Re: [CANSLIM] Recommending stocks - my thoughts

From: "Tom Worley" <stkguru@bellsouth.net>
Subject: Re: [CANSLIM] Recommending stocks - my thoughts
Date: Mon, 22 Apr 2002 08:35:26 -0400

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Dave, I heartily endorse your last paragraph, and recommend everyone read it
several times. The psychology of investing is difficult enough, being
confident enough to make a decision, even if it ends up being the wrong
decision, is often (usually, for me) the hardest part.

I have gone on streaks where I had 10 or 12 decisions in a row, and every
one was proven to be wrong by subsequent market action. Even now, in my VR
Fund, the performance of my sells after selling is substantially
outperforming my buys. But the numbers are coming down, and I am working
harder on my selling strategy to time it better. Still frustrating, and
tends to make me hesitate to enter a new sell order. But I do it anyway,
just argue a little more with myself over it.

Tom Worley
stkguru@bellsouth.net
AIM: TexWorley
- ----- Original Message -----
From: "Dave Cameron" <dfcameron@yahoo.com>
To: <canslim@lists.xmission.com>
Sent: Saturday, April 20, 2002 11:18 PM
Subject: [CANSLIM] Recommending stocks - my thoughts


I tend to agree with what seems to be the majority.  But let me chime
in here anyway.

1.  I think if people want to post their buys, that's great, as long
as they give reasons behind it.   I am mature enough to not just
tailcoat someone's trade.   I've lost money (years ago) doing that;
don't plan to again.   Its a good way for us all to learn.

2.  If people don't want to post their buys, that's fine too.  The
only caution I'd make is overvaluing someone's future success based
on their past success.   I've seen some comments like "I was up 80%
in 1999, but down 15% in 2001".   Take these comments for only what
they are worth, a statement of past performance.   Every market is
different, every day is different.   What someone did last year isn't
relevant.   What they are doing now is.

3.  Very few of us "prove" our performance or qualifications.  We
simply have to judge whether we can get value from others based on
our thoughts and reasoning that can be helped by other's comments.
I could tell you I was up 140% in 1995 or down 50% in 2000 - and
you'd have no idea whether I was telling the truth or not.   (Both
are directionally correct, but exaggerations.)   Yet, if anything I
post makes you think more - then I've helped.   People like Tom and
Katherine are good at making me think.

4.  One of the things I like about this list is that a lot of the
active posters talk in terms of principles or rules.   I think the
best value to be had on this list is to learn to think like a
successful stock investor, and then follow through.   If one really
learns and thinks and acts, then the confidence level will be higher,
and one will learn when to get in and when to get out - and not be
unduly swayed by other's opinions.   In order to be successful at
CANSLIM, I firmly believe one needs the knowledge AND the confidence
that one will be successful.   My worst periods have always been when
my confidence is down and my decision making wavers.   Anyway... to
me, this type of discussion is much more valuable than "I bought IGT
because..."


=====
Dave Cameron
dfcameron@yahoo.com

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