To: bruwin who wrote (63555 ) 3/27/2020 4:56:12 PM From: Nya_Quy Read Replies (1) | Respond to For it is worth, I think your notion of what it means to be an investor (Graham style?) is rather narrow. This is actually a shame, really, given that I think that your approach to investing is very legitimate, despite it being an approach that is just too difficult for me to implement.There's also this inclination that some "Investors(?)" have of taking Cognizance of what "New" management say they will be doing with an "AILING" company ...."We're gonna reduce debt", or "We're gonna improve Cash Flow", or "We're gonna 'modify'/'revise' our Brand to suit ..... whatever" ...And then these "Investors(?)" start "Salivating" at the "Prospects(?)" that Must Come from these "Near Divine" Proposals and Forecasts, FIRM IN THE BELIEF that these REVELATIONS WILL COME TO PASS ........ "After all, 'new' Management SAID SO !!!" They don't stop to think, Just For A Brief Moment, that maybe it would be Prudent, and even possibly WISE (Heaven Forbid), to WAIT AND SEE IF "new" Management WILL ACTUALLY ACHIEVE THEIR PROMISED OBJECTIVES, BEFORE THEY COMMIT THEIR HARD EARNED CASH TO THIS "BET".And it is JUST THAT .... a BET. There's virtually nothing to interrogate as to what the outcome will be. In fact, what there is there to interrogate doesn't look like it's a GOOD BET. Investing in company's after good things happen or improvement occurs is something Greenblatt (at least) called "investing in the rear view mirror". In other words, in order to make the bulk of the gains you have to be early, you have to make assumptions, there is uncertainty, but by buying at disproportionally depressed prices, risk remains limited and, at the same time, upside is amplified.-- Nya --
