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Strategies & Market Trends : Value Investing
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To: Shane M who wrote (6577)4/5/1999 4:33:00 PM
From: geoffrey Wren  Read Replies (3) of 78659
 
Shane: Your observations are well put. Here is a problem I have had, and am only now getting better at it. It is selling the stock I own when they have a big run-up in price and I sense the momentum is dying out. Usually when I get the feeling that the price is too high, I am right. Usually in the past, I have not sold (having a buy and hold philosophy). Now I am better at selling. I often have sold 1/2 or 2/3 of my holdings in these circumstances. From now on, I will force myself to sell all.

I think I have a pretty good sense of when my own stocks are overpriced, because usually I have been following or owning them for months or years, whereas stocks I look to buy often I have followed only for weeks. I cannot say exactly how I have this feeling, but it is like when you are playing poker and the other player is betting big and you just know he has a hand, but you stay in the pot, sort of like a frog who is frozen by a flashlight. You feel you should be out, but you stay in.

Geoff Wren
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