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Non-Tech : Bill Wexler's Dog Pound -- Ignore unavailable to you. Want to Upgrade?

To: Hank who wrote (7416)	8/15/2000 12:29:10 PM
From: DanZ	Respond to of 10293

<There isn't a short term trader in the world that would tell you to hold on to a position during a 66% decline and average down.> I didn't average down on GUMM in the Z Portfolio, and even sold part of my position on the way down as it broke support levels. I bought much of my position back between 9 and 10, and even added some this morning at 11 3/4. <I would respect their decision more if they had a 10 or 20 year horizon but they post their "average beating" portfolio in the Short Term Traders forum.> The average holding period on positions closed this year is 21.8 days. The average holding period on open positions is 43.3 days. This excludes GUMM and MLNM because we didn't record the purchase dates and I haven't had time to go back and find them. Those two trades would raise the average holding period, but not enough to support your argument that the portfolio isn't short term. It is a short term portfolio, although some positions are arguably border line. The reason that those are in the portfolio is because they are in the sponsor's personal account, and we try to mimic to the maximum extent, our own accounts. This is what makes your "monopoly money" comment the other day so ludicrous. The Z portfolio is no more monopoly money than your posting a trade on SI. <A monkey with a set of darts and a copy of the Wall St. Journal could have gotten that lucky in 1999.> Really? How many professionally managed mutual funds were up that much last year? <Real traders, however, can make money in any market or they become real broke, real soon.> The Z Portfolio has beaten the market averages every year since we started (Jan 1997). With very few exceptions, trades are posted in real time and the results are posted every night. We have nothing to hide. The thread is a collection of very good traders, and above all honest and courteous people. Anyone is welcome if they are courteous and have something useful to say. You are even welcome, but something tells me that you just don't have it in your personality to fit in. <I predict that Z-Worst's measly 5% gain will rapidly turn into a large loss by the end of the year and GUMM will be one of the portfolio's biggest losers.> I predict that you will be wrong on both accounts. I would agree that 5% YTD return isn't outstanding, but it is still better than all the market averages. We were up about 20% a few weeks ago, and I predict that our results will get back there over the next few months. You can wake up now, Bill. lol