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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Michael Burry who wrote (4802)	8/24/1998 12:43:00 AM
From: James Clarke	Read Replies (2) \| Respond to of 79000

To trade or not to trade, what a question. I have been telling myself I am overtrading, but when a short term opportunity goes up I sell it. And I have also been doing some market timing which has worked. So I've paid some commissions, and will pay a good amount of taxes next year. But every time I look back and say would I have been better off not selling these stocks when I did I realize I did the right thing. I've only been doing this for a few years, so I am still learning. But I am with Mike on this one. If the stock moves to your price, you sell it. And, as he said yesterday, if you are constantly buying short term plays that turn into long term holds, you're doing something wrong. Not to say I don't have a couple Buffett stocks in my portfolio which I am very reluctant to pay taxes on. But I have been making about 25 trades a year on a portfolio of 8-12 stocks. That looks horrendous, but it has worked for me. Would I prefer not paying taxes? Sure. But is my performance satisfactory after-tax? Yes. So I'm trying to move in that direction, but will still not refuse a quick 30-50% gain in a net-net. Jim