Phil Grossfield's Blog


Off To The Races!

My Schedule…and A Little Extra:   I’m off to the races!  I haven’t been to the Del Mar Race Track in a few years…just didn’t seem like something I wanted to do…I even stopped playing poker and I was a pretty strong player.  Why did I stop playing you ask?  Simply put, I was afraid to lose money.  In the last few years, like most of us in this crazy industry, my income took a significant hit.  Well, you just can’t gamble if you’re afraid to lose.  At the races it’s not that big of a deal…betting on the horses is like going to the movies…it’s a form of entertainment.  But I took poker more seriously…I’ve read over a dozen books on poker…I like the math and I love reading people to see if they’re bluffing…I love the psychology of it.  Don’t get the wrong idea, it’s not like I was a professional gambler…but I played recreationally often enough and in some tough games on occasion which was really fun…and, I won more than I lost.  But when the industry turned, I knew immediately it was time to only play in friendly home-games.  My father taught me well…never gamble what you cannot afford to lose.  And here’s my added advice…if you’re scared to lose, you’ll lose…it’s a guaranteed formula.  Now, let’s go to the races!

My Market Watch:  Bonds held their ground yesterday but they are losing the battle today.  Already this morning we’ve had a mid-day price worsening which is already reflected in the rates above.  As I type the bond is dancing on the 50-day moving average…if it falls below it could tumble downward…it’s a scary time right now if you’re lock is sensitive.  I encourage you to read my post from last Friday…I’ve had a lot of positive comments about My Glass Elevator Analogy post from Friday…if you have questions, call or email.   My Disclaimer

My Schedule: Behind the computer most of the day but off the clock a little early for the Races!

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