Re: [CANSLIM] AAII letter to the editor

From: Spencer48@aol.com
Subject: Re: [CANSLIM] AAII letter to the editor
Date: Tue, 15 Jul 2003 17:07:25 EDT

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Katherine:

     Besides being learned, you are one wise lady.  I'm glad I got the chance 
to read your E-mail.

jans



In a message dated 7/13/2003 10:22:51 PM Eastern Daylight Time, 
kmalm@earthlink.net writes:

<< I have not read the AAII article to which you refer, but I remember
 distinctly that in early March *2000*, the Big Picture column used these
 exact words... "If you are not already out of this market, you should be." I
 wish to high heaven I'd kept a copy of it, because my investing/coffee buddy
 and I have reminisced about the day we read it many times since.
 
 I often fail to understand the criticism that O'Neil faces with respect to
 the IBD. It is, afterall, a newspaper, a tool which is designed to educate
 and *report* the news. It is not touted as an investment newsletter full of
 stock "picks" and I've never understood why people expect it to be so. For
 example, I often hear folks criticize the IBD for their "Monday night
 quarterbacking." Last I checked, newspapers always report the news *after*
 it occurs, not before and tell the story of what *has* happened. True,
 O'Neil makes money on his investment tools: DGO, WONDA, IBD, Daily Graphs
 printed product, etc. But I fail to see how making tools available at a
 price is a crime. I'm sure Michael Dell would be amazed if people were to
 pummel him for his willingness to actually *sell* a computer. Or that Warren
 Buffett would say, no, no, don't buy a DQ Dude, a box of See's candy, or a
 policy with Geico.
 
 O'Neil has never once said, "you must buy this or you must buy that." One
 can read the IBD for free at the local library and, while it's laborious,
 one could actually use the reporting in the paper in conjunction with other
 free tools on the internet for fundamentals and charting to select stocks.
 Without a doubt, it's far easier to do CANSLIM with the right set of tools,
 but the choices for doing so are far wider than they once were. All in all,
 there are many many people who have changed their lives and their investing
 success with what they have learned about investing by reading O'Neil's work
 and there will always be those who want to blame the guru for their lack of
 success. That sort of transference of responsibility in itself shows that
 the person doesn't really get it. Because, above all else, what O'Neil
 teaches is self-discipline and self-reliance. Someone said it here the other
 day, though I don't remember the exact quote: "There are far more good
 trading systems than there are good traders."
 
 Katherine >>

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