http://www.barrypopik.com/ Research on terms from the Big Apple, the Lone Star State, and the Sunshine State. en bapopik@aol.com Copyright 2008 2008-10-06T16:42:00-05:00 http://www.barrypopik.com/index.php/new_york_city/entry/crap_sandwich/ http://www.barrypopik.com/index.php/new_york_city/entry/crap_sandwich/#When:16:42:00Z A “crap sandwich” is something unpalatable that, for some reason or other, is being served up. The term became famous on September 28, 2008, when Congressman John Boehner (R-Ohio) called the $700 billion financial rescue bill a big “crap sandwich.” Tom Servo (a character on Mystery Science Theater 2000 on the New York City-based Comedy Central television network) had said in 1995: “Life is like a crap sandwich. The more bread you got, the less crap you gotta take!” Wikiquote: Mystery Science Theater 3000 Mystery Science Theater 3000 (1988–1999) is an American TV show that mocks bad movies by riffing on their strange characters, absurd settings, and silly plot twists, interspersing erudite cultural quips with schoolboy jokes and general zaniness. There are 198 episodes (movies), 60 shorts, and 4 specials in the MST3K canon. (...) “Life is like a crap sandwich! The more bread you got, the less crap you gotta take!” Wikipedia: Tom Servo Tom Servo is a fictional character from the American science fiction comedy television show Mystery Science Theater 3000 (MST3K) [1988-1999]. Tom is one of two wise-cracking, robotic main characters of the show, built by Joel Robinson to act as a companion and help stave off space madness as Joel was forced to watch low-quality films. (Ironically, Servo, along with the other bots, is actually made of the parts that would have otherwise allowed Joel to control the film.) At least during the Comedy Central era, he was somewhat more mature and cynical than his companion Crow T. Robot. Servo, more often than the others, signals the need to exit the theater to perform host segments, as he has to be carried in and out of the theater; an air grate near the entrance limits his ability to hover. Initially performed by J. Elvis Weinstein, Kevin Murphy took over puppetry and voice duties for Servo beginning with the second nationally-broadcast season. In the current online cartoon series, the voice of Tom Servo is provided by James Moore. Google Groups: rec.music.folk Newsgroups: rec.music.folk From: cwlock...@aol.com (CW Lockett) Date: 10 Mar 1995 20:22:22 -0500 Local: Fri, Mar 10 1995 8:22 pm Subject: Phil Ochs Biography (corrected from earlier mailing, long) A lot of talk was flung, rallies were a gas, but the same old crap just got reconstituted and piled back on the heaping crap sandwich which people with a genuine interest in furthering the cause of freedom and liberty without war and without groovy cliches either, were having to bite down upon.  Google Groups: talk.politics.misc Newsgroups: talk.politics.misc From: ag...@yfn.ysu.edu (Eric S. Ford) Date: 23 Mar 1995 14:00:58 GMT Local: Thurs, Mar 23 1995 9:00 am Subject: Corporate Welfare (???) “Life is a crap sandwich.  The more bread you have, the less crap you have to take.” - Tom Servo Google Books Families, Careers and Professionals: Building Constructive Conversations By Grainne Smith Hoboken, NJ: John Wiley and Sons 2007 Pg. 195: (Crap sandwich—negative between two positives.) Washington (DC) Post Your Comments On… The Myth of the Middle It is easy to blame Washington politicians for the country’s division, but the true source is nestled much closer to home. - By Alan Abramowitz and Bill Bishop (...) For example, you dont like spinach but the politicos want you to eat more spinach because the spinach lobby has been greasing their palms and pushing the everybody must eat spinach law. So the politicos frame the question as follows: which would you rather eat, a crap sandwich or a spinach sandwich? Given only two opinions, you will pick spinach, which you dont really like but it is better than eating crap. But everyone needs to remember, if you just step out of the framed questioned, there are lots of other types of sandwiches to eat, i.e., there are a lot of other solutions to be had than just the self-serving framing of the issues by the ruling class which is currently a bunch of anarchists seeking to negate the established jurisprudence of America, civil rights. By katman13 | Mar 1, 2007 8:05:53 AM Media Matters Fri, Aug 8, 2008 7:20pm ET Gibson’s guest host Krok called Obama a “steamy hot pile of crap wedged between two pieces of bread” On the August 7 edition of Fox News Radio’s The John Gibson Show, guest host Chris Krok described Sen. Barack Obama as “a stinky, hot, steamy crap sandwich,” a “steamy crap sandwich,” and a “stinking crap sandwich.” Referring to Obama, Krok said: This whole thing, you know what it is? It is Christmas morning and you wake up and there is a beautiful present beneath the tree. And it looks so beautiful it is awesome. It’s like you’re so excited and you’re so everything, you know, “Obama, Obama, Obama, Obama, Obama.” You’re cheering, you’re cheering, you’re cheering, “Obama, Obama, Obama.” And then you open up the present and you go, “Oooh, I can’t wait.” Your mouth is salivating, and watering, and you’re getting so—“Ooooh.” And you get the present, and you get your hands—“Oh yeah.” And you’re going to rip it up. You open it up, and then what is inside is a sandwich. And you get excited, “Oh, a sandwhich.” And you take a big bite of that sandwich. But what is it? What’s inside of that sandwich? It is a stinking—stinky, hot, steamy crap sandwich. It is a stinky, hot—it is a steaming, hot pile of crap wedged between two pieces of bread. That is what Barack Obama