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With respect to this forum's intent, I offer my couple of cents.
In terms of general strategy and thinking, of all the books and articles I have read, these 2 books actually have caused me most to re-think my approach. Marketsmith is a great technical tool, and the very fact I renew my subscription cheerfully, in this economic climate, says a lot.
How-ever. It is all too easy to get sucked into a short term bifocal blindness. That was me. Close up, daily technical scrutiny. Microscope. Nose up to the tree bark. I could see the ants climbing the smallest twigs... William O'Neill. CANSLIM. Rigid rules. IBD. Hard work. Lotta reading.
Whoa. Baby. Along comes Peter Lynch. I find myself backing back a few steps. Then a few more. Now i can see the tree. Ah. Interesting tree. Back a few more steps. Hmmmm...,.now there's the wood.
The result is that somehow, I'm a happier investor. Doing better, as well. Yes, I like the technical up-close-and-personal scrutiny, looking for flags and clues and signals and what's its and what nots.
But. If I miss a sell signal, and I don't get it right, as long as the underlying stock is not a tanking dud, I'm more relaxed about it. Oh well. wait for the next chance. More or less buy low. More or less sell high. More or less be aware of O'Neill's excellent rules, but use them as a guide, NOT as a MUST OBEY OHMYGOSH IT'S DOWN 8% HELP MUMMY I JUST LOST MY SHIRT.
After Peter Lynch's at times really humorous take on at it all, (the Grand Nonsense of the Stock Market, in all its Human Absurdity,) I see an unpleasant dive, and I immediately turn to my good buddy, MarketSmith. No sudden bad news on that stoick? No? Oh, well, last technical info all still reasonable? yes? Oh, well. It's just Mister Market freaking out over the latest clumsy ant who fell off a leaf. What the heck.
I guess what I'm saying is that a careful initial selection of stocks (thank you, MarketSmith) means I ride the ups and downs more cheerfully. I can see where if I had sold on the NAIL at minus 8% I would have lost my shirt. And at other times, I took a profit which was small, but I sensed a dip coming, so, what the heck, a profit is a profit, thank you, BOOM, I'm out.
After reading, digesting, and smirking with Peter Lynch, i laugh more. There is much more flippancy.
I don't sweat the small stuff anymore. There is always some dopey old ant slipping off a leaf somewhere.
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