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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets!
LRCX 160.52-4.9%Dec 12 9:30 AM EST
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To: Gottfried who wrote (9412)1/24/2001 9:43:48 AM
From: Ian@SI  Read Replies (2) of 10921
 
G.,
The easiest way to make outsized returns is to correctly buy when the market has incorrectly sold.

That said, it can be extraordinarily painful waiting for the market to get it right. Especially with a situation
such as last year's SCE sector. For me, diversity and reduced margin helps somewhat.

Yet both Buffett and Soros became filthy rich by investing where they believed the market was wrong:

Buffett, primarily by doing a rigourous analysis to assess a company's intrinsic value based upon the present worth of its future earnings; then buyiing only those companies he could get for less than 1/2 their value; and,

Soros, by believing that the market is always wrong, then trying to determine which way it was wrong at any point, prior to taking the contrarian view. Soros, unlike pretty well every poster I've seen at SI (myself included), also believed that he was always wrong and vigoursly searched for evidence to prove that.

While most of us will never come anywhere close to being in Buffett's or Soros's league, we can still find and take advantage of temporary Market inaccuracies. IMO, that just takes time and patience; and the ability to ignore the pain of one's holdings evaporating while waiting to be proven right.

FWIW,
Ian.
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