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To: Mike Buckley who wrote (22897)	4/17/2000 1:00:00 AM
From: chaz	Respond to of 54805

Right Mike, that's why we sort through the question of aging silverbacks versus the new guys. Who among us wouldn't trade a 2 bagger for a tenner? By the same token, a seller able to capture and keep six of those 10, and redeploy them into another 10er would be a fool not to do so. In a tax sheltered account, he gets to keep all ten. (Ten just being an example...at some point in a trading account, it doesn't work...you have to make the comparison for your own situation.) The flaw in this is that we're now into "timing"....sell high, buy low....how many of us can consistently make those calls? I hit bulls eyes in January, but my March was both outstanding and dismal. It would be highly patriotic of us all if we could improve our sell high skills, but of course we would resent our success come the following April. <ggg> --Chaz

To: Mike Buckley who wrote (22897)	4/17/2000 2:20:00 AM
From: Seeker of Truth	Read Replies (1) \| Respond to of 54805

The argument against buying low and seling high is that we don't know where is low and where is high. If we just extrapolate the last year's high and low P/Es we may buy low and that may turn out to be high as the succeeding periods high and low P/E's may both be below the previous "low". Similarly if we sell at the high we may be out of the stock for a decade, when the market decides that a higher range of P/E's is appropriate. If we are true long termers then we float (up and down) through all these oscillations all the while having a gradually increasing interest free loan from the government, i.e. taxes not yet payable since we didn't sell. I think most of us on this thread agree with the above. Those who think they can trade successfully, timing the highs and lows are IMHO doomed to waste a few years until they settle down. Ditto for margin buyers, call buyers, short sellers, etc.