email to the intelligent investor

Sent on 22.3.05:

Dear Intelligent Investor,

Do you remember when Caltex was a ‘steer clear’ in 2001 at $1.41? Then it became a ‘textbook sell’ with a long report? Now it is around $16 and you have had a ‘sell’ or ‘steer clear’ on it the whole time.

Perhaps it is time that, along with your massive mea culpa over your ‘textbook buy’ Miller’s Retail, you now issued a massive mea culpa over Caltex.

Personally, I am beginning to wonder whether there is something fundamentally wrong with your whole approach to investment analysis. I have praised you in the past, and compared your favourably to some UK newsletters I receive.

But now I am wondering whether you are any better, and whether you are prepared to own up to, and analyse, all of your mistakes.

Sincerely,
DSO (still a subscriber for the moment)

PS I will be posting this letter on the Hot Copper bulletin board, since others might be interested.