by Michael Krieger, Liberty Blitzkreig
The thing that I disdain more than anything else with regard to the government bureaucrats and Central Planners, is the inexplicable and unjustified confidence they have in their abilities. As much as I bash Wall Street, I would rather have a good investor (not a crony, government welfare baby investor like Warren Buffett, but a legitimate one), in a leadership position rather than the lifetime academics and politicians (lawyers) that are running things today. Why? Because anyone that has worked in the real world of investing has made so many mistakes it is impossible to count. I want to make clear that none of this applies to the TBTF banks, which absolutely couldn’t make a dime without government handouts and bailouts, or the buy-side firms that are in bed with the government (you know who you are), but legitimate “eat what you kill” investors and traders that have no help and must be right more than wrong to survive. These folks are consistently humbled, week after week and year after year by the market and forces beyond their control. They are constantly reminded that failure is just around the corner. In many cases, folks do fail and then they have to pick themselves up off the ground, shake away the dirt and fight to win another day. This of course doesn’t merely apply to investors and traders, but to all those out there in the private workforce trying to create a new business, climb the ladder from line cook to store manager at McDonalds or Wal-Mart, or those spending hours upon hours in a garage or lab trying to discover the next game changing invention.
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