They used to tell me I was building a dream
With peace and glory ahead
Why should I be standing in line
Just waiting for bread?Once I built a railroad, made it run
Made it race against time
Brother, can you spare a dime?
And the selling continues.
We're down about 4% from our highs and we went on a little shopping spree yesterday with not one but two Alerts going out to our Members with some bottom-fishing picks. All long-term trades, of course, with a short-term hedge to cover. It was, by far, our busiest day of the year but that's the nature of value trading – we do a lot of waiting and then, when the time is right, we act.
We don't KNOW that this is a bottom but we do KNOW that some of the stocks we're watching have values that we now consider fair. That means we don't mind making long-term commitments to a few of them using our patented "How to Buy a Stock for a 15-20% Discount" strategy. When we find stocks that have pulled back 10-20% already and we can add an additional 15-20% discount to our entry – it's a good time for us to bring a little cash off the sidelines.
We're still not even 40% committed in our virtual portfolios and that's margin, not cash. Cash has barely been touched and, in most of our portfolios, we're carrying a cash credit – because we are BEING THE HOUSE – Not the Gambler. Although we call our strategy "Getting Rich Slowly", as I noted yesterday – sometimes we ACCIDENTALLY make money very quickly.
For example, back on Jan 9th (3 weeks ago) I said to our Members in the Chat Room:
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