Was going to ask you if you followed through on your discipline to cover AMZN at 200. That was where I blew it. My "danger price" was 140 but I watched it go through that twice, once 60 points in one day, once slowly where I could have covered easily. Both times I covered in panic/frustration at 185. My "danger price" is usually right - my mistakes come when I say "just wait, it will go up (go down) again". If you're going to play this game shorting Amazon, you've got to have that discipline. I didn't. My hat's off to you.
On a happier note, Journal Register announced a good quarter yesterday and the stock has started to move. I think it is still a buy (though LKI at under 9 is even better). (I got in personally yesterday at $14 - my company bought it a couple months ago - after deciding that market timing is not the way to go when there are opportunities like this out there. Like I said before, my first market timing call saved me about 15% of my portfolio, my second cost me about 15% of my portfolio. No more market timing for JJC. Or am I just getting sucked back in at the top? No, Mike's tirades against me a month ago were right. I wouldn't have bought the stocks if I didn't think they were dollar bills selling for 75 cents. Maybe they can go much lower in a market correction, but if I'm right on my valuation, so what.)
There are an infinite number of mistakes you can make investing, and there is no shame in making them once. The truly stupid mistakes are the ones you make over and over again by refusing to learn.
JJC |
