Kenneth Kirk. Not satisfied w/my reply to you. I'll amend.
As most adults know, there often are several levels to truth.
I gave you some reasons for selling RAS. I believe it's also because of a different truth:
I'm selling because of fear. Maybe panic on my part.
I'm concerned the worst isn't over for RAS, for banks, for brokers, and also, for the market in general. Because unlike what I believe I saw in Feb. '07 and maybe other downfalls ('03), I don't get the sense that anyone is panicking this time. Everybody's learned to hold through the declines. Especially erstwhile value investors who seem to be holding on to positions. Yes the media gives negative comments on the decline, and the decline affects many. Still, as I read value threads, there's been no sense of panic or exit. I don't see people setting stops such that they are being stopped out of positions (those who use stops), and I don't read of people selling to protect profits or reduce losses on non-financial stocks. This is different from previous recent drops imo. Therefore, because so many people are apparently still in the market and have not sold (yet), for the first time in several years I am worried that there's a sort of complacency, and that this time, this might be the decline that goes further than I expect or would be comfortable with.
So I am reducing some of my speculative positions, some of my financial positions, etc. and looking for stocks that seem clearer to me to have a margin-of-safety.
Jmo. And I've been wrong many, many times. |
