New Year's Resolutions for Investors

Saturday, January 01, 2005 | 12:01 AM

Raymond James' Jeffrey Saut references John Magee's New Year's resolutions for investors:

Resolved, that in the coming year, that:
 

  • I will not alienate my friends and antagonize my family by reminding the world on every possible occasion how right I was about the upturn - or downturn - in steels, motors, airlines, or whatever.

  • When I buy a stock I will not mobilize all the good news to make it look pretty. I will try to consider both the favorable and unfavorable angles as impartially as I know how.

  • I will not close out a stock position that is doing well by me for no other reason than that I have a profit. I will not cut short my gains in a good situation.

  • I will not hang on to a stock that is persistently going against me. I will limit my loss, and close out any position that seems to have gone really bad before I am in danger of serious trouble.

  • I will not be swayed or panicked by news flashes, rumors, tips, or well-meant advice.

  • I will not put all my eggs in one basket, nor will I be swept off my feet to plunge into some unknown or low-priced stock on a purely emotional basis.

  • I will not attempt to tell the market what a stock ought to be worth. I will try to understand what the market has to tell me about what people are willing to pay for it.

  • I will never forget that I am not in the market primarily to prove - to my broker, my friends, my wife, etc. - that I am smarter than everybody else, but to protect and if possible to augment my capital.

Good advice for everyone!

And a happy, healthy, prosperous and safe New Years to you all . . .

Saturday, January 01, 2005 | 12:01 AM | Permalink | Comments (0) | TrackBack (0)
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