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Technology Stocks : Qwest Communications (Q) (formerly QWST)
Q 73.97-2.4%2:14 PM EST
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To: mfgrep who wrote (4065)6/14/1999 11:40:00 PM
From: Scotsman  Read Replies (3) of 6846
 
A comment off topic about those in the market.

I tend to agree with the speculator vs investor comment. Perhaps I should explain my interpretation of the two.

An investor is someone that buys a stock with the intention of riding it out for at least 3 years. As long as its business plan makes sense and management looks like its executing to his beliefs he stays in the stock and doesn't get rattled out. Generally these don't use margin, they usually use averaging. They usually don't deal in options. They also don't use timing.

A speculator is someone that has a much shorter term horizon ranging from daily to monthly. They are often timers that ride the stock up for a few points until they feel its turning then get out or short it down. They trade much more in and out.

Thats my thinking on the difference between the two. The markets need both, the speculators provide the liquidity and the investors provide the stability.

So perhaps many that had large margin positions got burned a little today and there is much nashing of teeth. The investors lost a lot of paper profits. But I imagine the majority will simply hold on and buy more. I don't know what the speculators will do, but it will certainly be interesting to watch.

By the way, I'm in the first catagory since time has proven me to be the worlds worst timer.
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