Re: [CANSLIM] Why Professionals go astray

From: Warren Keuffel <wkeuffel@xmission.com>
Subject: Re: [CANSLIM] Why Professionals go astray
Date: Tue, 03 Sep 2002 15:04:15 -0600

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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.
> >
> > John Kimble
> > Hulbert Financial Digest
>
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