The bots have been on overdrive this week with the start of what looks to be a very big rally. They seem to be constantly banging on about being right on the SP direction or that some posters have been wrong 100% of the time. My measure of right or wrong is much different to our bots on this forum, I’ll make that call in 2-3 years time.
A quote I have used in the past from a small cap investor I listen to, very relevant.
"You've also got to remember that it's very unlikely that the market is going to start to see things your way the day after you buy your shares, generally what happens, even if you're right on this and we see over the next 3-5 years sales start to turn around and earnings per share start to grow and all that good stuff, shares could go down another 30% between now and then, particularly in the smaller end of the market, it's just normal! It doesn't mean you were wrong in terms of the business in your outlook, it just means you were wrong on the timing, and virtually everyone is always wrong on the timing despite some people that pretend otherwise, but 99% of the time that is what it's going to be. So my emphasis for those who are looking for those kind of businesses is build a conviction and if you've got that conviction, stay with it, because the last thing you want to do is to be shaken on on short term price volatility only to look back in two years and say yep, absolutely picked the fundamental direction of the business, just didn't have the nerve to hold it through. There is a very very good chance that you will see a lot of negative volatility before things start to go your way"
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