To: Tim McCormick who wrote (78412 ) 3/10/2001 4:56:14 PM From: Zeev Hed Respond to Tim, I may like a company a lot and research it to the nth degree, but my problem is that things change, particularly if you stay in that position for more than six months. Last March I reentered MRK at around $53 ( while writing progressively higher strike calls), well, I am not sure I can put my finger on what changed, but last week, I covered the calls and used a mini rally to get out. That "situation" is well researched and followed, yet, tevchnically, MRK is "rolling over" and my ego is not big enough to stay with it to the 50' again. In RMBS (in which I have more than 80 hours of reseach) it just did not make sense to stay long after each of the three major moves since 1999, so despite the fact that, I may have a high target price in it, I recognize the fact that right now, this stock is still in a down trend, and at best, basing, I can add another 300 hours of research (read every single one of their patents and the prior art), and that will not change the market's opinion of this stock. The problem with stocks like that is that Earlie and I are looking at exactly the same data but have diametrically opposing point off views of what these data means. Research is sure good and important, but I am not going to stay in a stock for longer than I am welcome, if it tries and tell me I was wrong. I am simply not stubborn enough, or have no sufficient faith in my own analysis vs the market wisdom.