is. He is a steamy crap sandwich. He is a fraud. Krok later stated: “Let me tell you something Obama is that stinking crap sandwich. He is a fraud”: KROK: You’ve made up your mind and because you lost your job, you’ll be just like Obama, growing up African-American and biracial. And so you let that stuff take you—take the negativity, take you negative, and you go negative. And so you’re going to vote not for something, you’re voting against something. See, and you lost your job, so you’re going to vote against McCain. Not because—you’re not voting for Obama, you’re voting against McCain because something bad happened to you. Let me tell you something, Obama is that stinking crap sandwich. He is a fraud. Politico September 28, 2008 Categories: Miscellany Boehner calls bill a “crap sandwich”—but he’ll vote for it In a closed-door session with House Republicans, Minority Leader John A. Boehner just called the financial rescue deal a “crap sandwich” – then said he’ll vote for it when it comes to the floor Monday. House Republicans are the key to the bill’s passage – Speaker Nancy Pelosi said earlier today that it’s a “bipartisan” bill and will need “bipartisanship” to pass – and it now appears that a substantial number of them will put cast their votes in favor of it. According to a source in the room, the plan has so far won endorsements from Minority Whip Roy Blunt, who negotiated it on behalf of the House Republicans; Eric Cantor, the chief deputy whip; and Paul Ryan, a hard-core conservative from Wisconsin who may hold more sway with conservatives on this issue than any other member of the House. But like Boehner, Ryan wasn’t exactly happy about how things have unfolded. Referring to the situation facing the country – and not the bill itself – Ryan said, “This sucks.” New York City, Politics 2008-10-06T16:42:00-05:00 http://www.barrypopik.com/index.php/new_york_city/entry/cut_your_losses_and_let_your_profits_run/ http://www.barrypopik.com/index.php/new_york_city/entry/cut_your_losses_and_let_your_profits_run/#When:15:00:00Z "Cut your losses (short) and let your profits run” is an old Wall Street adage, cited in print from at least 1837. The proverb is frequently attributed to British economist David Ricardo (1772-1823). Wikipedia: David Ricardo David Ricardo (18 April 1772 – 11 September 1823) was an English political economist, often credited with systematizing economics, and was one of the most influential of the classical economists, along with Thomas Malthus and Adam Smith. He was also a member of Parliament, businessman, financier and speculator, and amassed a considerable fortune. Google Books The great metropolis, by the author of ‘Random Recollections of the Lords and Commons’. By James Grant 1837 Pg. 81: As I have mentioned the name of Mr. Ricardo, I may observe that he amassed his immense fortune by a scrupulous attention to what he called his own three golden rules, the observance of which he used to press on his private friends. These were, “Never refuse an option when you can get it,”—“Cut short your losses,”—“Let your profits run on.” By cutting short one’s losses, Mr. Ricardo meant that when a member had made a purchase of stock, and prices were falling, he ought to resell immediately. And by letting one’s profits run on he meant, that when a member possessed stock, and prices (Pg. 82—ed.) were rising, he ought not to sell until prices had reached their highest, and were beginning again to fall. These are, indeed, golden rules, and may be applied with advantage to innumerable other transactions than those connected with the Stock Exchange. 3 May 1876, Newport (RI) Daily News, “Rules for Farmers,” pg. 4, col. 1: You can thus have the satisfaction of knowing that you are carrrying out Ricardo’s two famous rules for acquiring wealth, namely: 1. Cut short your losses. 2. Let your profits run on. -- Country Gentleman. 20 July 1895, Stevens Point (WI) Daily Journal, pg. 3, col. 1: “‘Cut your losses, let your profits run’ is our old wheeze; but it’s no good being too hasty.” (From St. James’ Budget—ed.) Google Books The Story of the Stock Exchange: Its History and Position By Charles Duguid London: G. Richards 1901 Pg. 118: Their confidence in David Ricardo was justified by his early successes in business. To him is attributed the statement of the speculative formula, “ Cut your losses and let your profits run “ ; and it is said that he put his formula into practice. Google Books Cordingley’s Guide to the Stock Exchange: Being an Explanation of Every Mode of Speculating in Stocks and Shares, and Illustrating the Manner in which Transactions are Carried Out By William George Cordingley Published by E. Wilson 1901 Pg. 84: A maxim of one of our successful speculators was, “Cut your losses, but let your profits run.” 10 February 1901, New York (NY) Times, pg. 14, col. 6: “Just the reason,” Mr. Cammack replied, “why you should play the market on the bear side: you’d take your profits and cut your losses short.” Google Books The A B C of Stock Speculation By Samuel Armstrong Nelson New York, NY: S.A. Nelson 1903 Pg. 48: The maxim “let your profits run, but cut your losses short” has received the approval of most of the great stock operators. The authorship of the maxim has been credited to a dozen people, and most of them would have been willing to father it, although the great fortunes in stocks have not usually been made by people who give stop orders. Google Books February 1910, The Ticker and Investment Digest, pg. 173: You cut your losses short and let your profits run. 14 August 1913, New York (NY) Times, “Topics in Wall Street,” pg. 10: The more experience a speculator has had in Wall Street the more ready he is, as a rule, to accept a loss. “Cut your losses and let your profits run” is a Street proverb that is always cited to beginners, but which is only accepted by them in respect to letting their profits run. Google Books Investment and Speculation: A Description of the Modern Money Market and Analysis of the Factors Determining the Value of Securities By Thomas Conway and Albert William Atwood New York, NY: Alexander Hamilton Institute 1914 Pg. 124: The maxim “Cut your losses — let your profits run” is as old as speculation itself, but probably not one per cent of speculators have the courage to follow it. 30 September 1916, Winnipeg Free Press, pg. 23, col. 4: Cut your losses and let your profits run is a pretty good working axiom. 