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Politics : Ask Michael Burke
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To: Ilaine who wrote (37251)11/22/1998 4:07:00 PM
From: accountclosed  Read Replies (2) of 132070
 
Coby. I reread my comments and think I was a little heavy handed earlier this morning. So I think perhaps it is me who should apologize. I am pretty new to posting to si, although i am catching up to you in terms of number of posts <g>. As I have commented before, though, I have read this and other forums for some years.

Part of what I was reacting to is that you said this thing was about making money and not principles. (I thought to say how Clintonian of you <g>). I tire of people like Paul Engel who come forward every time their pick goes up a dollar or two and say that they are geniuses and everyone else is a failure. From my point of view, investing is a lifelong pursuit. No one gets every blip or every month or every year right. And I do think it is somewhat about principles. I believe that successful investors need to have a game plan. A way that they look at the markets. Really successful investors have more than one strategy that works for them and know different contexts in which to deploy their strategies. Consider MB with his various portfolios. He has fixed income strategies, as well as money management strategies, put strategies, and a capital appreciation portfolio. And he emphasizes different parts of his various strategies at different times when he feels it is appropriate.

Forgive me if I am wrong, but I thought I had detected in you a growing self-congratulatory tone. I think on Friday on the Myth thread you were saying that you had made so much money... One thing I have observed in my investing experience is that leaning against the wind is the best strategy. Sort of an extension of buy low sell high. In other words, when ever I feel smug about a result, it is usually time to sell. And whenever I feel discouraged about a result it is usually time to double up on my position.

I am really rambling but I haven't made my basic point yet. That is that there are a bunch of frustrated bears that inhabit this thread and the myth thread. I believe that they are skilled and correct in their estimation that the market is overvalued. I was trying to tell them to hang in there. Mr. Market doesn't always reward virtue in the short run. I just hope those guys are there with their puts when this market wakes up and smells the coffee.
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