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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: Greg h2o who wrote (36202)	2/24/1998 11:11:00 AM
From: Tim Luke	Respond to of 61433

I wish that I had the luxury to sit on a stock but my job and income are from day trading so I have to be on my game all day every day.

To: Greg h2o who wrote (36202)	2/24/1998 12:18:00 PM
From: Sowbug	Read Replies (2) \| Respond to of 61433

****** OT ******* If you rely on price movement alone to dictate when to buy and sell, you're relying on the public to do your thinking for you. Greg, I'm still mad at you about one of your posts a few thousands ago, but since I can't remember what it was about.... ;) Have you read Reminiscences of a Stock Operator, by Edwin Lefevre? It's a truly timeless book, written way back in the early 1900s. As far as I can tell, it totally mirrors Tim Luke's investing style. The book is biographical, about a successful trader named Larry Livingston, and the most important lesson I learned from it is that a stock can be a better buy at $20 than at $15. I don't think you and Tim are necessarily opposites in philosophy, though you'd sometimes do the opposite things in a given situation. But you must admit, ASND at $23 was a whole lot more likely to go to $15 than it is today at $36, so $23 is a riskier buy than $36. If you have a fundamental faith in the strength of the company, then go ahead and back up the truck on dips, but Tim's strategy doesn't even require him to know anything about the company. Note that Tim's probably more concerned about $1 or $2 movements, whereas you're looking at overall ROI. Those two goals will lead you in different directions, which is probably why you two disagree on certain issues. Tim, I apologize if I'm misstating your philosophy, and I'd appreciate any clarifications. You do seem to be a modern-day Larry Livingston in your style. Anyway, Greg, I recommend the book to you (and anyone else who follows the stock market closely enough to read SI).