From Dow Theory Letters:

Subscribers know that I often refer to the stock market as a nasty animal. Actually, the market is always in a bull or bear phase. I don't know whether you've ever seen a bull fight. When I first moved to San Diego in 1961, I would ride my motorcycle to the bull fights in Tijuana every Sunday. I can tell you that there's nothing more dangerous and terrifying than an angry fighting bull. I imagine an angry bear is much the same. There's nothing cute or sweet about an angry bull or bear. As a matter of fact, fighting bulls are a different breed than your ordinary bull. A fighting bull is brave and relentless. He likes nothing better than to sink his horns into the chest or the groin of the matador. Wall Street has named the two phases correctly. Neither bull markets nor bear markets were created to make you money. Actually, the opposite is true.

Old timers are fond of saying, "The trend is your friend." The trend may be your friend, but I can tell you that the stock market is not your friend. I've said this before and I'll repeat it - the stock market is not for the average investor. As is the case with Las Vegas gambling, stick with the stock market long enough and it will take your money and leave you chagrined and angry. In my experience, if you deal with the stock market over any length of time, you will end up poorer and more frustrated than when you started.

The stock market was created to distribute equities to the public, not to make them rich.

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