Ron: Yes I do indeed think we learn more from our mistakes (than our successes). That is why you will see me advocate that people - especially young people just starting out - try everything. The best advice - conventional-wisdom-advice - investigate before you buy, buy value, do what successful investors say to do, read everything you can, -- phooey. Nobody wants to listen to that dull pedantic stuff anyway (except maybe smart guys who started off as kids with paper routes or something -g-). So I say: try options. Dance with futures. Margin as much as you absolutely dare. Sell short. Day trade. Try going with a few hot tips - see how it works for you. If it's a hot stock, jump on it. Pile it all on one or two or three positions. If your stock goes up and up, buy more of it.
My idea is that the more you lose and the quicker you lose it, the faster you will learn (the risk being that you must keep going and not give up and buy real estate or something -- as so many must have done who gave up in the '70's -g-)
If I think again about pressure to be successful, I think about some people I see in gambling casinos who must win. They need the money. Their lives seem to be on the line. You know this to be true yourself right? (the impression I mean - not that you gamble in casinos -g-)that if you HAVE to win, you will not. Don't know why that is, but it is -- anyhow that's the way I see it (have no empirical evidence of course).
Kinda sorta the same with stocks; if you have to win, have to be successful with every pick, I just think this puts pressure on and that is antithetical to making good business judgment calls. Not that people won't be successful, just that it adds an additional burden. To any people here who might believe they have their job or ego or reputation tied into making a stock call, my request is, please... don't hold back here for that absolutely perfect pitch (ONLY Buffett is a 1000% hitter)... just give us (and more importantly yourself)the best you've got when you've got it and it looks like it's reasonably over the plate. you are going to strike out sometimes... and it's okay --we all ('cept one Multibillionairre) do. Relax and enjoy the game.
Not intending to give any specific advice to any general or specific individuals. More like trying to get my own needs met. I want the best unhedged,unwashed, unvarnished opinions - and I don't mean stock screen lists - that I can get-- I still need help too. I own WDC and APM, and my $3.50 RACC just went into bankruptcy at .25 -- and foolish me... I STILL see value with all these companies -gg--. (Yes, still own those WBB shares too) |
