Week yeah. This is the expiration day so what happens is you actually its tomorrow, but people are trying to prep it what happens is rusty braziel explains to me, the rollover from the may contract to june occurs tomorrow. The reason that happens is because the may futures price converges with cash and expiration so in other words, youre looking at what the real price is its not the futures price so what happens is that imagine if youre producing at 32 a barrel, 33 a barrel like occidental, thats just youre hurting nobody can make any money at these prices rusty points out that after seeing this, the next month, it might go to zero and thats i think a lot of it is because where will you put it maybe keep it in the ground. It is extraordinary and jarring. And i think its causing the decline. Carl, whats so amazing, it was completely predictable thats why maybe the decline isis really overdone if its based on oil if its based on other factors, i dont know it looks like oil is bringing th
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In other words no matter how much you may hoff a stock, no matter how entrald with the Underlying Company if the rules say sell it, sell, sell, sell, sell you sell it. One thing i learned in the investing career no matter you might be believe in something you violate the rules of the road at your peril but where the heck do the rules come from . Its not like they were handed down from on high and carved into sfoen tablets theyre not the laws the physics. You cant dedues from observing the market the way you can do say gravity. The rules come in from experience in particular my experience. I spent nearly 40 years in this business in that time you Better Believe i learned powerful lessons in many cases i learn the hard way. And because i dont want to you repeat my mistakes, because i do want you to have the benefit of my whole career, tonight i want to lay out some of my most important rules for investing. The stuff i really live by some of the stuff may seem basic. But again you forget
Maybe actually get something done hallelujah i got to tell you thats how i felt when i interviewed nancy pelosi, leader of the Democrat Party about how she looks at things for now you should know shes hoping for constructive dialogue between democrats, republicans, including the president which is something i pretty much had written off as impossible. [ buzzer ] now before i go into what i heard remember that despite todays sedate action, dow inching up 34 point, s p advancing 2. 6, nasdaq gaining 0. 40 we are on the cusp of an incredibly important fed meeting. The guys that keep buying on tech news like we got today. Im concerned about the fed meeting. If i were jay powell i might want to stick it to the president by saying, theres no need to cut Interest Rates we have plenty of job growth and the only possible slowdown is being caused by the trade war which is very much by design so why should the fed lift a finger to ameliorate the pain . The house of pain President Trump is out the
Make love of stock, no matter how you like the Underlying Company, if the rules say sell it, you sell it. One thing ive learned in my investing career no matter how much you might believe in something, you violate the rules of the road at your own parol but what in the heck do these rules come from . Its not like they were handed down from one high and carved into stone tablets not like the laws of physics, you cant deduce them from serving and gravity. No, the rules coal from experience particular my experience ive spent nearly 40 years in this business and in that time you Better Believe ive learned powerful lessons in many cases, ive learned them the hard way and because i dont want you to repeat my mistakes and because i want you to have the benefit of my career, tonight i want to layout my most important rules for investing, the stuff i really live by some stuff may seem basic but again, you forget the rules. Back at my old hedge fund, i would occasionally convince myself it was o