My condolences on your stock selections, but I have to disagree with much of what you wrote.
JD may not have had a sell on HLT on the way down, or LSI, probably because he still believes (as do I, and I've got the shares to prove it) that they are still headed up. The stock market isn't as efficient as many of us would like it to be, and the slump in gaming/chip stocks has lasted longer than anyone could have believed.
It's been mentioned a few times in the past on this thread, that Dessauer's long term risk adjusted results are actually quite good. Has he had a lot of success recently? Not last year, but the few before that were very good. Has he had losers? Undoubtably, but his winners have far exceeded the number of stocks that have gone down.
As to admitting his mistakes, I referenced a number of times in the newsletter a couple of months back, places where he admitted that he doesn't always get it right. As to holding his losers forever, I seem to recall him selling PDG only 6 months or so after it's initial recommendation, and his recent anniversary issue had a number of sell recommendations.
I guess we shouldn't have listened to him about holding on to SEIC when it dropped into the 60's lately, or holding onto Ericsson when it dropped into the teens a few weeks ago, or Cendant when it got knocked into the single digits, or SFA when it got hit. Actually, the way to get crushed is to lose your nerve and sell too soon. More often than not, if you stick with the stocks and show some patience, time will come to your aid.
DWB |
