> "The single biggest mistake investors make is to sell winners and
> hold losers."
allen -
although i have appreciated your informative and thought-provoking posts of the past, i really have to take exception to this "throw-away" comment. this has to rank right up there with "buy low, sell high" in terms of insight and content. gems of investing wisdom passed down from buffet, lynch, fisher (whom i greatly admire), etc, remind me of the totally brain-dead advertisment currently running the catchy phrase, "i am tiger woods." well, guess what. not one of those kids shown in the ad will ever be tiger woods, and not me nor anyone else will be warren buffet, fayez sarofim, or whomever. it is terribly misguided to advocate the application of a "one-liner" approach to an inherently difficult, risk-laden, endeavor like investing. imho, its hard work, guts, and not a little luck that returns gains in the market, not empty, meaninless "advice" endowed from above.
compare ones attitude to wind if shares had been bought way back when at $5/share (as you did) with someone who bought in at the end of 1996. who classifies wind as a winner today? would your opinion of wind be any different now, if you had bought on jan 1, and not had an already substantial gain in your pocket? history gets to be written by the winners, i guess. in that light, your incredible statement, "the 21st century belongs to wind" can more easily be understood.
well, i guess i can stop foaming at the mouth now...
regards,
kris |
