It's been an interesting year for investors. We've seen some pain, some gloating, some support, some bashing, and now, some congratulations.
What I haven't seen much of is explanations about why people are so surprised to see CSCO's traditional five-year decline arriving five years after the last one. We're too busy pointing out how smart we were to have been long for the spectacular and entirely predictable appreciation years, or short for the equally predictable periodic declines, to question ourselves if we are wise or merely lucky.
Many participants on this thread, and I count you among them, are much smarter than I am. If I relied on brains, I'd starve. However, I know my limits, and I know I cannot time the market, and hence, do not attempt what, for me, is a one way ticket to poverty. Sure, my buy and hold strategy has its weaker periods, but since I'm both ahead one-thousand fold for the last decade, and not particularly greedy, I accept the punishment of these declines as part of the price of a buy-and-hold participation for the next decade.
I no longer use margin or options: I don't need the money, anxiety, or extra recordkeeping. My strategy is simple, hold what I have, selling a few shares every couple of years for living expenses, and expect a disappointing year to follow four or five spectacular ones.
Anyway, thank-you for your participation on this thread. Your opinions and insights in general, and CSCO in particular have great value. Your attempts at restoring civility to this thread are appreciated as well.
Have a great New Year, and the best in 2001.
Cheers, PW. |
