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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (20796)3/4/2005 8:23:38 PM
From: Kevyn Collins-Thompson   of 78747
 
Yes, I wince every time I see Costco because it was my first serious value purchase and also my biggest mistake as an investor. I lived in Seattle and knew one of the founders, and after looking into what was going on, I bought a chunk of it in 1992. I bought more later when the price dropped - "the falling knife" - but toward the end of 1995 I lost patience and decided to sell everything for a tax loss. Naturally the stock quintupled in the next 4 years (then again, what stocks didn't?). I got some self-confidence from the fact that my valuation methods seemed fine but felt terrible later that my impatience had thrown away that work. So now I hold much more for the long term and feel happy about rarely selling (though my other mistakes also involved selling too soon..)

Kevyn
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