In the last 24 hours, I have seen so many stupid decisions made instantly that I feel the need to call them out simply to explain how the buying and selling of stocks correctly often seems like a lost art, lost because it requires tedious homework, not headline reading and false assumptions by those who take their cue from the action.
Not that long ago, I introduced the "Sonny Corleone dictum" to those who trade off the S&P 500 futures and go in and out of stocks based on silly little news reports during all hours of trading.
I called it the Sonny Corleone dictum because of that classic scene where Sonny turns to his brother Michael in that Godfather Part 2 family flashback and says, after learning that Michael had joined the Marines in World War II, "Did you go to college to get stupid? You are really stupid." Sonny was wrong about the Marines, but if Michael had been talking about trading off the futures, Sonny would have been right.
Now I am introducing the "Andy Dufresne corollary" for those who trade before they listen to the conference call and find out the real skinny, not the headlines, which are so often just plain dead wrong and steer you in the opposite direction to what you should be doing.