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Biotech / Medical : VD's Model Portfolio & Discussion Thread
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To: Harold Engstrom who wrote (9440)11/19/2002 9:53:45 PM
From: scott_jiminez  Read Replies (1) of 9719
 
My god what could be more constructive than for all of us, especially those who claim 'guidance' in identifying 'promising companies', to recognize the mistakes of the past and alter future behavior to make manifest lessons learned.

The only way to respect investors is to acknowledge our implicit intelligence. That respect involves recognizing BOTH the stellar guidance of the portfolio in the past and the fact the bottom-line performance is mediocre, at best.

I'm confounded by the near-unanimous defensiveness of the responses here. I've not uttered one peep about the quality of the selections by VD. I've screamed (for eons it seems) about the blissful lack of discipline in the approach...and then the 'recent' hindsight to justify it. It is as if BT mavens are 'above' enacting such mundane and proletarian measures as stop-sell limits.

The portfolio has lost ~95% of its value because 99.9% of the effort went into buying...and this almost invariably results in selling only when forced to.

To repeat one of the top rules of investing: 20% of the work involves buying, 80% selling.

Until all the folks on this thread appreciate the implications and discipline involved in that mantra, the VD portfolio is bound to falter.
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