17 November 1929, New York (NY) Times, “Topics in Wall Street,” pg. N8: A Test of Wall Street Maxims. The events of the past three weeks have made havoc with numerous old Stock Exchange adages. One of the best-known maxims of Wall Street commission houses, both before the war and in the subsequent period, was “Cut your losses and let your profits run.” The advice went wrong both ways in the recent readjustment. The people who let their profits run to the limit were conspicuous in the agitated group which has been throwing over “distress stock” this month. The people who undertook to cut their losses, by fixing a sufficiently distant “stop order,” repeatedly found their stock sold “at the market” when prices were engaged in a perpendicular decline, thereby involving sale on disastrous terms. One other old Wall Street adage, which in some ways (but not in others) seems to apply to recent experience, is the remakr of an old-time commission broker that “customers will forgive their broker a thousand times for getting them into a deal in which they lost money, but they will never forgive him for keeping them out of a deal in which they might have made it.” Google Books The Works and Correspondence of David Ricardo: Biographical Miscellany By David Ricardo edited by Piero Sraffa and Maurice Herbert Dobb Published by Cambridge University Press 1955 Pg. 73: There is a tradition that Ricardo’s successful dealings rested upon a scrupulous attention to what he called his “golden rules”, namely; “Cut short your losses” and “Let your profits run on”.* *The wording above is quoted from J. Grant’s The Great metropolis, London, 1837, Second Series, vol. II, p. 81. Later writers often repeated them in varying forms, e.g. C. Duguid, The Story of the Stock Exchange, London, 1901, p. 118. Grant also mentions a third rule, “Never refuse an option when you can get it”. This has not been taken up by later writers; it is obviously incomplete, and indeed does not make sense in the absence of any reference to the price of the option. New York City, Banking/Finance/Insurance 2008-10-06T15:00:00-05:00 http://www.barrypopik.com/index.php/new_york_city/entry/bulls_and_bears_make_money_but_pigs_get_slaughtered_wall_street_adage/ http://www.barrypopik.com/index.php/new_york_city/entry/bulls_and_bears_make_money_but_pigs_get_slaughtered_wall_street_adage/#When:08:22:00Z An old Wall Street saying has it that the bulls can make money and the bears can make money, but the pigs (hogs) always lose. A “pig” or “hog” is someone who wants to make a “killing” in the market—only to get “slaughtered” himself or herself. The Wall Street adage dates to at least 1905. 24 September 1905, New York (NY) Times, “Topics in Wall Street,” pg. 16: Instead of reproaching himself he said: “I have seen bears make money down here, and I have seen bulls make money, but I have never known a hog to make any.” 18 September 1923, Indianapolis (IN) Star pg. 16, col. 3: BULLS MAY MAKE MONEY BEARS MAY MAKE MONEY BUT HOGS ALWAYS LOSE (...) It is a common saying in Wall street that the bulls make money, the bears make money, but the hogs always lose. The hog is the man who tries to get rich quick. A mere 10 per cent or so will not satisfy him. He will always say, “I can’t make any money unless I buy stock on margin because I haven’t enough money to get anywhere.” Consequently he buys too much and has to trade extensively on margin. Sooner or later he is caught and can not pay out. he suffers a large loss and another hog is slaughtered. Why add the risk of margin trading to an already dangerous business? Google Books No Royal Road By Edgar A. Custer Published by H. C. Kinsey & Company, Inc. 1937 Pg. 236: “Bears make money sometimes, and bulls make money sometimes but hogs never do.” Google Books The Golden Touch By Stephen Longstreet New York, NY: Random House 1941 Pg. 85: “You know the old Wall Street saying: ‘Sometimes the bulls make money and sometimes the bears. But the pigs— never!’” Google Books Money of Their Own: The Great Counterfeiters By Murray Teigh Bloom New York, NY: Scribner 1957 Pg. 84: Bears make money, bulls make money, but hogs never make money, goes the broker’s old anthropomorphic refrain. Google Books The Wall St. Thesaurus By Paul Sarnoff New York, NY: I. Obolensky 1963 Pg. 95: One of the most popular Wall St. cliches is: “The bulls make money; the bears make money; the hogs lose.” Time magazine Will the Big Board Leave the Big Town? Friday, Mar. 25, 1966 “Bulls make money, bears make money, but pigs never do,” goes an old Wall Street saying.  