online.wsj.com/article/SB10001424052702304791704577418683576750086.html?mod=WSJ_business_LeftSecondHighlights "The trading blunders that have cost J.P. Morgan Chase & Co. at least $2 billion are shaping up as a boon for some of the bank's biggest rivals. A group of about a dozen banks, including Goldman Sachs Group Inc. and Bank of America Corp., have scored profits that collectively could total $500 million to $1 billion on trades that sometimes pit them directly against J.P. Morgan's Chief Investment Office, according to traders and people close to the matter." Link to comment Share on other sites More sharing options...
bmichaud Posted May 22, 2012 Share Posted May 22, 2012 BAC transcriptBAC_Corp_Presentation_May_2012.pdf Link to comment Share on other sites More sharing options...
dcollon Posted May 22, 2012 Share Posted May 22, 2012 Thanks for posting the transcript. The sound quality of the DB presentations was terrible. I tried to listen to JPM, BAC & RF and none of them sounded good. Link to comment Share on other sites More sharing options...
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