legendary investor,
Surviving the Investment Jungle with André Kostolany

Kostolany wasn't satisfied with just knowing all the data on the stock market.
For him, 'fantasy' remained the engine of successful investments and predictions.
Thus, he despised organized speculation and the computers of the stock market.
Because there is a lack of fantasy there.
Human, all too human things sometimes drive and even transcend the movements of the stock market.
Explaining this is the central goal of this book.

This pessimism is a common characteristic among stock market participants.
Because they are gamers, energetic people who don't think deeply, don't carefully consider external events, and just want to hit the jackpot quickly, participate in investments, and buy or sell something.
The more these gamers get involved in the stock market, the more unstable the market atmosphere becomes.
The next factor is the behavior of the players, such as whether they invested all of their funds in securities or more than their funds.
When a specific event, such as a political one, occurs in the stock market, which is dominated by gamers, it has a greater impact than simply the public losing their investment assets.
This happens very often, when stock market indices rise, trading volume also increases.
In this situation, analysts say the stock market is stable.
Because increasing trading volume is evidence that the public is interested in the stock market.
But I think this is fundamentally wrong.
In a rising stock market, as trading volume increases, more and more stocks will move from 'big hands' to 'small hands'.
That is, it is a shift from psychologically stable market participants to psychologically unstable market participants.
So, if all the stocks are held by small hands, a stock price crash is imminent.
--- p.22~23, from “The Stock Market is 90% Psychology”

One day, a very prominent investor among my old friends came to me and asked with a very anxious look, “How can you explain this rare phenomenon?”
“I have been noticing something strange in the stocks, bonds, and spot investments I hold.
I currently own over ten stocks in the stock market that have absolutely no relationship with each other.
… … I'm going crazy right now.
For a moment, I tried to organize all the stocks I own in my head.
“What unknown and secret forces, once in my favor, are now conspiring against me?”
In these questions, I uncover a typical superstition among many investors.
My answer was this:
“Yeah, things are really bad these days.
And you rely most on the stock of logic.
If you invest in stocks, you will probably have to settle accounts and make profits.
I will always keep loss calculations, dividends, etc. in mind.
And while investing in the real estate, you will be keenly aware of statistics on harvests and consumption, trade agreements, domestic and international politics, and foreign affairs in all cases.
But your current logic is out of sync with the overall market situation.
… … My ‘stock market mathematics’ can be said to be almost metaphysical.
But this law also applies in other areas of life, such as religion or art.
“Music, in particular, is truly created on the difference between tension and relaxation, and this is the secret of beautiful melodies.”
--- p.74~76, from “The Ignorant Masses”

The stock market is a motley world, a microcosm of the jungle where the strong prey on the weak.
Poor losers.
The professional world is a perpetual battleground, and one system, comprised of two groups best suited to it, dominates.
The two groups are bears and bulls, or as the Anglo-Saxons so accurately put it, bears and bulls.
The bull is a symbol of investors.
He charges in front and tries to throw everything high with his horns.
Of course, what we want to raise most of all is the market price.
A bearish investor is like a hunter trying to sell the bear's skin before he catches it.
If he fails to catch the bear, he will incur a loss by having to buy back the skin he sold too soon.
In every stock market in the world, bulls love bears, but bears do not love bulls.
Because their worldviews are fundamentally different from each other, there is no such thing as having the same opinion on any economic or political event.
For example, a bear market investor may interpret all news pessimistically, while a bull market investor may interpret the same news optimistically.

--- p.170~171, from “My Stock Market Zoo”