The guy that wrote this knowns nothing…. pretty poor article. I recommend doing a bit of research in future -- Comment from Lee T 1:26 pm January 18, 2010
Your an idiot! -- Comment from gus 1:53 pm January 18, 2010
You have to be flexible when you trade. In many ways, it shouldn't
matter how long you've held a position, what you've told your investors
about how long you expect to hold that position, or how much pride
you've got in having found that nugget. And it sure shouldn't matter
what the peanut gallery's saying about you.
Case in point from my own life is Google. One of the proudest moments
of my investing life was when I changed my mind about Google the day
after telling Maria Baritiromo on national TV that I didn't plan to buy
Google the day it came public the very day before it came public. I
wrote a mea culpa on my trading blog the next morning and went out and
paid up for Google in the open market at $95 a share and told the
viewers the next time I was on TV what an idiot I'd been for hesitating
about getting long Google at these prices. I sold the stock when I took
my job at Fox Business a few years later...somewhere closer to $600 a
share. Swallowing pride had been proven a successful trading strategy
in my mind. Certainly, flexibility was key -- it hadn't mattered how
stupid I might look for "flip-flopping" my stance...I got long Google
the day it came public and stayed long it and wrote about why it was
such a great long for years after.
But then one day, not long after I'd become a full-time TV pundit and
wasn't trading stocks at all anymore, I heard one of the reporters from
my new firm repeat over and over how "Google was being perceived as a
safe stock" as it was getting closer to $700 a share while the rest of
the broader market was tanking.
I went on the show that night and told everybody it was probably time
to buy puts, because I used to be made fun of for calling Google a safe
stock back when it was at $100, 200, 300...and now at nearly $700 it's
being "perceived as safe?"
Later, when it fell to $450 or so, I got excited about the stock
again...remember, be flexible.
Here's me talking to Whoopi Goldberg
about being flexible with Google --
Whoopi and I talked about liking and then disliking Google. She was
okay with it. You should be too. And also, completely related to this
same topic -- notice how politely Stephanie disagreed with me and took
the other side of my MSFT recommendation? (She was right, btw!)
At any rate, I'm sure I'll be villified for saying this now, because
all the people who started reading my blog because I trashed Google's
Nexus One (and in many people's minds, Google itself) will now have to
deal with me throwing kudos to both Google for doing exactly what I'd written back in January,
ten days after they launched the Nexus One: Google killed the Nexus One
And I'll also tell you that we've added Google to the Revolution
Investing portfolio as a long position once again. I expect we've got
some pretty good upside in the stock both in the short-term and in the
longer term. Sign up for my weekly Revolution Investing newsletter
to get all my analysis on Google and to track how we'll be trading it.
Or if you'd rather, you can leave me some hate commentary below. The more hate you put out there, the more data my subscribers and I have to work off of.