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Author: trader2012 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 35339  
Subject: On "Sharing Info" Date: 5/11/2012 10:55 AM
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i think the most important aspect of a board like this is we continue to share ideas and experiences. there is really no where to go on the internet and find quality message threads on individual bonds like here so hopefully folks will continue to share their experiences and down play the little conflicts; bad or good. i will not judge either way. i just want to make money.

altstrat91,

You won't get any disagreement from me on this matter who does more posting here than anyone else and who has been doing so, under different handles, for over a decade.

So, why do I post? Not to "share info", and certainly not to gain info from anyone else, but to think through a problem that currently interests me. Then, having found the answer I was looking for, I move on. That others might benefit (or not) from what I post is very incidental to me or my research process.

The Motley Fool, in its wisdom, provides an "Ignore" button by which forum members can choose not to read posts. If anyone doesn't like what I say, or how I say it, they are certainly free to put me on their "Ignore List".

Charlie
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Author: altstrat91 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 34068 of 35339
Subject: Re: On "Sharing Info" Date: 5/11/2012 12:06 PM
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well that makes sense then and now i comprehend your logic; your particular style that is. you are really more of a journalist and/or this is a medium for you to merely think out loud and go through a deliberation process of sorts or get to point Z from point A & you are clearly not interested necessarily in gaining info from anyone else or sharing said info. you should seriously put that in your sig line and i think most people would get it then and leave you be.

for me i have no use for an ignore feature because i am interested in hearing what everyone has to say and making as much money as possible. i know your posting style is one of hindsight after the position is closed before you will elaborate or speak upon a specific issue or trade for a particular reason. but at some point in the future, i would really like to hear how or what you have been buying the last few months when it comes specifically to corp notes.

you have a pretty strict and pre-defined formula in terms of how you emphasize a real rate of return factoring in taxes, inflation, etc. and how this drives you to select your particular positions. so depending on the risk you are taking for a particulr issue, the time frame, and in your words if you are poperly being compenstated for said risk in the position, it sounds like and i might be wrong, but if your yield is say 6%, a medium BB+ grade say, the reality is that once you plug in your methodology the real rate of return is close to zero or possibly negative. if this is the case, again, i think it would be really interesting in the future to hear a couple examples or scenarios about what you were doing this portion of the cycle that we are in.

but right now there is truly an inverse trade off between yield and credit quality. i would venture to guess that at this specific point in time, in terms of corp notes, you are buying perhaps less than you did say 12-18 months ago when this interest rate/yield dramatic cylce was not so played out like it is now.

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Author: trader2012 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 34070 of 35339
Subject: Re: On "Sharing Info" Date: 5/11/2012 1:11 PM
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well that makes sense then and now i comprehend your logic; your particular style that is. you are really more of a journalist and/or this is a medium for you to merely think out loud and go through a deliberation process of sorts or get to point Z from point A & you are clearly not interested necessarily in gaining info from anyone else or sharing said info. you should seriously put that in your sig line and i think most people would get it then and leave you be.

altstrat91,

By and large, what you say is true, and my rationale is this. "If I can explain it to someone else, then I can explain it to myself." OTOH, I do have a couple of trading buddies with whom we swap ideas in real time. Sometimes, we act on each other's tips. Sometimes we back away from them, giving our reasons why. But we trust each other to use the info responsibly, which cannot be the case in a public forum. So here, I mostly post on broad topics, not specifics. But what almost no one appreciates is that's where the gold is to be found, not in individual nuggets (i.e., specific buying recommendations) but in discussions of the process by which they can find their own nuggets. Process is what interests me. Process is what makes an investor or trader his money, not "tips".

Sometime, when you're truly bored, go to TMF's home page and read the articles their salespersons (err, "analysts") post. Many of them begin well and exhibit good control of a process. But invariably and inevitably, the article is a non-actionable tease meant to sell subscriptions to their newsletters. I have no newsletter to sell, and I'm managing no one else's money but my own. So my posting is for my benefit only. But post by post, year by year, I have learned my craft, and I can now do what few investors in this country can do, support themselves entirely form their own investing. (In fact, I can support myself twice over.) I'm good at what at what I do, and my intention is to get a whole lot better. So the engaging of problems won't cease, nor my posting about them.

As for your other comments and questions, sometime, when you're truly bored, go back and re-read my posts. Scattered among the many pointless squabbles, the answers to your questions are all there in a sufficiency to reverse-engineer what I do. But I would ask you this. "Why do it? Why not invent your own process?" This investing stuff isn't rocket science, and no investor is ever going to discover anything new, because markets don't change, just as doesn't human nature. Prices go up, and prices go down, driven as much by Fear and Greed, Hope and Despair, as Supply and Demand. How one positions oneself within that chaos, so as to take more money away from markets than one brings to them, is for each to discover, "because no one can trade another man's game." This isn't to say that insight can't be gained from the experience of others, which is why some books become classics.

So, who is worth reading, and who isn't? Again, that can be a very personal thing. But these are the people I respect: Livermore, Graham, Mandelbrot, Taleb, Raschke, Weinstein, Kaufman, Tharp, etc., i.e., those who have to manage risk and who have figured out ways to do it. These are the people whom I collectively despise, the MPT crowd (who don't even deserve naming, but you know who they are).

Best wishes,

Charlie

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