Today SP, page-282

There is more to life than Hot Copper. It is wrong to assume that someone is only interested in Slater & Gordon because that is predominately the stock forum on which post discussions.

I have interest in many company's I don't talk about (much).

The truth is circumstances dictated my getting more heavily interested in the underlying company. I worked in the industry (SGS field) many years ago and that is what alerted me to S&G when it purchased Quindell assets. If not for the heavy fall I would most likely have just kept a smallish investment ticking along without devoting much time to it.

The fall led me to taking a much greater interest almost to the point of a 'hobby'. I could have walked away around $3.60 without too much damage financially. I took a different route, became fascinated and wanted to know more, taking the contrarian view of discover for myself not rely on suspect soundbites from hedge funds and their pals in the press.

So what was a run of the mill 'normal' smallish investment has become something much more. A desire to know as much as I can from past acquaintances, reports, industry dynamics, sentiment on the ground. As painful as the big loss was last year (quickly clawing it back) I have really enjoyed the learning experience and I continue to learn every day.

Never know, one day I might be a solid candidate fro MD.

Regarding trading. I just see that differently. Some seem to have a fixed view on either a trader or an investor. Two separate styles as far as I'm concerned and the two fit together very well. It must be ridiculous to never sell a stock ever to somehow prove to the world that one is a loyal shareholder.

I broadly see four types of market participant - they can all be successful financially:

1. a ticker trader not interested in the company just trades what they believe to be day to day sentiment

2. a half ticker / half company trader - takes a little time to understand the business and its environment but more influenced by sentiment looking for swing trades 'weekly'

3. company trader: primarily interested in understanding the business and making a call on whether it is investment grade (not in the purist sense more a personal sense) over the long haul - will trade a few along the way in response to market pressure

4. a holder that believes or wants to believe a SP will come good - inclined to leave it be and sweat it out - some monitor constantly (sweaters) some hardly look (relaxers)

All four have their place - the important bit is to know how much time want to commit and then stick to either 1. 2. 3. or 4.