I will throw in" an oldie but a goodie" that seems to sum up my appraisal of most of the players in active funds management industry,
"Buy low, sell high" so trite,yet so true.
I can't even remember the dates anymore but good old PPT was $40 and got sold down to less than $20. I hated them at $40, loved them at $20 and tey got sold off even further after that down to around $15 or $16. 3, 4 or 5 years later, they sailed past my $40 target throwing off the type of dividends that mums and dads crave for. That is not my space, so I exited and found other positions that were out of favour.
Rinse and repeat (being aware that no ne can pick the bottoms and prices can fall a lot lower than one can imagine, offering even better value at lower risk than one could hope for).
This contrarian value based investment approach is not novel, or unique, or bullet proof. Nevertheless, on most occasions and over time, it delivers investment return an order of magnitude above market returns. Fortunes are not necessarily made exclusively by smart investors. I am not smart but I am disciplined and have found most of the "noise" from those in the cheap seats frighten the uncertain leaving unloved opportunities to the brave.
Thank you to all those who post with a "sell" in your sentiment. I no longer need you to make money, but your loud presence makes the eating of the cake so much more pleasurable.
If only you would spend your time trying to help your fellow investors rather than trying to confuse them.
I am too old for parties, but in 3 or 4 years, there will be many buyers today who will not remember this year, yet will be celebrating its fruits.
All just my opinion of course.
GLTASH.
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