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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: David S. who wrote (3832)	10/9/1998 12:37:00 AM
From: Pancho Villa	Respond to of 18998

>IMO, Mr. Meriwether should have been used to warm up the wood chipper in the movie, "Fargo". He and his egomaniac buddies are a menace and should be banned from affiliating himself with any securities firm for life.< Cool idea. However, I think he will suffer more alive than dead. I have a different view. Aside, from the bail out [which I think won't work for very long] I think his experience shows what can happen to a person when success turns into over-confidence and arrogance. A big loss for this reason [imo] happens to everyone that has been around for a while. I took MW's case as a free lesson. Overconfidence in shorting after a period of hitting all my shorts right, led me to take large bets in internet stocks which I had to cover at a loss. I was not wiped out but was 35% down for the year when the market peaked last July. If you think longs feel bad now, how do you think a short feel being 35% down when the market is up 20%? I think I take the wood chipper! Fortunately, I learned from my mistakes maintained my strategy [net short but highly diversified] and today I am smelling black year to date again [I am still down from my Feb peak but not trying to chase it]. Now, if you could learn from someone else's mistakes [is this possible?], MWs mistake is a good place to start. If a successful experienced, smart guy like him got screwed by The Market [alias Jack the Ripper] then anyone can.