Tuesday, May 15, 2012
Wall Street Corner: "The Bathing Suit Rule"
Years ago I had the pleasure of training to be a securities broker on Wall Street, and trained in the heat of the summer in New York...It was memorable sitting on the steps of Wall street, across from the Starbucks, and reflecting that everybody was not there...they were at the beach...because it was just deserted..... With the summer coming prior to the Presidential Election, it foretells to be a hot, hot time....with a scarcity of retail activity...and I just am very thankful I am not a broker in this coming environment.... Hence...in our family there is a special rule..."The bathing suit rule" and every time my younger brother calls me with a special stock pick advice, I just say...but remember, Denis..."The bathing suit Rule"---wait till the temps get to 100 degrees and then buy something......
Posted by Richard Woulfe at 7:27 PM