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Post by paperwhite on Aug 8, 2004 16:55:30 GMT -5
I'm not a genius, but I try and listen to those that are and learn....
Part of my reason for selling the majority of a popular stock on this board (that I get slammed for) is this statement from Warren Buffett =
"You can't buy what is popular and do well."
In other words, when something heats up, remember not to become a "lemming."
There is another statement that rang my bell..."When taxi drivers and shoeshine boys are investing, it's time to get out."
By the time you see adds in a magazine touting a mutal funds 5-year performance, or #1 for 2003 = it's a sure sign the end is near.
These are some of the reasons I'm continually looking for the "unpopular" investment.
Just thought I'd type what has been going on in the brain...
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Post by paperwhite on Aug 8, 2004 16:57:38 GMT -5
On that note,
Does anyone here now that Buffett has acquired a HUGE percentage of the silver market over the last few years?
He's also investing heavily in some Chinese operations.
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Post by polish on Aug 8, 2004 18:09:50 GMT -5
I read Waren Buffett in 1997 reported he had accumulated a major portion of the world silver inventories, his report created such a stir he stopped reporting his silver positions, my understanding is there little silver stocks, the best way is to buy the metal directly, As of China the last I know of is his position in PetroChina last year
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Post by RPJII on Aug 8, 2004 19:34:25 GMT -5
Paperwhite, I agree with your thoughts about market timing, but I think your timing is off a little. We are not in a booming economy right now. So I dont think the taxi driver/ shoeshine boy analogy fitts just yet. You are correct about doing the opposite of the "Herd". Most experts (off the record ofcourse) will agree...
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Post by paperwhite on Aug 9, 2004 11:29:46 GMT -5
RPJII,
Sorry, I should have been less general - You are right in regards to the market as a whole, the over excitement is over for the most part.
I fell partially victim to the dot com boom and am now applying this learned lesson to "specific investments" as well.
But can you think of particular stocks that this is true of ??
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Post by RPJII on Aug 9, 2004 13:24:09 GMT -5
The hysteria on CMKX is a little unnerving at times, I must admit. However, I truly believe that this may be a once in a lifetime opportunity. With 500 billion A/S, not necessarily O/S, CMKX has alot of shareholders to say the least. I have read some posts on other boards about people already meeting with financial advisors, tax lawyers, trying to figure their tax liability when their limit order of $1 fills, turning in their 2 weeks notice, etc.... My only fear is that people who have no experience trading are putting their rent and grocery money in this and expecting to be multi millionaires by Christmas... Well that just isnt going to happen...
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Post by paperwhite on Aug 9, 2004 16:45:54 GMT -5
RPJII,
You're right - and the stock hasn't even hit 1 penny...yet alone moved updward lately despite PR after PR.
Is there a chance it could go...yes....but I personally think too many people that don't know stocks, and especially penny stocks are setting themselves up to be hosed.
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