Re: [CANSLIM] Why Professionals go astray

From: "Tom Worley" <stkguru@bellsouth.net>
Subject: Re: [CANSLIM] Why Professionals go astray
Date: Tue, 3 Sep 2002 20:34:43 -0400

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Katherine, as late as 1992, I still had access to the big maroon books with
five year, log charts from WON services. In the front of those books was a
20 or so year chart of his picks vs the major indexes, along with yearly
performance compared to those same indexes. Wish I still had a copy,
unfortunately threw my last "souvenir" away years ago. But from memory, I
can say the graphs of performance were not only impressive, but beat the
indexes hands down. On the annual bar graphs, he had made money almost every
year. The few years where he had a net annual loss, it was still
considerably less than what occurred in the indexes.

Possibly these performance charts are still being provided at the
institutional level.

- ----- Original Message -----
From: "Katherine Malm" <kmalm@earthlink.net>
To: <canslim@lists.xmission.com>
Sent: Tuesday, September 03, 2002 6:13 PM
Subject: Re: [CANSLIM] Why Professionals go astray


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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