Monday, October 15, 2007 12:18:05 AM
But as far as riding other peoples DD is concerned, there was a 6 episode series on HD Net called Wall St. Warriors. The best episode had a lunch gathering of fund managers. The oldest guy was the best, had a bow tie and all, and invested in microcaps. You could tell he was a great fox and had made a fortune. His words were great:
85% of the market doesn't know what its doing, 5% does and 10% follows that 10%.
It was simple advice, but really profound if followed. If I find out certain people are invested in a stock I feel it has far greater odds of being a great success. And conversely, if some people are invested in it, like toxic financiers, I know to avoid it. Following is not a bad thing. Some people are worth a billion because they are wise about who they follow. But that does make you a sheep. It means you have made your decisions based on well-considered, rational premises.
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