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Strategies & Market Trends : Point and Figure Charting
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To: wizzards wine who wrote (3607)6/12/1998 10:28:00 AM
From: james ball  Read Replies (2) of 34809
 
Tom Dorsey for Preston, one of the things we like to do as humans is think situations through, try to understand what is happening and predict the results. The problem with that in investing is there are so many variables to consider and most of the are obscured in some way. How many times have we doped out a situation only to come back and say, "damn, I didn't realize their banking situation was so bad, that changes everything"? The Bullish Percents were designed to be the anticipator that evaluates everything there is to evaluate and then makes a determination of what the most logical thing to do is. I have said many times, never anticipate the anticipators. The problem is that is exactly what we want to do, and in so doing tend to make enough missteps to keep our returns at the average 12% per year. It's like a love/hate thing. As soon as the indicators give us an edge we do something to negate it. I deal with professionals all day that do just that. The only way to succeed is to have faith and follow that way of thinking. If it's astrology, then fine, follow that but be consistent. It's also ok to be wrong, as it's part of the game. What is not ok is staying wrong because we become pig-headed. Tom Dorsey
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