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Strategies & Market Trends : Value Investing

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To: Jurgis Bekepuris who wrote (16175)	1/17/2003 5:07:11 PM
From: Paul Senior	Read Replies (2) of 78742

Jurgis Bekepuris: re: stops. I never use 'em. The classical knock on value investors is that they're always early. And many times I find that to be so. Either by time (stock just languishes for a long time - in which case stops neither help nor hurt) or stock continues to drop. In that case, to me, being stopped out is like having the certainty of a short term loss while giving up the possibility of long-term gains. People call those stops "taking insurance". I have trouble understanding logic of people who can argue for their stock at x price based on their detailed research and study, yet who will nevertheless just sell if the stock drops some predetermined percent - 10 or even 20%. As I understand it, that's not what the defensive or enterprising Grahamian Value investor does.

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