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Source link: http://archive.mises.org/1115/the-old-gunfighters/

The Old Gunfighters

November 18, 2003 by

From the Prudent Bear:

Today’s fund managers and brokerage analysts have no fear of The Old Gunfighters and are bullish as can be. They have upgraded their homes, moving out of Lake Woebegone to the new gated development up the road, Lake Wowbeme.

They have no fear of old gunfighters or old market masters. Which maybe means that they have no respect for them either. But why do they disregard what the old masters are saying now? Do they have superior insights, better information, incredible computer programs that can’t fail?

I’m not sure, but I do know that Buffett doesn’t care if you buy stock in his company. Rogers doesn’t sell mutual funds, Soros isn’t sitting on high priced inventory that needs to be sold, and Templeton makes not a dime if you buy, sell or shake your head in disbelief.
Do not try to outdraw old gunfighters. Don’t try to buy stocks when the old market gunfighters and corporate insiders armed with intimate knowledge of their companies are selling in droves.

The bottom line here is why should one be purchasing equities when the masters are not?

Posted by Karen De Coster

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