I occasionally (and sometimes often) get things very very wrong. I once thought M&I (MI) was one of the better bank stocks out there in 2007, for instance, something that was only true if you compared it to Washington Mutual or Wachovia. In September, admittedly not knowing anything about fashion I thought Skechers (SKX) was the better buy over Crocs (CROX). That was... um.... very very wrong. Steve rightly pointed out that Skechers stores in the malls seemed devoid of customers while Crocs were still in fashion, to my utter amazement. Thank God I exercised prudence and didn't speculate in an area I knew nothing about.
If those five unheard of companies I recommended in early August were my moment of pride and joy this year (if you bought a basket of them you did quite well), this is my moment of shame, where I got a call absolutely 100% dead wrong.
Weird how one would buy Crocs stock but never ever buy Crocs.
ReplyDeleteAlso, isn't this half the fun we're having? How fun would it be if everything you bought actually went up. No! There should be speculation and doubt and loathing! This is a game, and we only really need a winning record. Even the Yankees' win percentage for the last decade doesn't break .600.