Google Books The Bernie Cornfeld Story By Bert Cantor New York, NY: Lyle Stuart, Inc. 1970 Pg. 287: “Remember one thing,” he would conclude: “Bulls make money in the market — Bears make money in the market — but Pigs never make money in the market.” Google News Archive 8 August 1975, St Petersburg (FL) Times, pg. 3, col. 5: Stone said, “There’s an old saying in the stock market: Bulls make money. Bears make money. Pigs get slaughtered.” Google Books Maxwell Street: Survival in a Bazaar By Ira Berkow Garden City, NY: Doubleday 1977 Pg. 218: There is a favorite saying in the stock market: Bulls make money, bears make money, but pigs never make money. Google Books The Book of Incomes By Gerald Krefetz and Philip Gittelman Published by Holt, Rinehart, and Winston 1981 Pg. 122: “Bulls make money, bears make money, but pigs get slaughtered” is an old Wall Street saying. 27 August 1984, Syracuse (NY) Herald-Journal, pg. D2, col. 4: There are few old stock market sayings that are as true as the one that says, “Bulls make money and bears make money, but pigs get slaughtered.” Google Books Managing Your Rental House for Increased Income By Doreen Bierbrier Published by Bantam Books 1986 Pg. 79: There is a saying in the stock market that “Bears make money (bear markets), bulls make money (bull markets), and pigs get slaughtered.” 1 March 1990, Rocky Mountain News (Denver, CO): Another executive puts it this way: ‘’Bulls make money. Bears make money. Hogs get slaughtered.” Google Books Trading for a Living: Psychology, Trading Tactics, Money Management By Alexander Elder Hoboken, NJ: John Wiley and Sons 1993 Pg. 43: Traders say: “Bulls make money, bears make money, but hogs get slaughtered.” Amazon.com Bulls Make Money, Bears Make Money, Pigs Get Slaughtered: Wall Street Truisms that Stand the Test of Time (Hardcover) by Anthony M. Gallea (Author) Hardcover: 288 pages Publisher: Prentice Hall Press; 1st edition (January 15, 2002) New York City, Banking/Finance/Insurance 2008-10-06T08:22:00-05:00 http://www.barrypopik.com/index.php/new_york_city/entry/never_fall_in_love_with_a_stock_wall_street_adage/ http://www.barrypopik.com/index.php/new_york_city/entry/never_fall_in_love_with_a_stock_wall_street_adage/#When:03:06:00Z Investors often fall in love with stocks that increase in value or pay good dividends. “Never fall in love with a stock” is a Wall Street adage cited in print from at least the 1950s. When a stock ceases to perform well, investors must be quick to fall out of “love” and to sell the stock. 7 August 1953, Oakland (CA) Tribune, “Women ‘Just Not Smart’ as Investors” by Dorothy Roe (AP Women’s Editor), pg. 9, col. 5: 2—Don’t fall in love with a stock. If it lets you down, get rid of it. No wise investor ever puts his securities away and forgets about them. Intelligent investing involves a knowledge of when to sell as well as when to buy. 21 June 1960, Logansport (IN) Pharos-Tribune, pg. 4, col. 6: (By dancer Nicolas Darvas, author of “How I Made $2,000,000 in the Stock Market”—published by the American Research Council.) (...) I knew I must not fall in love with any stock when it rose or get angry when it fell...There are no such animals as good or bad stocks; there are only rising and falling stocks and I should hold the rising ones and sell those that fell. 16 April 1973, Greeley (MO) Tribune, “Trading rules offered” by Judith O. Rhoades, pg. A32, col. 5:  No. 1, approach the situation without emotion. In other words, do not fall in love with a stock. Google Books Investment Analysis & Management By Seww-Hock Saw and Choo Peng Lim Published by Longman Singapore Publishers, 1990 Pg. 64: Knowledgeable brokers teach their clients not to fall in love with a stock per se but to understand that changing one piece of paper for another may provide ... Google Books Beating the Street: The Best-selling Author of One Up on Wall Street Shows You how to Pick Winning Stocks and Develop a Strategy for Mutual Funds By Peter Lynch New York, NY: Simon and Schuster 1994 Pg. 32: Never fall in love with a stock; always have an open mind. Google Groups: misc.invest.stocks Newsgroups: misc.invest.stocks From: “Gary Shannon” Date: 1999/12/04 Subject: Re: Best of both worlds They say you should never fall in love with a stock.  Well, I’m in love with all my stocks.  I’m familiar and comfortable with them.  They’ve made money for me and I understand their personalities.  They are my friends, my buddies.  That’s how close I need to feel to a stock before I’ll trade it. If you’re feeling grumpy you might put on a smile and fool a stranger, but your phoney smile will never fool a close friend.  And when one of my stocks is feeling frisky, or feeling grumpy, it can’t fool me either.  I know them too well. Google Books What’s Your Net Worth: Click Your Way To Wealth By Jennifer Openshaw New York, NY: Basic Books 2002 Pg. 143: Remember the Wall Street adage: never fall in love with a stock. Access My Library Don’t Fall In Love With A Stock. Publication: Investor’s Business Daily Publication Date: 14-MAY-02 Byline: CHRISTINA WISE Investor Psychology: Third In A Series Falling in love can be wonderful. There’s an extra bounce in your step, the sky seems a little more blue, the air a little more sweet. But if the object of your affection is a stock, you’re in for heartbreak sooner or later. It’s easy to grow attached to a stock, particularly one that’s made… Google Books Buy the Rumor, Sell the Fact: 85 Maxims of Wall Street and What They Really Mean By Michael Maiello Published by McGraw-Hill Professional 2004 Pg. 95: Never Fall in Love with Horses or Stocks Google Finance: Discussions for Apple Inc. Lesson learned : Never ever fall in love with a stock From:  donutfor...@gmail.com - view profile Date:  Wed, Jan 23 2008 1:02 pm Email:  donutfor...@gmail.com Enough said. FlayJot 4 Things People Forget About Owning Stocks. By FlayJot ⋅ September 17, 2008 (...) Stocks are Unemotional. The stock you own will act of its own accord, without concern for your feelings about the stock or underlying company.  