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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: tekboy who wrote (43713)6/21/2001 10:38:10 AM
From: Stock Farmer  Read Replies (1) of 54805
 
Tekboy - well written.

Returning to the roots, I assert that by this definition any asset allocation scheme that takes into account current market price is prima facia a "market timing" event.

If you are one of those folks who will pay an unspecified price for a fixed earnings stream then I would please like the opportunity to take you to the cleaners before anyone else does.

If you will not pay "any" price, then if you will pay "market" price, then it is merely the street and not me to whom you have bestowed your unanticipated generosity.

If however you will determine a "fair" price for earnings, which definition of fair may depend on your cost of money then you must determine what you think the price should be. And buy, sell, hold or stand aside as a consequence of whether the market price is below, above, near, or indeterminately related to this "fair" price. And if you think that such an activity is "market timing" or "cuckoo clocking" or "flarping flooping" be my guest. But if you practice it you will cheat me and many pros on wall street from substantial gains at your expense.

Or for those who can understand an entire theory in three sentences: I have limited greed and so I invest with a target in mind based on expectation value. I like to keep my cost base well below this expectation value. If current price exceeds expectation value, then I can guarantee what I am hoping for by selling today and do so with no remorse.

John.

The other one. Who "times" the market.
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