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Non-Tech : The Woodshed
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To: TheSlowLane who wrote (36091)1/1/2006 1:56:31 PM
From: seventh_son  Read Replies (1) of 60903
 
A very successful investor I knew had an elaborate system for selecting growth stocks. He owned CISCO from the very early days, and when it rose and rose and rose, he felt compelled to cash out, but his system kept indicating it was a top pick so he never did sell until it had made him immensely rich. So, I guess the lesson is that "cheap" or "expensive" for a stock is only relative to the current potential for future cash flow. If the price is only following ever-increasing expected cash flows, maybe stocks that have gone up a lot remain cheap -- even better, it may be an indication of management that consistently produces top results. If the price has gone up and the prospects have not, certainly it might no longer be cheap. My top pick for the year is again True North Gems (TGX). The price has gone nowhere in the last year, but the prospects have increased tremendously with some major discoveries in the summer, so this one has become considerably cheaper in my book.
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