After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! –Jesse Livermore.
Many presentations found in this summary of the Vail Value Conference: http://contrarianedge.com/2012/08/01/thoughts-from-valuex-vail-2012-conference/
Several of the presentations are worth studying. See if you can analyze the companies below and then compare your conclusions with the presentations. Do you agree or disagree with the valuation. I included the Value-Line Tear Sheet as reference. You can download the financials of each company from their web-sites. Try the simplier businesses like PSUN or Staples.
Dream_Works-ValueXVail-2012-Barry-Pasikov and DWA_VL
PSUN-ValueXVail-2012-Shane-Calhoun and PSUN_VL
Staples-ValueXVail-2012-Adrian-Mak and Staples_VL
SS_CNW-ValueXVail-2012-Dan-Amoss and CNW_VL
AMZN-ValueXVail-2012-Josh-Tarasoff and AMZN_VL
“And right here let me say one thing: After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I’ve known many men who were right at exactly the right time, and began buying and selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine – that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance.” — Jesse Livermore http://www.gold-eagle.com/gold_digest_03/hamilton110303.html
What would you say?
If I said to you RIGHT after the October Stock Market Crash of 1987 when the market fell by more than 500 points in one day: http://wiki.mises.org/wiki/Black_Monday_%281987%29 give me $100 to put into a growing company with a profitable, understandable and focused business, excellent management and prospects, but I will pay 20 times owner earnings for it, would you think about it? But what if I said, “The catch is that you must not sell a single share for 25 years or until 2013. Also, during this time there will be massive stock market booms and busts, a huge credit crisis, wars and uncertainty, There will be periods of 50% to 60% declines in the stock market. Can you sit tight?
Stay tuned to what happened and is happening….