Yamana Resources INC. T- YRI Message Board

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Gold/Mining/Energy : Yamana Resources INC. T- YRI

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To: Dan Christensen who wrote (578)	6/6/1997 5:10:00 PM
From: Daytek77	of 2346

Dan I am glad I could be of assistance. If you are going to play these markets and have any staying power you must follow some basic rules and force yourself to stick to them. Ron Pitts mentioned some of these also I beleive. You should sell half your position on a double because you then get to play for free so to speak. Second, I always set a real or mental stop loss when I am in a profit positon prior to the double. I usually make of point of selling some stock on a 5 - 10 % retracement depending on my comfort level with the company and the factors surrounding its development. For example if I buy a stock at $4.00 and it goes to $5.00, I would look to sell some or all depending on the circumstances on a pullback to $4.50 - $4.75. The point where you initiate this decsion is arbitrary and comes with experience. Sometimes there are circumstances beyond your control and you will get whipsawed (your stock will sell off at your level and the stock recovers to close at its daily high). This usually occurs with thinly trade stocks which I try to avoid. There are some stocks you buy for quick profits and others you buy for the long-term. I buy both and sell the quick movers to try and find the long-term winners. I distinguish between the two by understanding the long-term investment companies thoroughly, its mangement, properties, cash position, ability to raise capital, attracting senior companies in jv deals etc..This is why I am in Yamana for the long haul, all factors to me point to a dynamic growth company as their properties are explored fully. Finally get an annual report and read what management has to say. Here are Victor Bradley's comments in the current annual report for Yamana: " Yamana's objective continues to be the maximization of shareholder wealth through product and geopolitical diversity. To achieve this objective Yamana will seize opportunities as they arise. Yamana's strategy is to identify and evaluate properties with promising mineral potential, explore them to an advanced stage, and develop them through collaborative agreements with the industry partners having substantial operating experience and financial strength. Emphasis will be placed on high-quality, long-life, low cost deposits rather than commodity winners....." In the two years I have been a shareholder they have done all of this. These are some of my insights. You will probably develop some of your own if you continue in this area. All the best Tony p.s I don't know if you have seen the Michael Jordan commercial where he talks about all the missed shots and failures over his career? He ends the commercial by stating that these failures are the reasons he succeeds. Most things in life including investing are like this. Our failures should give us the necessary experience to be succesful.

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