Re: [CANSLIM] Why Professionals go astray

From: "Katherine Malm" <kmalm@earthlink.net>
Subject: Re: [CANSLIM] Why Professionals go astray
Date: Tue, 3 Sep 2002 17:13:10 -0500

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Point well taken, Warren.

To me, a good teacher is someone who makes me think and act for myself, who
teaches me sound principles, who sparks a thought or points out a flaw and
shows me how to fix it. If they do that and I improve as a result, then the
teacher was "a good teacher." Weinstein's track record had absolutely no
influence on the value of what I took from his book. To chuck it because he
had a lousy newsletter would have been short-sighted of me.

If track record is a prerequisite for judging content, then you may as well
chuck CANSLIM out the window....as there is no official record of WON's
yearly results since 1960-something when he began. Guess that means that
CANSLIM has no value because WON and/or the IBD doesn't even *have* a
Hulbert rating.

Katherine

- ----- Original Message -----
From: "Warren Keuffel" <wkeuffel@xmission.com>
To: <canslim@lists.xmission.com>
Sent: Tuesday, September 03, 2002 4:04 PM
Subject: Re: [CANSLIM] Why Professionals go astray


| Ed & Katherine,
|
| Would you prefer to take golf lessons from Tiger Woods or from Joe Blow,
the
| local public course pro? Let's assume for the moment that both guys are
| equally good as teachers. Wouldn't you then agree that Tiger Woods has
more
| credibility than Joe Blow?
|
| Yes, I totally agree that one should develop & follow their own path. One
of
| the reasons we listen to WON so much is that he has, over the years, been
| quite successful. It appears that Weinstein has not.
|
| Given all that, it may also be true that Weinstein is a better teacher
than
| investor. Fine. But let's be aware that he doesn't walk the talk, or at
| least if he does, he stumbles quite a bit.
|
| Warren
|
| "Edward W. Gjertsen II" wrote:
|
| > No one should be wondering why Weinstein's or any other professional's
| > performance is poor relative to what they write or "should" be doing.
| > Human nature is a cruel element in investing.  We are often at odds
| > between the logical and emotional aspect of our lives.  Investing is one
| > of the most disciplined games around.  I often compare investing/trading
| > to professional golf.  In both, there is no excuse for poor performance
| > other than you.  They are both an above the shoulders game.  Your mind
| > can be your worst enemy or your best friend.  What separates the top 10
| > golfers in the world from the rest of the pack?  Mental toughness,
| > discipline and being prepared.  Truly great investors work just as hard
| > preparing themselves mentally as they do searching for the next big
| > move.  Like WON, your investment discipline should be your own.  Pulling
| > an idea here, pulling an idea there, creating a methodology that YOU are
| > comfortable with should be everyone's quest on this board.  Didn't mean
| > to get heavy here, but if you want good, consistent results, work just
| > as hard on the mental aspect of your investing.
| >
| > Ed Gjertsen II
| > ed@macktracks.com
| > -----Original Message-----
| > From: owner-canslim@lists.xmission.com
| > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Warren Keuffel
| > Sent: Tuesday, September 03, 2002 10:43 AM
| > To: CANSLIM list
| > Subject: [CANSLIM] Weinstein & Professional Tape Reader
| >
| > Someone on the list recently suggested that we should cast a jaundiced
| > eye on
| > Stan Weinstein's book because of his poor market performance. I wrote to
| > the
| > Hulbert Financial Digest (they track newsletter portfolio performance)
| > and
| > below is what they had to say. It looks like he missed the bull market
| > entirely, which I find surprising considering his emphasis on technical
| > analysis.
| >
| > So, what do you think? Should we toss out Weinstein's ideas because what
| > he
| > writes is not supported by real-world performance? (Katherine -- any
| > comment?)
| >
| > Warren
| >
| > John wrote:
| >
| > > Hello,
| > >
| > > We tracked the Professional Tape reader from July, 1980 through the
| > end of
| > > 1999 which is when they had stopped publishing. During this time he
| > had
| > > gained 1.3% per year versus 17.1% per year for the market. Since we no
| > > longer track it, it does not show up in the ratings any longer.



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