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Strategies & Market Trends : Value Investing
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To: MCsweet who wrote (18903)3/18/2004 6:29:44 PM
From: Madharry  Read Replies (4) of 78486
 
It seems to me that there are potentially lots of strategies that work. and if someone is really good at quantifying the risks and expected rate of returns well and good. Unfortunately the information available to most outside investors is pretty imperfect. I have lost money in the past on frauds- channel stuffing, unanticipated massive cancelling of orders, fraud, etc. Most of my losses could have been avoided had i followed arbitrary technical signals to reduce my position. The other area of large losses was to buy into relative valuations as opposed to absolute valuations. This worked in early 2000 but not after that. Right now I am in the camp of buying low, selling some if the stock no long looks like a bargain and holding the rest until techincals indicate its time to sell.
Unfortunately its not easy to sell a stock after it has dropped 25%, when there is no available reason to justify such a decline.
The other area of error is was not to pick up low lying fruit when available. Sometimes prices get so low on stocks that my gut tells me its time to buy some, no matter what the fundamentals look like- and probably I am right 80% of the time-but i dont often enough pull the trigger because of some other investment that i can take a more logical stand on-examples of this were Phillip Morris at 18 , TransOcean at 18, American Airlines at about $1.50.
I expect that a couple of years from now i will be saying the same thing about BMY merck and sgp. oh well
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