Thanks Hawk. The older post-WWII generations that invested incrementally over 30 years during their working years did have the benefit of the basic power of compounding. Just $5,000 a year in compounding accounts making 8% would have given them a comfortable retirement account. But most of us, regardless of age, are probably spoiled a bit since we know what is possible in terms of wealth building now that we all have been granted access to the electronically driven markets and can share and research our data. Its a whole new ballgame.
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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