The market doesn’t care about you, and you should keep this in mind when an investment becomes unfit for your portfolio.  Take heed of an old saying; “Never fall in love with a stock.” New York City, Banking/Finance/Insurance 2008-10-06T03:06:00-05:00 http://www.barrypopik.com/index.php/new_york_city/entry/scared_money_never_wins_wall_street_adage/ http://www.barrypopik.com/index.php/new_york_city/entry/scared_money_never_wins_wall_street_adage/#When:23:28:01Z "Scared money never wins” is a gambler’s adage that was used un New York City in the 1940s and 1950s. The adage has been used in poker, horseracing and (perhaps inevitably) Wall Street. Answers.com Poker Guide: Scared Money This is the money a player brings to a poker game that they are afraid to lose. SoundPoker Says: The reason for this is often because that player cannot afford to lose any more money. A common saying found in cardrooms is “Scared money never wins”. 4 August 1950, Uniontown (PA) Morning Herald, “Little Old New York” by Ed Sullivan, pg. 4, col. 7: There is an old and true gambling adage that “scared money never wins.” 20 February 1951, Syracuse (NY) Post-Standard, “Psychologist Declares Poetry May Help Even Crapsshooter,” pg. 1, col. 2: Some of Dr. Thouless’ experiments appear to bear out old gambling beliefs. One of these is, “Scared money never wins.” Thouless says, “Too strong motiviation tends to result in too much effort and failure results...Effortless intention to succeed seems to me to be the ideal attitude.” 13 February 1957, Syracuse (NY) herald-Journal, Walter Winchell column, pg. 39, col. 4: BROADWAY ROULETTE: (...) As they say at the racetracks and other gaming places: Scared Money Never Wins. Google Books The Modern United States Army By Forrest K. Kleinman and Robert S. Horowitz Published by Van Nostrand 1964 Pg. 195: ... factor in human conflict as evidenced by such common sayings as, “He was licked before he started,” and the gambler’s maxim, “Scared money never wins.” Penn State Collegian (February 25, 1969) “I told them about the old gambling saying ‘Scared money never wins,’” Klima said after the meet. Sports Illustrated April 22, 1985 Back In A Blaze Of Glory Destroyed by fire, New Jersey’s Garden State Park has been lavishly rebuilt by bustling Robert Brennan William Leggett (...) For his part, Brennan professes to be afraid of nothing, even though reopening Garden State is a gamble. As Brennan often says, “Scared money never wins.” Google Books How to Be Your Own Stockbroker By Charles Schwab Published by Dell Publishing 1986 Pg. 213: Here, the Investment Sage borrows a word of advice from the professional gambler: “Scared money never wins.” Google Groups: alt.sport.horse-racing-systems Newsgroups: alt.sport.horse-racing.systems From: john...@hotmail.com (Zuke) Date: 1998/11/06 Subject: Re: Juke HELP!!!! Remember scared money never wins anything. Google Books Scared Money Never Wins By Julia Wendell Published by Finishing Line Press 2004 New York City, Banking/Finance/Insurance 2008-10-05T23:28:01-05:00 http://www.barrypopik.com/index.php/new_york_city/entry/you_make_your_money_in_stocks_you_keep_it_in_bonds_wall_street_adage/ http://www.barrypopik.com/index.php/new_york_city/entry/you_make_your_money_in_stocks_you_keep_it_in_bonds_wall_street_adage/#When:20:53:00Z The stock market is often viewed to be riskier than the bond market. “You make your money in stocks, you keep in in bonds” is said to be an old Wall Street adage, but print citations appear in the early 2000s. MarketWatch ‘Secret code’ of superior investors Your path to a $1 million retirement By Paul B. Farrell, CBS.MarketWatch.com Last update: 12:05 a.m. EST Jan. 28, 2002 (...) Long term, stocks are less risky than bonds This reminds me of an old Wall Street adage: You make your money in stocks, you keep it in bonds. Yes, stocks are more risky short-term, thanks to volatility. Long run, however, stocks are less risky, and returns are higher. Plus funds add even more protection, long-term or short. Google Books Naked Guide to Bonds: What You Need to Know—Stripped Down to the Bare Essentials By Michael V. Brandes Hoboken, NJ: John Wiley and Sons 2003 Make your money in stocks. Keep your money in bonds. Old investment adage Google Books You Can Never Be Too Rich: Essential Investing Advice You Cannot Afford to Overlook By Alan Haft Hoboken, NJ: John Wiley and Sons 2007 Pg. 114: As the old saying goes, “You make your money in stocks and you keep it in bonds.” MarketWatch ‘Lazy portfolios’ win again, beat S&P 500! And ‘lazy’ win streak likely to extend into ‘07 for a fifth year By Paul B. Farrell, MarketWatch Last update: 7:47 p.m. EST Jan. 16, 2007 ARROYO GRANDE, Calif. (MarketWatch)—No fifth year in the bull run? That was last week’s red flag. So how do you protect yourself? Let’s begin with that good old Wall Street adage: “You make your money in stocks, you keep it in bonds.” Here’s the modern version: “You make money in stocks, you keep it in a lazy portfolio!” Google Groups: misc.invest.financial-plan Newsgroups: misc.invest.financial-plan From: p...@his.com (Paul Michael Brown) Date: Sat, 7 Jul 2007 14:27:40 -0500 Local: Sat, Jul 7 2007 2:27 pm Subject: Re: need portfolio advice As they say on the Street, you make money in stocks, but you keep it in bonds.  