NASDAQ: NITE
Q: I really don't think y'all in m.i.s. are ever gonna join me in practicing my general rule about four letter word stocks, options, and the even riskier penny stock varietals, so I figure in the long run I've got a winner in NITE.
A:
No, no joke, I actually did buy a SECOND tax lot of NITE on 020410.
The first turned into fully PaidFor stock some months ago, as detailed
in the article and its included daily chart. As for all other trading
in four letter word stocks, those sudden death thingies that
afficianados call options, and the riskier penny stocks sphere, all
t
Me? I'll stick with my NYSE listed stocks which have a fair and orderly,
publicly accessible, continuous auction market in which I get to set
the price at which I trade and have my orders consistently honored on
a price and time at price priority basis.
I do have my exception which proves the rule, which my writeup
sure does indicate, I have in fact traded recently. And I've even got
a followup order in my deck to buy some more if the earnings religion
players and other sellers are able somehow to wade through that
potential roughly 4.5% stock buyback and any other people who happen
to notice that, according to my figures, the stock is now trading at or
near tangible book value (that's net of Goodwill and other
intangibles) and get it on down to my next buying level.
Stock has been down as much as twenty cents
this morning. Who knows? maybe the earnings religion guys will put it
down to my next step buy level. Of course the Naz and the cubies were
also down "a bunch" today so maybe it's just the usual knee-jerk response
to declining prices in the markets that NITE serves, on the assumption
that they must be accumulating inventory and haven't any way to hedge
themselves (such as the cubies, their own market making in options, the
proprietary software they've already developed, etcetera).
Oh golly, just noticed Mon, 22 Apr 2002 06:00:45 GMT was the time
of day when you posted "all the talent has left the building". What
do you expect them to do? Be so dedicated to their jobs that they
stay in the office all night long? Phooey. Man's gotta sleep and
eat and some other nifty life activities along with trading stocks.
Bill B talked about "talent" in terms of the Phuds who were running the
LTCM scam and got taken under when the real people they were trading
with/against refused to behave in the "predicted" manner. They didn't
impress me as talented people, only mechanistic ivory tower types trying
to play their "system" against a real world which quite generally works
on the basis of "what needs to happen is what makes my position
profitable". So, when LTCM took all of a given side of the market, they
were inviting exactly the kind of disaster which devolved.
The same thing happened to a major futures market advisory letter
publisher who took all of the "right" side of a commodity contract and
then stopped himself out when none of the real people in the pits, who
were on the opposite side of his "right" trades, decided the market
should move in their own favor instead of in the "right" direction.
Watching out for one's own profit margins. Keeping one's risks in
proper balance, hedged when necessary to prevent accumulations of
inventory/lopsided risks in an always uncertain environment, diligence
at knowing what's relevant about one's merchandise, those are the things
that make for trading success. Talent? I dunno, maybe I just don't
have any. But I think Ben Franklin was right when he said that genius
was only 1% inspiration and 99% perspiration.