This happened to me some time in 2014, just after Modi had won landmark election mandate….still gives me hearty laugh
Why did Stock go up so fast?
So I met an acquaintance after long time, after exchanging usual pleasantries, talks took turn towards stock market. This acquaintance is typical trader, who only believes buying today and selling tomm. These kinds of guys are very impatient; temperament is of action & reaction. Their mantra is “if you move you survive or you die”, “make money today, who has seen tomm”. In past whenever we have spoken on few occasions I always tell him “I don’t do trading its doesn’t suit me. I buy and hold for 2-3 or more years – long term investor thing”. But man being man created by nature, he doesn’t believe that is possible, there is always circling question on his face that clearly announced “how can one survive without trading?”
This one time I visited him and he had looks that had complaint written all over it. He reminded me of one stock that I had discussed during last meeting with him and I quickly admitted yes, and that broke the dam. In bit harsh tone he said “you say you only do long term thing”, I nodded my head in admission and he replied “but this stock went up 5 times in less than a year, how do you explain that?”. I was not sure what to say, but acquaintance being impatient, again repeated the question and demanded answer from me how did stock rise up so fast when same was suppose to happen over 2-3 years. I knew I have to get out or else guy would probably sue me for loss in probable profit he could have made. I said “it’s all because of Modi winning election” and made quick dash, not before he asked for another stock tip and I gave him name in hurry. I hope stock doesn’t go up so fast and so soon.