MuchoMan, I've seen you in action over the past few years, and know that you have been extraordinarily successful. You're one of the very few long term qcom investors who not only caught the entire 26 bagger last year, but was also astute enough to spot the start of reverse momentum and save most of your gains. But I think the case you make is for portfolio management, not trading in the sense that Chic was advocating. Now to picking apart your post <lol>:
>> I bet you remember a stock called QCOM <g>. When has a large-cap S&P500 co. ever gone up 26-fold in a year? In hindsight, it does not seem strange that the correction phase was likewise compressed to a few months.
Sure do; it funded my retirement. In fact, my starting position purchased on 4/5/99, which I still hold, is a 4 bagger despite the drop from 200 to 70 this year. I have no regrets about holding qcom and will continue to do so until their fundamentals change for the worse.
>> That approach makes sense if a stock price is increasing year after year at 20%, 40%, 80%, whatever...
You've just described Silverback Cisco.
>> but when it gets to like 800%, 1000%, etc., I think it's important to be more vigilant about guarding profits. I would rather be LTBH myself...
I don't see any conflict in those 2 statements, MM. I think you can be a ltb&h investor and still harvest obscene gains in the practice of good portfolio management.
>> I also believe that "long-term" is out of keeping with what is going on in a large part of the market.
It depends on your yardstick, MM. The nasdaq's bear phase didn't begin until the end of March and it appears that it is largely over at this point; even Mullineaux is making bullish sounds <lol>. So many of your comments relate to a 7 month trend. I know that it's seemed like forever, but that's only because you are young (compared to me <gg>) and impatient. I'll bet you're singing a different tune in January.
May the gods of the street smile on us,
uf |
