Loss cause, listen in passing

Continued discussion of comments about buy/sell tips appearing in Market Wizards: Interviews with Top Traders

David Ryan.

Q: A lot of people who invest use their spare time to study the market and still have only mediocre, or even losing results.
A: That is probably because they have not found a disciplined system for picking stocks. They read an article and say, “That sounds like a good stock. I’ll buy it.” Or they buy a stock because their broker recommends it.

Marty Schwartz.

The article about his interview did not cover what he does with tips.

James B. Rogers, Jr.

The article about his interview did not cover what he does with tips.

Mark Weinstein.

The article about his interview did not cover what he does with tips.

Brian Gelber.

Q: So you don’t pay much attention to those types of opinions anymore?
A: I listen to them in passing. I don’t read the Barron’s interviews of portfolio managers anymore. It never did much for me, and I don’t think it does much for any trader.

Q: In other words, the problem wasn’t the fact that you were listening to other people, but that you were listening to the wrong people?
A: I don’t know how to decide which were the right or wrong people…

...continued tomorrow...

Copyright 2008 Raymond T. Lee. All rights reserved.
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