New York City, Banking/Finance/Insurance 2008-10-05T20:53:00-05:00 http://www.barrypopik.com/index.php/new_york_city/entry/in_a_bear_market_money_returns_to_its_rightful_owners_wall_street_proverb/ http://www.barrypopik.com/index.php/new_york_city/entry/in_a_bear_market_money_returns_to_its_rightful_owners_wall_street_proverb/#When:09:33:00Z In a bear market (a recession or a depression), many investors lose money. A Wall Street proverb is: “In a bear market, money returns to its rightful owner(s).” The adage is cited in print from at least 1994 and is of unknown origin. Google Groups: misc.invest.stocks Newsgroups: misc.invest.stocks From: JIM O’REILLY Date: Sat, 9 Jul 94 00:28:50 -0500 Local: Sat, Jul 9 1994 12:28 am Subject: Re: Unwitting believers in the Efficient Market and Random Walk They say that in a depression money returns to its rightful owners. Google Groups: soc.culture.sri.lanka Newsgroups: soc.culture.sri-lanka From: Umberto Gui Date: 1996/11/13 Subject: Re: Tamil Vellala Catholic men behaving Badly At times of inflation and economic booms everyone thinks they are moving up and social movement is taking place. But have you read Terry Smith’s Accounting for Growth. Page 3 Definition of a recession: A Time when money is returned to its rightful owners. Google Groups: uk.politics.misc Newsgroups: uk.politics.misc From: abel...@abelard.demon.co.uk (abelard) Date: 1997/01/29 Subject: Re: National debt (was Re: RIGHT to SILENCE) another def. of a recession is… when money returns to its rightful owners… 12 October 1998, Richmond (VA) Post-Dispatch: Guy Chance, director of marketing strategy at Scott & Stringfellow Inc., recalled an old Wall Street maxim during a recent selling spree: “This is when money returns to its rightful owners.” Google Books Boob Jubilee: The Cultural Politics of the New Economy By Thomas Frank and David Mulcahey Published by W. W. Norton & Company 2003 Pg. 267: As they say on the Street, it’s during bear markets that money returns to its rightful owners. Rosenbergspeaks Monday, September 3, 2007 in a bear market, the money returns to its rightful owners. — Facebook | Josh Freeland GV Financial letter (April 2008) Legendary. financier Bernard Baruch is often credited with having said, “In a bear market, money returns to. its rightful owner.” New York City, Banking/Finance/Insurance 2008-10-05T09:33:00-05:00 http://www.barrypopik.com/index.php/new_york_city/entry/if_youre_going_to_panic_panic_early_wall_street_proverb/ http://www.barrypopik.com/index.php/new_york_city/entry/if_youre_going_to_panic_panic_early_wall_street_proverb/#When:09:03:02Z "If you’re going to panic, panic early!” is a Wall Street proverb that’s cited in print from at least 2000. It means that one should be the first to sell (and get the highest price) rather than the last to sell (and get the lowest price). The proverb doesn’t always work—one could sell and then see the price rise rather than fall. Google Books Meltdown: Asia’s Boom, Bust, and Beyond By Mark Clifford and Pete Engardio Published by Prentice Hall 2000 Pg. 253: Fund manager Gary Greenberg learned one priceless lesson from the Asia crisis: “If you’re going to panic — panic early!” Google Books Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets By Steven Drobny Hoboken, NJ: John Wiley and Sons 2006 Pg. 132: That’s the other dictum, by the way, that I’ve learned or that I pass on: If you’re going to panic in markets, panic early. Panicking late is a recipe for disaster. The Motley Fool How to Panic Well By John Rosevear August 29, 2007 A quick search for the word “panic” on one of my favorite financial news sites turns up almost 700 hits, many of them recent. “Avoid the Panic Room,” “Panic in the Crude Pits,” and “Positioning Yourself in the Current Market Panic” are just three of many recent articles that ran on this particular site. Search engines confirm that “panic” is a consistent theme across the major financial media at the moment, with thousands of recent hits. Now, personally I’m inclined to think that Rule No. 1 of long-term investing is “don’t panic, ever.” As I’ve written in the past, following the herd—especially when it panics and stampedes—can lead to big losses during times of market turbulence that aren’t directly related to your investments’ fundamentals. (...) Time your panic carefully. There’s an old Wall Street saying: If you’re going to panic, panic early. Like a lot of Wall Street sayings, it’s often nonsense. Coyote Blog The first rule of bank panics is: “If you’re going to panic, panic early” Posted by: Climateer | Sep 12, 2008 4:51:51 PM New York City, Banking/Finance/Insurance 2008-10-05T09:03:02-05:00 http://www.barrypopik.com/index.php/new_york_city/entry/fear_and_greed_move_markets_wall_street_proverb/ http://www.barrypopik.com/index.php/new_york_city/entry/fear_and_greed_move_markets_wall_street_proverb/#When:06:43:00Z It’s often said that Wall Street has only two emotions—fear and greed. Fear creates panic selling and drives markets down. Greed creates buying frenzies and drives markets up. The proverb “Fear and greed move markets” (or “Greed and fear move markets") is cited in print since only about 2000. Who coined the “fear and greed” proverb? The bestselling book The Money Game (1968) by “Adam Smith” declared that “the strongest emotions in the marketplace are greed and fear.” In Harpers Magazine, May 1971, an unnamed New York broker said: “Downtown, there are two emotions: fear and greed. The rest is bullshit.” Many books and articles, however, credit Manhattan broker William M. LeFevre, who was quoted in Time magazine of May 1, 1978 saying: “There are only two emotions in Wall Street: fear and greed.” Google Books The Money Game By “Adam Smith” (George J. W. Goodman) New York, NY: Random House 1968 Pp. 78-79: The strongest emotions in the marketplace are greed and fear. 8 September 1968, Florence (SC) Morning News, “The Stock Game: What Makes Stock market Fluctuate?” by Phil Thomas (AP Business Writer), pg. 6A, cols. 6-7: Joseph