Tips from Coach Valvano; Nikkei Is a Dud: Best of Kass

NEW YORK (TheStreet) -- Doug Kass of Seabreeze Partners is known for his accurate stock market calls and keen insights into the economy, which he shares with RealMoney Pro readers in his daily trading diary.

Among the posts this past week were items about Coach Jim Valvano and the Nikkei.

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One Shining Moment

Originally published on Saturday, March 22, at 7:00 a.m. EDT.

"If you laugh, you think and you cry, that's a full day. That's a heck of a day. You do that seven days a week, you're going to have something special."

-- Jim Valvano, coach of the 1983 North Carolina State basketball team

March Madness is my favorite sporting event. I have the most precious memories of traveling with my youngest son to semifinal weekends and to Monday's finals. Our trips to the NCAA men's basketball tournament have, in part, defined my relationship with him.

And this morning, my thoughts are on a very specific game and an amazing speech -- both of which can provide us with important life and investing lessons.

"We were such underdogs that even my mother took the Houston Cougars and gave the points."

-- Jim Valvano

That game took place nearly 35 years ago in 1983. In that game (the NCAA finals), a seemingly outmanned N.C. State Wolfpack (Sir Denny Gartman's team and alma mater!) faced the Houston Cougars who were led by two future NBA Hall of Famers in Hakeem "the Dream" Olajuwon and Clyde "the Glide" Drexler. Houston finished the regular season as the top team in the country and was collectively known as "Phi Slama Jama," so named for the fast-paced showmanship of their game. Going into the championship game, Olajuwon boldly predicted "the team with the most dunks will win."

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