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THE MARKET WHISPERER 99

crisis in the capital market. In short, a message of “Don’t worry, all is well.”
I’m used to the idea that someone receiving a salary from the bank would

not try to frighten the public or drive investors away, but this was over
the top. When it was my turn to address the audience, I said very simply,
“I don’t know what will happen.” The moderator persisted, admonition
coloring his voice, “We brought you here to tell those present what they
should do.” So I told the truth, and one which will surely mean that that
university will never invite me again to lecture there. This is what I said:
“Don’t listen to analysts, because they have no idea about the future.”

From the reaction of the moderator and the public, I had clearly touched
a sensitive spot. The public likes to be told what to do. It likes to be taken
by the hand and led, whether to slaughter or splendor, but it does not want
to be burdened with the commitment of having to make its own decisions.
At this stage of a clearly-explosive atmosphere, I added, “Don’t let bankers
and funds manage your money, take management fees and commissions,
and then tell you ‘it will be okay.’ The truth is that just like me, they have no
idea what will happen in the future.”

No matter whom the guru is, or whether he or she takes the form
of an investment advisor or analyst, when you read or hear any kind of
recommendation in the media, don’t lap up those words with thirsty love.
Consider them critically, and recognize the fact that even if they are correct,
they are known to millions of people, leaving you no advantage.

The Archimedean Point

The Greek philosopher Archimedes is known chiefly for his famous shout,
“Eureka!” meaning, “I have found it!” This was his reaction on discovering
that the volume of objects can be measured by sinking them into water.
Another Archimedean phrase, though less well-known, is “Punctum
Archimedis,” the Archimedean Point. Archimedes claimed that were he
able to grasp the world at a certain point, he could move it.

Some traders seek their Archimedean Point in books. They search
for the book or method that will let them “conquer the market.” They
want someone to take them by the hand until they succeed. I’m sorry to
disappoint you, but there is no winning recipe or magical word that lets you
profit from every single transaction. The tool closest to the Archimedean
Point is the trend, which we will look at more closely in Chapter 5. To
identify and take advantage of trends, we first need to learn, in Chapter 4,
how to use the graph.