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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: substancep who wrote (34542)11/10/2000 9:10:36 PM
From: Uncle Frank  Read Replies (6) of 54805
 
>> I noticed a statement by UF (on the Porch thread?) that said portfolio management may be as important as stock picking.

I believe I said that portfolio management IS as important as stock picking, P. Begging the indulgence of the non-golfers on the thread, I'd like to offer some observations about Tiger Woods that might help to support that claim.

In order to excel at golf, there are two basic skills that must be mastered - ball striking and course management. Tiger has been a prodigious striker of the ball since he was knee high to a nine iron, but he didn't become the dominant golfer in the world until he began to give equal weight to course management. A few years ago he used his driver on every par 4 and 5 hole; today he tees off with an iron unless the extra length afforded by the driver is meaningful to his scoring chances. Tiger became the odds on favorite to win every tournament once he began playing "within his abilities".

For an investor, picking a great company is equivalent to great ball striking, while playing "within your abilities" relates to issues like selecting an appropriate risk/reward ratio, diversification, restraint in the use of leverage, etc. It is clear that while many made money investing in Qualcomm in 1999, a large percentage gave it back in 2000. They were still trying to hit a 400 yard drive, and the sad part is that they could have closed out the game by simply using their putter.

uf
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