Wednesday, October 28, 1998

From Knight To Fool
by John Cummings ([email protected])

It was but five days ago when I began my quest into the murky depths of investing. At age 22 I felt a knight is what I wanted to be. Armed with a dagger of $1000 I set out, a squire looking to make a name.

I researched like I should have and picked two companies -- two demon companies I felt would do. Impatient as ever to conquer, I went to attack my foes. At the last minute though I felt a new company would do better, so I went after a third while scrapping the first. Two days later the second and third lay dormant, refusing to yield me my millions. The first, however, -- the one I turned away -- was up a full 5 points. Thinking I made a mistake, I made a quick mid-week switch. I picked up my first company and scraped that loser third one.

Oh my woe when the new company ceased its gains. Oh a greater woe in my heart when my loser third made a full 4-point rise one day after I dumped it. I could have been up $300, but alas I was down $40 because of commissions.

Lessons learned -- like a Jedi master "trust your instincts." Don't think too much. Above all, my BIGGEST lesson: patience... patience is the key. Investing is not quick money. Investing is not trading. Investing buying solid companies with prospects. I now realize that and will hold onto what I have, sure in my heart that time will bring them up.

Above all I realize a knight is not what I want to be... not a king in this realm, but a Fool. A Fool with the knowledge to make it, one Foolish joke at a time.

Week two, here I come... to do nothing.

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