| FundVision Classic Collection - Kently's |
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| Posted by: Kently on December 23, 1999 at 10:06:51
In Reply to: Re: Anybody else borthered by A/D Line? posted by JerryZ on December 23, 1999 at 09:29:30 |
What do YOU think of what's going on-you're trading the money in your account. Do you think Jerry Favors is long SENTX or some other five letter fund?I know you don't believe this, and I was in the same boat as you over 10 years ago, but your opinion is the only one that matters or gets you anywhere. I had Prechter's newsletter during the crash of '87. He wouldn't agree with me (they never do, it's bad marketing to say you were wrong), but he missed the boat entirely, regardless of what the media said. I had the newsletter, and I think I kept it, just to keep me honest. This is not to mention his short-term hotlin, which was a mess. Then he stayed perma-bear throughout the next 10 years. (He is probably still a permabear, but I don't follow him, so I don't know).
Oh I know, you're saying, Jerry is different. Joe Granville was covered by all the media in the 70's, with every business news analyst waiting for his each and every market call. Just after that time, he tanked, got cocky, and lost his subscribers a lot of money.
Next came Prechter. Same deal. In the 80's, the business reporters commented on a market move, attributing it to Prechter. He quit appearing publicly after his questionable call during the crash, and even wrote books about how bad the bear market was going to be (of course it was just around the corner). Go buy "Turn in the Tidal Wave" if you don't believe me. (He sent it to me free, and it was read quickly and deposited in the round file).
Next guru letter writer was Elaine Garzarelli. How can we forget what happened to her.
If Jerry has changed since I tried his letter 10 years ago, and I would doubt it, he is still pointing to how he made all of his recent calls, but not suggesting any specific funds or stocks, with protective stops. Without that, it's pretty hard to fault him with evidence if he's wrong.
I know you won't listen to any of this, because you're convinced you've found someone to lead you to the promised land, but I wrote this for the benefit of anyone who is thinking about subscribing to his or anyone's letter. A few market letters are good, because they don't get cocky, recommend positions with specific risk protective stops, and let the market tell them what to do. Following a guru who is into prediction, right or wrong, is a ticket to the poorhouse. Anyone who listened to the above-mentioned will know what I'm talking about.