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Technology Stocks : Siebel Systems (SEBL) - strong buy?
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To: Mike Buckley who wrote (4181)12/19/2000 6:19:37 PM
From: Trader Dave  Read Replies (1) of 6974
 
Mike,

I sincerely applaud your thoughtful commentary on LTB&H. If you were to truly appreciate how superior your understanding of the investing process (and of SEBL) is compared to at least 97% of the wall street "professional" community you would go home, have a good cry at the tragic lack of discipline that permeates the "professional" investment world and wrap up with a hearty laugh when you realize that your approach will pave the way towards long term world class returns on par with the greatest investors of all time.

When I tell people that history points ONLY to LTB&H investors as the greatest of all time, I usually get a laugh. Then I ask "Is there a trader, market timer, fast money hedge fund manager that has delivered results of a Buffet, Templeton or Lynch?" No.

Market timing is pure sophistry. The problem is that there are enough practitioners (and enough benefit to the BROKERAGE community to perpetuate the myths of market timing) that there will always be a market timing hero of the day that gets a few in a row right. But not over an investing lifetime.

If fast money mutual funds and day traders got a good look at their long term after tax returns (or if mutual funds were forced to report after tax results) there might be a lot more appreciation of long term thinking.

Once again, a fine post.

TD
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