V. 20:4 (85-86): Working Money: Buy High, Sell Low by Edwin Polokoff

V. 20:4 (85-86): Working Money: Buy High, Sell Low by Edwin Polokoff
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Working Money: Buy High, Sell Low by Edwin Polokoff

Nothing changes. Everything changes.

Too many research departments, too many money managers, too many stock market “experts” do not perform up to expected standards. My disillusionment began when I was a young broker in the 1950s. Eager and gullible, anxious to prove my mettle as a bright stock market counselor, carrying none of the cynicism from experience, I complained to my boss I was not getting the kind of guidance either from our own research or other research departments that could help me guide my clients. Maybe I was frisky enough and naïve enough to think that I could and should always beat the market — especially with good research support.

Two weeks later, I was sitting in the mahoganypaneled office of our chief executive officer, detailing my concerns as diplomatically as possible. He was surprised, attentive, sympathetic. There was no doubt in my mind he was sincere when he said he would look into it. It was a happy, exhilarating experience in my early business life.

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