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Enjoyed your post and its companion, "How Boards Can Beat Gurus". However, I'd go a step further and provide examples of how the market can beat both. For example, one quoted poster who provided an exhaustive list of reasons for buying QCOM wrote "I will place a market order tonight that will add Qualcomm to my portfolio tomorrow". That was on April 4th. The following day, QCOM averaged 140.

There's no need for me to repeat anything I've said regarding market sentiment. Just providing food for thought and an alternative view in reference to those who think that while entry point may be irrelevant to the GG strategy, it is also irrelevant to returns.

I think you're looking at the wrong year. The post is dated Sunday, Apr 4, 1999. I checked the daily price data using MSN MoneyCentral. The close on QCOM on April 5th was 18.609 (after split adjustments). This was after a significant runup in March 1999. On April 4, 2000 QCOM closed at 146.625.

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