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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Stock Farmer who wrote (46135)	9/3/2001 6:25:19 PM
From: Mike Buckley	Read Replies (1) of 54805

John, Way back when everyone was exclaiming how expensive their stocks were. Wasn't there still an expectation of long term gain in excess of alternative investments? In which case, the stocks were viewed as undervalued. And if not, then well, it means that folks playing the gorilla game holding stocks they knew were over valued were behaving irrationally. I disagree. Do you really believe I was so stupid as to think I was getting a bargain when I was holding onto Siebel at the same time I was stating that it was historically overvalued? Tax implications are a huge factor that come into play, aside from whether or not I believe a stock I own is over valued. Not knowing what the next press release about a new source of revenue might be is yet another reason not to sell that has nothing to do with current valuation. You tend to express everything in black-and-white as if it can be easily tested with a concisely worded criterion, but investing isn't that simple or that easy. I think that explains why your posts tend to deal with theory rather than practice. Forgive me if I'm wrong, but I thought it was on the bestseller list for a while too. I have no idea. But I do know The Motley Fool Investment Guide was on the list, so maybe we should blame those authors and their readers on the tech bubble. As to whether Moore's book influenced the market? Well, of course it's hard to distinguish cause, effect and coincidence More than hard, it's impossible. So why mention it? Explaining that the book is a likely cause of the tech bubble is just another theory that has virtually no practical application in the world of investing. --Mike Buckley

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