The Bay Area is blessed with having a few stellar investment gurus with great knowledge and experience within its boundaries, who dispense this wisdom by lecture, writings, and classes; for free or fee. I recently met with one of these, whom I've known for several years in association with the technical society and Golden Gate University, where he teaches classes.
WHC (Charles) Bassetti is a graduate of Harvard University (cum laude, graduate studies in Sociology/Psychology.) and a former NASA systems engineer, Mr. Bassetti is currently Distinguished Adjunct Professor of Finance and Economics at Golden Gate University, San Francisco, Editor of the John Magee Investment Series for St. Lucie Press and a practicing technical analyst; currently he teaches graduate students and the general public in his monthly 2-1/2 day seminars at Golden Gate University.
As former President of Harvard University Derek Bok once proclaimed: "If you think Education is expensive, try Ignorance!"
Bassetti is the Editor and Coauthor of the classic reference, Technical Analysis of Stock Trends, 10th Edition, first written by Robert D. Edwards and John Magee in 1948. Mr. Bassetti traded as a student and client of John Magee in the 1960s, beginning a long, distinguished trading career encompassing virtually all of the financial markets, stocks, bonds, options and futures.
Author, StairStops. (eBook) (April 2007)
Author, Zen Simple. Beat the Market with a Ruler. (June 2009)
Author, Sacred Chickens, the Holy Grail and Dow Theory (2010,2013)
Author, Signals, 10 Trading Lessons
BL: Charles, how did you decide to follow an investment career some 50 years ago,
after a psychology ACTUALLY ENGLISH degree MINOR PSYCHOLOGYand
work at NASA?:
CB: /THERE WERE NO ENGLISH STORES HIRING AND I NEEDED MONEY
TO BUY BOOKS. JOHN HANCOCK DISCOVERED THAT I HAD A HIGH
LOGICAL REASONING APTITUDE AND BEGAN MY EDUCATION IN
BL: So when did you decide to move west to the great state of California, and wind
up teaching at GGU?
CB: I RAN A COMPUTER COMPANY IN MEXICO AND AFTER THE
MEXICAN’S BURNED OUT ALL MY NEURONS I ABSCONDED TO SPAIN
(WHERE I MET MY WIFE IN MADRID). SHE IS A BERKELEY GRAD
AND BAY AREA NATIVE SO SOMETHING DREW ME TO SAN FRANCISCO.
WHEN I WAS LOOKING FOR SUPPORT TO CONVINCE THE PUBLISHER
OF TAST TO PRODUCE A NEW EDITION ART VON WALDBURG
INTRODUCED ME TO HANK. HANK, ON A WHIM I’M SURE ASKED
ME TO TEACH A GRADUATE SEMINAR AND NOT REALIZING THE
AMOUNT OF WORK INVOLVED I GAILY SAID YES. IT TURNED OUT
TO BE INCREDIBLY STIMULATING (FOR ME AT LEAST) AND HEAVILY
INFLUENCED THE DEVELOPMENT OF MY BOOKS IDEAS AND TRADING.
BL: How often do you teach these WEEKEND seminars, and when is the next one?:
CB: I TEACH THEM WHEN ENOUGH STUDENTS GET TOGETHER AND
NAG ME. THE EFFORT IS SO INTENSE THAT I SHRINK FROM IT.
BL: Many of my readers belong to Option groups in the San Francisco Bay Area;
do you still work with them, or is it most about Technical Analysis? While the
Wilshire 5000 stock Index has been reduced from @7600 stocks to @3600, the
option market has grown parabolically.
CB: I HAVEN’T REALLY DONE ANY WORK IN OPTIONS FOR SOME
TIME. WHEN I HAD A DATA GENERAL COMPUTER AND A STAFF OF
REALLY SMART GUYS IT WENT GREAT GUNS. WE DID SOME REALLY
BL: As an avid reader of your Edwards-Magee newsletter, with the great
graphics from Stockcharts.com (which, I understand is going to merge with
Decisionpoint.com), I have to ask you what you expect from the markets in the near
and distant future?( http://www.edwards-magee.com. for the curious)!
CB: LET ME SAY FIRST OF ALL THAT I DON’T PREDICT. MY TRADING
AND MARKET ANALYSIS IS ROOTED IN WHATEVER IS HAPPENING
ON THE CHART RIGHT NOW. NONETHELESS I RUN STUDIES WITH
TECHNICAL TOOLS WHICH CONVINCE ME THAT THE BULL MARKET
WILL CONTINUE – PERHAPS EVEN MORE SPECTACULARLY. ANALYSTS
WHO PREDICT THAT THE MARKET IS TOPPING BECAUSE IT IS OLD
ARE KEEPING THEIR EYE ON THE SCOREBOARD, NOT ON THE BALL.
BL: I really appreciate your spending time with me today, and sharing your experiences and thoughts.
Brent Leonard is a former Adjunct Professor of Finance at GGU who writes this finance column to comment on his Sentiment Indicator blog, make traders aware of Bay Area investment meetups, and synopsize weekly market wisdom. To get a weekly (free) email of the column just click on SUBSCRIBE at the top of the column.