Dennis -- LOL,, but no one had anything to say as I was buying the Bs from 2033 tom 2101. Today 2360 and still not worried for a swing trade even though 1 day they dropped $86. Besides-- I'll keep some of those for the LT. Saw this from an interview with a guy named Perkins about Buffett..... like a trader,,, patience & you'll find your price?? No emotion involved...
I used to trade with him [Buffett] when I was at Salomon . He was a
customer of Salomon back in the early '70s, and I can remember
when he was buying bank stocks in 1971, the doggy banks, not the
growth stock banks. He was buying Harris Trust. And the
Manufacturer's Hanover Trust department called up and said they
had a big block of stock in Harris Trust for sale. Buffett had a
trader, a fellow by the name of Bill Scott in his office in Omaha. And
we called Bill Scott and said, "We got a block of Harris Trust for
sale." The stock was around $49 and he said, "I'll pay $47." And so
we called Manny Hanny back and told them he said he'd pay $47 and
they said, "That's ridiculous, down 2 points. That's crazy." Of
course, Harris Trust didn't trade very much, so Buffett was the only
buyer around.
So we called Scott back and said, "The seller won't go below the
market. They'll sell it for 48.5," and Buffett's response was, "Tell
them we're not interested." So, we call Manny Hanny back and say,
"There are no bids." "What do you mean no bids?" they say. "Tell 'em
I'll sell 'em at 47." So Buffett's guy says, "47 is no good any more.
We've gone on to something else and we're just not interested." So
the Manny Hanny guy couldn't believe that somebody just walked
away. So he now starts calling everybody on the Street trying to sell
and the next thing you know, the stock is around 44. And he'd call us
back back and ask, "Can you buy it now?" And I would call Buffett
back and he would say, "I'll pay 42."
That's his whole deal. Iron-willed discipline. People who know what
they know and know what they're good at survive over time. |
