I am so sick of headline stories and the heat they generate.
Last night, I read the stories on the quarter from United Technologies (UTX), an Action Alerts PLUS name, and I was heart ick and e-mailed partner Stephanie Link about how surprising the numbers were. She admonished me to wait until I heard the call.
Well, I listened. I was kind of blown away.
I was sequestered in my hotel room at the Crowne Plaza waiting for the storm to subside and I am listening to this guy, new CEO Greg Hayes, and I am thinking, "Who the heck is this man? He's amazing?"
The guy came out of the gate with guns blazing, just laser-like focused on how to bring out value. You could tell that he's a total no-excuse CEO who is determined to restore United Technologies to its former status as the premier manufacturer in the country.
But of course it opened down big. I often wonder, did any of those sellers actually listen to the call? Or were they just basing their decisions on the headlines. Because if they did listen to the call, what the heck were they selling it for at $115? You just wouldn't do that if you had even listened to the first five minutes of the darned thing. Yes, it was that good.
Or how about 3M (MMM)? I am on television talking about the presentation and how this company is growing organically with new, exciting products all over the place. I am marveling at how Inge Thulin doesn't bemoan the strong dollar. He and his amazing team are just creating new products and winning business regardless of the currency.
But, again, the stock just gets its head slammed as if it blew the quarter. How can that be?
Just drives me crazy.
You have to do some homework to make money. You have to have some conviction. You have to know what you own. Otherwise, you are a poor little lamb who has lost its way ... and ends up in the slaughterhouse.