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Allen, I guess we all have to realize that there are many different successful approaches to investing and, in the end, you have to listen to yourself. There is a comfort level we all have. I am very comfortable with my approach, but I certainly am not going to ram it down anyone's throat. As a matter of fact, in my IRA I have only Buffett stocks: KO,WFC,BRK. I don't do any timing on them. But, as you know, Warren does not invest in tech stocks. This is all spec money to me and I do it 90% with charts. But I have systems that I have back-tested to trade with. I am results oriented. Although they have shortcomings, charts provide one extremely valuable service. They can identify the "prevailing market bias." I never trade against this. If I had listened to all the "fundamentalists" glowing accounts of earnings growth, low PE, solid balance sheet, etc.,etc., I would be sitting here with MU purchased at 52 1/2. The reason I didn't buy it is because the prevailing market bias was and still is down. But I digress. As for the random walk, after Peter L's and George Soros's books, I didn't think anyone still believed in that. |
