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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: chaz who wrote (22891)4/17/2000 12:38:00 AM
From: Mike Buckley  Read Replies (2) of 54805
 
Chaz,

Maybe I didn't state my point very well. I wasn't suggesting that there is a blanket buy-or-sell decision applicable to all situations. Instead, I was trying to make the point that we have the edge on Peter Lynch (in the days when he was a fund manager). He told us that in One Up on Wall Street and I still believe it to be true.

Being a fund manager, he had reasons that he had to buy stocks we wouldn't think of buying, or at least I wouldn't think of buying. As a result, when some of those stocks attained a certain amount of profit he understandably locked them in.

But for individual investors who have far worse tax consequences than any fund manager has, I maintain that it is not in the interests of our financial health to plan on buying stocks we know can't hugely appreciate over the long term, that we have no reason to expect to become a ten-bagger.

Just the opposite, I don't own a stock and won't buy a stock I think won't become a ten-bagger. It's not at all unrealistic that every one of my stocks will become ten-baggers. Not having a crystal ball, I can't be certain that any of them will but the fundamentals are in place that make the expectation reasonable. To plan otherwise, knowing that a sale has to be made in the near-term that generates more taxes and minimizes the profound impact of compounding, makes no sense to me at all.

--Mike Buckley
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