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<<the blind squirrel understands that they will not be able to repeat that on an annual or binannual basis - no matter how appealing it may seem.>>

I don't know about blind squirrels, but there are any number of individuals who've done quite well over time. They just don't publish newsletters. I doubt that Prestone intended to claim that he can maintain this pace for the next twenty years, but then neither can a GGer. Anyone who's been riding the wave since 1982 is in danger of confusing genius with a bull market.

<<When the capitulation and lowering of interest rates signaled a unique opportunity I hadn't seen in the previous 15 years, I actually used margin as a strategy.>>

<<My wife is a recent investor as well because Mr. Ashok Kumar downgraded the stock.>>

<<I did add to my positions when many of them lost well over 50% of their value not too long ago.>>

All of which is part of timing.

Timing does not mean some crazed individual staring beady-eyed into a CRT eight hours a day and obsessing over an eighth of a point here or a sixteenth of a point there. It need mean no more than being aware of behavioral economics, particularly as it relates to the financial markets, or at the very least basic sociology, as well as being aware of fundamental market cycles.

My original point way back when was that these stocks can become over-priced, and that if one is conscious of basic market realities, he can buy them at lower prices if only he is willing to be patient. The general consensus seems to be that market timing is impossible, but it seems as though quite a few people engage in it anyway.

I'm not interested in having the last word. I'll be more than happy to give that spot to somebody else. But surely we've exhausted this topic. Many of the stocks under discussion are still over-priced. Many of them now present extremely attractive risk:reward ratios, far better than what they presented a few months ago. Anyone who waited until now to buy or who has been averaging down during this period has been attempting to time the "market". He just hasn't been very deliberate or strategic about it.
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