F. Dorsey, president of Argus Research Corp., has a theory that fear and greed play an active role in stock fluctuations. “Extreme tops are caused by greed and extreme bottoms are caused by fear,” he said. “In between the market reflects the expected earnings outlook and the expected business outlook. These are the long-term trends.” The partner in the private investment firms has a mental fear-greed scale he uses to gauge the market. “It’s on a scale of 1 to 10,” he said, “with fear at 1 and greed at 10. This gives you a crisis at each end and in between you try to make a living. “Fear is a flight to the dollar. People see the market start to go down and they get afraid that they aren’t going to lose just a little bit of the money they have invested but all of it. They cash in and that’s why the market has a big drop. “Greed is a flight away from the dollar. People want to avoid inflation so they invest in the market. Prices start to rise and they get greedy. They pay more for stock than they should, assuming someone’s going to pay them more for it than they laid out.” “Adam Smith” in his recent book, “The Money Game”, describes greed and fear as “the strongest emotions in the marketplace.” “In rising markets, you can almost feel the greed tide begin. Usually it takes from six months to a year after the last market bottom to get started. The greedy itch begins when you see stocks move that you don’t own. Then friends of yours have a stock that has doubled; or, if you have one that has doubled, they have one that has tripled. This is what produces bull market tops. obviously no one rationally would want to buy at the top, an yet enough people do to produce a top. How do they manage it? It must be that element of contagion...the unwillingness to be out of step.” “The same thing happens in reverse. No matter what role the investor has started with, in a climax on one side or the other, the role melts into the crowd role of greed or fear.” Google Books Superpower: A Portrait of America in the 1970’s By Robert Hargreaves New York, NY: St. Martin’s Press 1973 Pg. 117: “Downtown, there are two emotions: fear and greed. The rest is bullshit.” New York broker, quoted in Harpers Magazine, May 1971 Time magazine The Wildest Week for Stocks Monday, May. 01, 1978 “There are only two emotions in Wall Street: fear and greed. For most of 1977, we had an excess of fear. The last few days, greed has come back with a vengeance.” —William M. LeFevre, vice president of Granger & Co., Manhattan brokers Google Groups: comp.sys.novell Newsgroups: comp.sys.novell From: fred.pu...@his.com (Fred Puhan) Date: Tue, 21 Dec 1993 22:46:30 Local: Tues, Dec 21 1993 10:46 pm Subject: OPEN LETTER TO RAY NOORDA - From anther user Stockholders are constantly monitoring a company’s stock performance; “there are only two emotions on Wall Street—fear and greed.” Google Groups: rec.humor Newsgroups: rec.humor From: jmcl...@cymbal.aix.calpoly.edu (Joseph Douglas McLain) Date: 1995/07/31 Subject: Call for One-Liners There are only two emotions on Wall Street:  Fear and greed. Google Groups: alt.astrology Newsgroups: alt.astrology From: Saskia Bosman Date: 1997/03/11 Subject: The Stars Send You Abundance These days, more and more people are getting aware that Stock-Exchanges like Wall Street operate by the same principles as the old chainletters and pyramid games. They operate by only two simple principles: greed and fear. Greed: prices go up, fear: prices go down. When greed rules the messages of the chain of newspapers, radio, t.v., mouth on mouth, internet, etc. is join, join, join, and prices go up. When fear rules the message of this chain of letters, press, etc is go, go, go now! Google Groups: alt.religion.eckankar Newsgroups: alt.religion.eckankar From: Rich Date: 2000/04/18 Subject: Time for Yoda Greed and fear move markets. Long-term investors know that we don’t manage money. We manage ourselves. We manage greed fear pride and hope, we manage our sense of self-importance. Money is a blank screen onto which we project the contents of our souls. Then we treat those projections as if something other than ourselves is out there. Forbes.com Thoughts On The Business Of Life Lydia Forbes, 07.24.00 (...) There are only two emotions in Wall Street—fear and greed.—WILLIAM M. LEFEVRE 5 March 2001, Denver (CO) Post, “‘Money’ worth a look” by Joanne Ostrow (TV/Radio), pg. E3: Apparently there’s an old joke in the business world: “There are only two emotions on Wall Street, fear and greed.” Google Books Survival of the Savvy: High-Integrity Political Tactics for Career and Company Success By Rick Brandon and Marty Seldman New York, NY: Simon and Schuster 2004 Pg. 215: A Wall Street maxim is “Fear and greed move markets.” Google Books Islands in the Clickstream: Reflections on Life in a Virtual World By Richard Thieme Published by Syngress 2004 Pg. 62: Greed and fear move markets. Long-term investors know that we don’t manage money. We manage ourselves. We manage greed, fear, pride, and hope. Google Books The Practical Guide to Managing Nonprofit Assets By William A. Schneider, Robert A. DiMeo, Michael S. Benoit & Associates Hoboken, NJ: John Wiley and Sons 2005 Pg. 207: Every Wall Street trader knows that “fear and greed move markets.” This stark reality, that human emotions are a major driver of the global financial markets, flies in the face of the “rational investor” assumptions rooted deep in Modern Portfolio Theory and the Efficient Market Hypothesis. The Big Picture A Better Sentiment Measure: DrKW’s Fear & Greed Index Monday, February 13, 2006 | 05:45 AM Small World:  On Saturday, I mentioned problems with Citibank’s Panic/Euphoria sentiment measure. Then, I discussed the work of James Montier of Dresdner Kleinwort Wasserstein (DrKW) yesterday, (Seven Sins of Fund Management). This was the first time I ever mentioned him. By coincidence, I read about a Fear/Greed indicator last night from the very same James Montier in Thoughts from the Frontline (which coincidentally references my earlier discussion of Northern Trust’s Paul Kasriel).  