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reddingrunner (95.94)

Going down with the great ones?

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August 14, 2007 – Comments (1)

I got bullish on asset management firms when I saw how many of my favorite money managers, gurus, and other value-oriented geniuses were stocking up on C, LEH, GS, etc.  On a day like today I have to wonder when the bleeding will stop.

But I remember:  these great gurus earned their records by buying good stocks at good prices and holding on to them until the market's long-term rationality paid off.   A lot of geniuses are looking dumb right now, but most of them will hold on to their stocks and, if history is a guide, be sitting pretty a year or two from now.

I've been here before too... in real life.  After the big crash of 6 years ago my portfolio was in shambles.  I looked at my stocks, let them be, stopped tracking my portfolio for awhile while I calmed down, didn't make any buys or sells for three years.

During that time I absolutely CRUSHED the market.  

And actually, though I have lots of financials in CAPS (and I be hanging on to 'em, pardner), I haven't bought any for my real portfolio (which is still soundly beating the market) since I have more ideas than money.  I'll be looking at them really closely come mid-October though.  Maybe I can turn my CAPS loss into a real-life gain.

1 Comments – Post Your Own

#1) On August 15, 2007 at 9:47 AM, Hoglum (88.49) wrote:

I like that you mention these companies.  I just wrote up a pitch on LEH and I'm holding back on BSC and GS just in case things get worse.  Since there's no averaging into companies on Caps, you might as well average into sectors.

P.S. I also would like to see the "mostly yes man" thing.

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