*AV* -- I received a very disturbing note last night in email. It was a rather long letter and I lost a great deal of sleep over it. Basically I felt as if I were being held responsible for decimating someone portfolio by 50%, totalling over $50K in losses (paper losses, I hope) by following my advice. My emotions ran the gamut and I really do not know how to respond. All I wanted to do was help people.
After discussing generalities, I think it best that the entire subject be aired here in public. I have always dealt from the heart and have always accepted blame when it was deserved. I also thoink it is imperative that this situation is aired here sop thers can see what has transpired and learn from it. I have way too much integrity to sweep this under the carpet and am completely willing to air my own dirty laundry.
The problem is that I am deeply soory for the financial bind I seemed to have put this person into. I can see some of his points but I also recognize that a big number of mistakes were made by this person. I do not want this person to feel worse than they already do nor do I want to let all this go unanswered. Failure is a learning experience and I think it should be shared. I just hope the person can find it in their hearts to evaluate all that will be said here and all that will be discussed as a result of this post. If there are any harsh disagreements with what is said on both sides (the original letter to me and my reply here) I would hope that you will temper those comments as not to make either of feel worse than we already feel.
Before printing the edited letter in the next reply, I want to thank the person who sent me this reply based on the private conversation I had with them over this subject.
I am somewhat dismayed and shocked by your note. I am not sure how to respond, but believe the best way is from the heart and with the basic honor and integrity structure that we all should live by.
I know his words have probably hurt you tremendously and have probably caused you to feel guilty. However, those were his decisions.
The best thing you can offer this person is your knowledge. I don't think he will listen, however, if this person is ever going to make money in the market he needs to learn a few things.
Re-read your note you sent to me months ago. It outlines the basics of investing. If you cannot follow them, don't invest. Period. You can reiterate them in a better format for him.
But do not accept blame!
Rule one: You are responsible for your own course in all endeavors in life. Period.
Rule two: In the market, the option to go flat always exists....that is to say, you can always step off of the treadmill and you can always get back on. If things are not working....don't HOPE....do something.
You know the rest.
It is not right that anyone can take his bad investment approach and apply it to you and then create the negative feelings and anguish that this is putting you through. It is just not right.
If you wish to post it to the community for review, that might be OK. As long as it is anonymous I don't think it is violating the terms of use and it might lend itself to a solid discussion of some basics and maybe, just maybe this person would learn something.
I think the key here is to take this opportunity to provide the tools and teach the method to fish....don't hand the guy the fish.
I wish I could offer better advice, but these are my thoughts off the top.
I will edit the original message for all to see and then follow up with some responses. However, I am deeply sorry for the issue this caused and hope that the person will just hold onto the securities until profits present themselves.
And finally, I would like to remind everyone that I have always been upfront with you.
I have staying power.
I average down.
I play roller coaster price actions.
I take profits when presented.
I only invest what I can afford to lose.
I am willing to wait for 1-2 years to get my profits, if necessary.
I cannot predict herd mentality nor can I predict the collapse of any economy.
I rarely go out and yell BUY BUY BUY but I have done that with the likes of MIPS.
I try to telegraph my moves in the market with entry and exit points.
I hold my paper losses and wait for them to return to profitability.
I agree with those people that say you need to put adequate stop losses in place but I personally choose not to do it.
Anyway, see the following post for the letter in question.
Andrew Vance |
