Thread by @DougKass

@realmoney The Market is No Longer An Eating Sardine, It is A Trading Sardine
* The trader in me says the market has a slight upside bias after several recent successful tests
* But the fundamentalist in me says the market has alot of downside risk
* When in such a conflict

and conviction is blurry, I tend to trade (and make short term rentals) rather than invest for the longer term (and avoid positioning out into too far into the future)

"There is the old story about the market craze in sardine trading when the sardines disappeared from their

traditional waters in Monterey, California. The commodity traders bid them up and the price of a can of sardines soared. One day a buyer decided to treat himself to an expensive meal and actually opened a can and started eating. He immediately became ill and told the seller the

sardines were no good. The seller said, "You don't understand. These are not eating sardines, they are trading sardines."' - Seth Klarman
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