You had one set of facts that you wanted to stick to, even as that narrative has changed for the worse or for the better. Yesterday the facts changed for American Express and the stock roared 9 higher today, helping to prop up the Dow Jones Industrial average. Dow ultimately dippingc 40 points. S p declining 0. 14 , nasdaq slipping 0. 09 . Ill have more to say about the debates impact on the market later in the show. For now, i want to talk about how stock picking is the opposite of politics. If you change your mind in politics, you get eviscerated. But if you dont periodically change your mind in the stock market, your fort folio gets eviscerated. Im hardly the person to point out this need for flexibility. Keynes asked why he flipflopped on a issue allegedly responded, when the facts change, i change my mind. What do you do, sir . I say allegedly because the story is aprosthetic riffle. American express had been a serial guide downer, almost every quarter produced a disappointment.
Roared 9 higher today, helping to prop up the Dow Jones Industrial average although not enough to keep it in the black. The dow ultimately dipping 40 points, s p declining 0. 14 , nasdaq slipping 0. 09 partially because of the rancor of last nights debate. Ill have more to say about the debates impact on the market later in the show. For now, i want to talk about how stock picking is the opposite of politics. If you change your mind in politics, you get eviscerated. But if you dont periodically change your mind in the stock market, your portfolio gets eviscerated. Im hardly the first person to point out this need for flexibility. Im taking my cue from the late, great economist john maynard keynes, who when asked why he flipflopped on a issue allegedly responded, when the facts change, i change my mind. What do you do, sir . I say allegedly because the story is apocryphal, but the sentiment certainly rings true. For example, until last nights been a serial guide downer, almost every qua