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Strategies & Market Trends : Value Investing

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To: James Clarke who wrote (27868)	8/23/2007 11:10:40 AM
From: Jurgis Bekepuris	Read Replies (1) of 78753

Jim, Personally, I do average down. Previously I did it in 20% drop increments, which ensured that I don't get many average-down steps unless the company is going kaput (here's for your Tolstoy russian... :P). But then, like you I reevaluate the company at each step averaging down and if I find its balance sheet deteriorating or investment case changing, I either stop averaging down or sell the whole position. I almost never average up though. Which may be a mistake. I know I missed a bunch of gains this way. But then maybe missed a bunch of subpar returns too - those are harder to track when you don't average up... And like Paul (and you?) I have often sold way too early. RTRSY is my most painful sell. I got it close to bottom in 2002 and sold for marginal gain. Don't even look where it is right now. :((((((((((((((((

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