How’s that for convoluted circles? The Big Picture Fear & Greed Index Tuesday, October 09, 2007 | 11:30 AM James Montier’s was the Global Equity Strategist of Dresdner Kleinwort Wasserstein. (He will retains the same title of global equity strategist at Societe Generale) He developed a “Fear & Greed Index.” He describes F&G as “a risk adjusted price momentum measure between global equities and global bonds. In the past it has served as a powerful contrarian indicator at a 12 month time horizon.” Forbes.com Time For Truth Robert L. Dilenschneider 09.28.08, 12:48 PM ET (...) Set aside the old Wall Street paradigms about how to make money: fear and greed. Less greed and less fear will result in less uncertainty and more stability in the markets. That will begin to restore trust in the system. Stock Traders Daily Fear & Greed: The Premise for Capitulation & Overreaction October 1, 2008 Fear and Greed are regularly embraced and exploited by professional traders.  At no time has this been more evident than in early September, 2008.  Professional traders, hedge fund managers, and specifically short sellers exploited the fear in the Market, and combined with seasonally low volume they were able to compound the result in their favor. New York City, Banking/Finance/Insurance 2008-10-04T06:43:00-05:00 http://www.barrypopik.com/index.php/new_york_city/entry/when_the_ducks_quack_feed_them_wall_street_proverb/ http://www.barrypopik.com/index.php/new_york_city/entry/when_the_ducks_quack_feed_them_wall_street_proverb/#When:04:41:00Z Wall Street is in business to make money; when investors want to buy something (such as an initial public offering), that something is offered for sale. It doesn’t make any difference if Wall Street knows in its heart of hearts that that something (such as an IPO) is overpriced. “When the ducks quack, feed them” is a Wall Street proverb cited in print from at least 1991. The adage became especially popular with internet IPOs in the 1990s. May 1991, Financial Executive, “Where can the middle market find capital?” by Nancy J. Huggins: In other words, “When the ducks quack, feed them,” as the head of First Boston’s equity desk is fond of saying. Google Groups: misc.invest.stocks Newsgroups: misc.invest.stocks From: threb...@ac.usfca.edu (Threadgill) Date: 1995/08/06 Subject: Re: NETSCAPE FAQ (frequently asked questions) Remember the restaruant stock IPOs 2 years ago? “When the ducks quack, feed’em” Google Groups: misc.invest Newsgroups: misc.invest From: Date: 1996/06/14 Subject: Market Astrology ? Judging the success rate of Wall St.’s Professional Analysts, why not Astrology instead of say, darts! What’s the old Street saying “don’t mistake a bull market for brains!” Hey, have fun. Make a couple of million off the suckers. Many of my fellow brokers do it every day. Another Street saying “When the ducks quack, feed them.” Usually followed by a large dose of not even marginal IPO’s. Forbes.com The buyback monster Matthew Schifrin and Stephen S. Johnson, 11.17.97 HISTORICALLY, when stocks are high, corporations sell stock to the public. Its the old When the ducks quack, feed em syndrome. Google Books The Psychology of Investing By Lawrence E. Lifson and Richard A. Geist Hoboken, NJ: John Wiley and Sons 1999 Pg. 76: Alas, Wall Street knows this too well and responds in its own special way. It says, “When the ducks quack, feed ‘em.” Google Books The Global-Investor Book of Investing Rules: Invaluable Advice from 150 Master Investors By Philip Jenks and Stephen Eckett Published by FT Press 2002 Pg. 65: “When the ducks quack, feed them.” This is an old Wall Street adage relating to initial public offerings. Google Books 500 of the Most Witty, Acerbic and Erudite Things Ever Said About Money edited by Philip Jenks Published by Harriman House Limited 2002 Pg. 23: “When the ducks quack, feed them” (trad. Wall St. saying) Google Books Roadmap to Entrepreneurial Success: Powerful Strategies for Building a High-Profit Business By Robert W. Price Published by AMACOM Div American Mgmt Assn 2004 Pg. 47: The old line with investment bankers on Wall Street is, “When the ducks quack, you feed them.” Washington (DC) Post Treasury Shouldn’t Duck Longer Bonds By Allan Sloan Tuesday, March 14, 2006; Page D02 One of the rules of Wall Street is, “When the ducks quack, feed them.” In other words, give the customers what they want. If technology stocks are hot, you sell people technology mutual funds. If investors fall in love with biotechnology, you sell as many initial public offerings of biotech firms as you can manage. This generally doesn’t work out terribly well for the buyers—but it’s great for the sellers. Denver (CO) Business Journal Friday, January 25, 2008 Personal Finance Street yields to ‘when ducks quack, you feed them’ by Richard Todd Special to the Business Journal Interest rates have decreased dramatically through the years, and interest-rate spreads between high-grade and low-grade instruments have narrowed significantly. Investors—both institutions and individuals—have clamored for more yield, and Wall Street obliged. After all, the old adage, “When the ducks quack, you feed them,” has been the Wall Street rallying cry for years. New York City, Banking/Finance/Insurance 2008-10-04T04:41:00-05:00