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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: tekboy who wrote (25276)	5/24/2000 4:26:00 PM
From: rushnomore	Read Replies (1) of 54805

re: trading vs. holding Malcolm and Thomas -- Thanks for your messages (25277 and 25279); see my response to tekboy below. ...what really gives the Tortoise the long-term gain or loss is not a cumulation of short-term price moves but rather a reasonably efficient market's tendency to eventually bring price generally in line with value. That's why the Tortoise ignores short-term price movements and pays attention only to underlying fundamentals, because those are what drive the long-term movement. I see the Tortoise's strategy not as "buy and make a new decision every day whether to hold or not," but rather, "knowing that I intend to hold for a very long period unless something goes dramatically wrong, what business do I want to become a silent partner in?" This means that the skill set required for Tortoises involves two things: being able to select companies with growth prospects that the market has not already discounted for, and being able to do nothing until/unless fundamentals change. Assuming those don't change quickly, buying and holding is thus one decision. I agree 100%. Well said.

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