Buccaneer Investing

Most people are familiar with stories of buccaneers or pirates who sailed the seas of the Caribbean and plundered ships for treasure. The real story behind the buccaneer is somewhat less romantic and considerably more instructive.

The word buccaneer is derived from the French "boucanier", which roughly translates as "someone who smokes meat" and which in turn comes from the native American "bukan". During the early seventeenth century, a large number of exiled French, Dutch, and English people in the Caribbean would hunt wild animals on the islands and smoke the meat for selling to merchants. When the Spanish attempted to exile them from the island of Hispaniola, they responded by conducting surprise raids on Spanish ships taking treasure from the new world back to Europe.

There are many people who currently feel as though the banking crisis of 2008 and subsequent recession has left their financial lives in exile. In response to this, they can either shrink in despair, or seize the opportunities that have been presented and go on to greater achievements. While actions of overt piracy are most certainly not part of a prudent investment philosophy, their initiative and creativity of buccaneers provides useful wisdom for both business owners and investors.

Contrary to popular perception, one of the things that many buccaneers were known for was avoiding fights whenever possible in favor of easier targets. The logic behind this behavior is quite obvious when you consider that buccaneer crews received no 'salary'... their only compensation came as a percentage of the treasure that they successfully raided. Since they were all there to make money that could subsequently be spent at port, they were understandably reluctant to take unnecessary risks. Because of this, they did not target the biggest, toughest, and most well-armed ships. They purposefully sought out targets where they would encounter the least resistance.

In keeping with this strategy, investors should avoid chasing after products or commodities that are in the midst of an inflating bubble. This is akin to a buccaneer attempting to sack the richest (and best guarded) city in the Spanish main. Many people who chase after the perceived big money of bubbles find themselves burned by losses and possibly financially ruined.

Any good buccaneer knows that it is far better to let everybody else fight over the buried treasure so that you can sneak in and scoop it up while they are occupied trying to stop one another from acquiring the treasure. As investors, this means that we should wait until after market bubbles have burst before we enter into the fray. Otherwise, we end up fighting it out against all of the other scoundrels out there who want to make a quick buck. As business owners, this means that we should avoid direct competition with large established firms and seek out small niches that can be successfully pursued.

The real estate / financial bubble collapsed in the last quarter of 2008, and we are still in the process of sifting through the wreckage. Some have become disheartened by the difficulty of obtaining financing and the problems encountered with real estate and have already begun searching for the next bubble to pursue. As such, it should come as no particular surprise that the price per ounce of gold has nearly doubled since the end of 2008.

However, the true buccaneers know that there is still a lot of treasure to be found in the wreckage of the last bubble. It's only the "green gills" who start right off heading after the next big wave of speculation. Property prices have been pushed so low from all of the foreclosures that resulted from the financial crisis that buccaneer investors can simply walk in, buy them for nearly half of what it would cost to re-build them, and then turn around and rent them out to tenants. It's all of the treasure, but with no pillaging required. Simply taking advantage of what has already happened can help you to become very wealthy.

Every self-respecting buccaneer knows that it's much better to go after the easy treasure than to chase the big flashy boats that are heavily guarded and hard to catch. Gold may have risen very rapidly in the last couple years, but the only way you can make any money with Gold is if it keeps going up. A buccaneer is much better off with the easy money from low-priced properties that produce cash flow. After all, there be no reason to chase after bubbles when you're already standing on a heap of treasure beneath your feet.
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Your trading philosophy or method should have two critical components: buying and selling. While they may share some parts of the decision making process other parts are totally separate.

There are so many types and theories for buying, for investing in the markets that I am going to highlight just a few primary means. The primary means for picking what to buy also have many sub categories.

• Relative Strength Momentum - the definitive discussion is in Michael Carr's book, "Smarter Investing In Any Economy" (the second edition was released in April 2011 by Traders Press).
• Investor's Business Daily & the philosophy of publisher William O'Neil, also his books, "24 Essential Lessons for Investment Success" and "The Successful Investor".
• DRIP investing as explained in the books, "All About Drips and DSPs" and "Buying Stocks Without A Broker."
• Magazines that provide articles and tips and the best current buys: Money Magazine, SmartMoney, Kiplinger's and others.
• Newsletters with tips and recommendations for what to buy. There are hundreds with different slants on the markets and different theories on how to evaluate what to buy.
• Books with different approaches to investing. Amazon currently lists more than 600 titles while Barnes & Noble lists more than 100.
• Websites with charts or the ability to screen for buys exist in abundance.
• Software programs for your computer to enable you to pick the best buys. There are a dozen most popular out of more than a hundred programs for you to choose from. Most computer software programs rely on chart analysis. Some programs offer both technical analysis of data and analysis with charts.

While these sources, and others, can provide you with recommendations on what to buy, too often they fail to provide recommendations on when to sell or their approach to selling is simplistic. Knowing when to sell is just as critical as when and what to buy because the action of selling enables you to take profits and make money, lock in profits when an investment starts going down, and to minimize losses.

Magazines and DRIP investing almost always fail, or are too late, to provide good sell signals.

Some investment concepts or methods require you to become an expert with oodles of time or to check and double check different signals for when to buy. In this respect, the amount of time you have to manage your investments becomes a critical aspect in your picking your buy-sell method. Other methods will maximize your limited time with excellent recommendations.

In future articles I will discuss in more detail both some of the particular means of buying I listed above and particular means of deciding when to sell.
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