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Re: PhotoChannel - PNWIF- Higher Sales/Bigger Losses
Posted by: David Pinsen (IP Logged)
Date: September 6, 2008 01:06PM

"Defending your methods regarding your highly touted pick of SRA Corp. after its 96% drop is akin to saying...

"The patient died... but the operation was a success"."


Since you brought up this analogy, it's worth examining it for a moment. The best physicians lose patients, and most hospitals have "morbidity and mortality" ("M&M") conferences every week where physicians get together, and without fear of recrimination, discuss what went wrong. As in investing, there is the process and there is the outcome; sometimes a poor outcome is due to a poor process, in which case the process can and should be improved, and sometimes regardless of the process the outcome would still have been poor.

GuruFocus investors would benefit from our own version of M&Ms (could be an idea for another forum), but that's not what you've been doing here. You've been trying to play "gotchya" and pursuing what amounts to a vendetta against DanielW. No one learns anything from that. Daniel did attempt to reassess his investment process with SRZ on his blog, and you can agree or disagree with his conclusions. But at least he tried to think critically about it and see what he might have been able to do differently. Again, as in the case of medicine, sometimes your process can be right and your result can still be negative. Of all the stocks you've mentioned here, the only time I've seen you reassess your investment process or methods on was SLM.

My signature: I blog at [steamcatapult.com]


Stocks Discussed: PNWIF,
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Re: PhotoChannel - PNWIF- Higher Sales/Bigger Losses
Posted by: Dr. Paul Price (IP Logged)
Date: September 6, 2008 01:13PM

Every single assumption Daniel made about SRA Corp. proved to be erroneous in the end.

If you are wrong on every single aspect of your reasons for selecting a stock then, by definition, your process was not a good one.

When the miscalculation pushes a company towards bankruptcy you have made fatal errors that can never be reversed.


Stocks Discussed: PNWIF,
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Rating: 2.8/5 (9 votes)



Re: PhotoChannel - PNWIF- Higher Sales/Bigger Losses
Posted by: vooch (IP Logged)
Date: September 6, 2008 04:18PM

DaveinHackensack,

> Since you brought up this analogy, it's worth examining it for a moment. The best
> physicians lose patients, and most hospitals have "mortality and morbidity" ("M&M")
> conferences every week where physicians get together, and without fear of
> recrimination, discuss what went wrong. As in investing, there is the process and there
> is the outcome; sometimes a poor outcome is due to a poor process, in which case the
> process can and should be improved, and sometimes regardless of the process the
> outcome would still have been poor.

> GuruFocus investors would benefit from our own version of M&Ms (could be an
> idea for another forum), but that's not what (stockdocx99) been doing here.

I like your idea. It would be much more productive.

- Vooch


Stocks Discussed: PNWIF,
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Rating: 3.7/5 (3 votes)



Re: PhotoChannel - PNWIF- Higher Sales/Bigger Losses
Posted by: danielw (IP Logged)
Date: September 6, 2008 05:46PM


"At your age and with no apparent job to go to, you must have been given a lot of family money. Not many 20-somethings can just globe-trot and not care about earning a living. It's nice to be genetically lucky in life but it's even better when you earned it yourself."


Is there something about you that only likes talking about things you obviously know absolutely nothing about?

My family gave me a lot of love and a lot of discipline growing up but little money. I did however work 60-70 hours a week in high school, helping my parents during a tough time and saving every little bit for the future.

Though I was born and raised for years in one of the poorest counties in the country, the family moved to another poor town (this time in the South) where pretty much everyone had better clothes, shoes, games and so on than me. Not complaining here, though. As I got older it made it easy to shun those things, investing every small amount that I could.

When everyone else was already going out drinking, or on holidays when my friends (who were "rich") were out spending their parent's paychecks, I was either at work or if I was lucky enough to have the day off was most likely at home or my best friend's house thinking about and planning for the future--where I could move far away, not ever have to be hungry or worry about money or deal with small-town idiots like, well, you.

I know what you mean by deserving what you have. The fact that I've earned what I have, and know it, gives me enough confidence in my own method and results not to have to obsessively seek approval from others, or hide from criticism. And it allows me to enjoy the amount of money I have accumulated.

That said, I do have a father who taught me the importance of working hard (especially when young so I could play when I'm older) and a mother who told me she loved me every chance she got. That's more than most people have or had, and in that sense alone I am extremely fortunate.

--Daniel


Stocks Discussed: PNWIF,
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Rating: 3.8/5 (10 votes)



No visable means of support
Posted by: Dr. Paul Price (IP Logged)
Date: September 6, 2008 06:20PM

You travel throughout the world, take motorcycle tours of Nam and have never mentioned school or work on your blogs or postings.

Where did you get the funds to do all that at your age? Sounds like you're playing all of the time at the "old age" of 28.


Stocks Discussed: PNWIF,
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Rating: 3.3/5 (9 votes)



Re: No visable means of support
Posted by: batbeer2 (IP Logged)
Date: September 7, 2008 03:07AM

If you put it that way, Daniel looks like a bit of Rogers with some Lynch. Not a bad combination as an investor ;-)

================================================
Take calculated risks. That is quite different from being rash. - George S. Patton


Stocks Discussed: PNWIF,
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Re: No visable means of support
Posted by: Dr. Paul Price (IP Logged)
Date: September 7, 2008 05:29AM

So, Batbeer, does Daniel work? How did he get the money to globe-trot and live a life of leisure at 28?

He may emulate Jim Rodgers in motorcylcing around Asia- but not in his investment results to date.


Stocks Discussed: PNWIF,
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Rating: 3.0/5 (9 votes)



Re: No visable means of support
Posted by: danielw (IP Logged)
Date: September 7, 2008 07:50AM

Lol. You ask more questions than my mother--though with exactly opposite intentions.

I mentioned on my blog recently that I wouldn't be posting as often as I will be starting up a company here. And I've mentioned in the past that I study Vietnamese (3 days a week) at the University. Haven't mentioned the books that I work on but one day I will finish a novel--and it'll be good.

As should be obvious, though, I have made my money in the stock market. And while my record since mid-July looks horrible, I have had numerous multi-baggers over the years--in a very concentrated portfolio. I doubt you'd know it, but trust me, a few of those in a row will really do wonders for your net worth.

Of course none of this really matters. The only conceivable reason to bring it up is that you're grasping at straws for some reason to damn me. It's truly a sad, sad life you live.

--Daniel
[danielwahl.blogspot.com]


Stocks Discussed: PNWIF,
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Rating: 3.7/5 (6 votes)



Re: PhotoChannel - PNWIF- Higher Sales/Bigger Losses
Posted by: gurufocus (IP Logged)
Date: September 7, 2008 09:52AM

This thread got too personal. It is closed.


Stocks Discussed: PNWIF,
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Rating: 3.7/5 (9 votes)



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