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To: upanddown who wrote (83067)	12/29/2000 5:32:31 PM
From: ItsAllCyclical	Respond to of 95453

>> Any other mea culpas out there? << God yes... I remember buying in the money far out calls in XTO back when it was trading less than 8 (now 4 split adjusted). When it shot up to 12 in a few weeks I sold for 300% profit thinking I had made out nicely. If I had held the calls till expiration I would have gained about 1000%. If I had then exercised those calls and continued to hold the stock it'd be closer to 2000%. Many of the small cap NG plays have run 200-500% recently, but there are a number of laggards that have yet to run or have only just started. Own TXCO, TXLI, PNO, EEE, PRZ, EQTY and a little EEX. About 65% natural gas and 35% gold here. Unlike many I still think gold will have it's day in 2001.

To: upanddown who wrote (83067)	12/29/2000 6:17:13 PM
From: isopatch	Respond to of 95453

About a dozen mea culpas this year...at least(G). Have gotten better about letting profits run in recent years. But still miss intermediate up legs in key stocks sometimes. Missed an important entry on my large CRZO position, which limited that top %age gainer for calendar 2000 to 225-230% instead of well up into the 350s. And there were cases where I didn't cut a loser quickly enough. But, in retrospect? These things happen and though it's good to acknowledge our mistakes, dwelling on them isn't. Mistakes are a normal part of the investment process. All we can do is try to avoid the fatal errors that can blow most of a year's gains AND do our best to minimize the # of tactical mistakes we make that can eat away at a years net gain like termites(g). However, my experience has been that it's more constructive to review what ideas, approaches and attitudes have worked for me during the year and why they have helped increase the overall net gain. Although it can be very healthy to acknowledge ones mistakes, it may be even more important to also think about and reinforce what I did right in my trading. That seems to have had the effect of laying the foundation for more success. And that includes not getting too excited about what I did right(g). JMVVHO of course. Happy New Year. Isopatch