The second-guessers are out in full force today. Scattered amid the fabulous birthday wishes I have received were a half-dozen critics blasting me for being bullish right into this ravine, and blaming me for killing retail investors by being so upbeat.
Given my current statesman iteration I was reluctant to tell these naysayers what I truly think of their "analysis." But let's just tell it like it is.
The idea that it's been wrong to be bullish because of today's selloff is the height of idiocy. There are only a few periods each year where you get to make good, solid money. You have to be in to catch them. Sometimes that means being in for a downturn, but so be it. What are you supposed to do? Stay short every day, take the beating and cash in today? Do you think that's possible? Are you supposed to be out of the market during a magnificent run because of the obvious prospect of a down day, or of getting hit for a couple of percentage points of declines?
It's just not possible. Nobody's that good.
Second, and more important, I didn't and haven't led anybody to the slaughter. Last I looked, if someone bought, say, J.C. Penney (JCP) at my suggestion in the low $30s, you are free to sell it here at $42, even though it is down a dollar from yesterday. You think I led you to the slaughter in Chipotle (CMG) down a couple of bucks? How about the 300 points that you have made?
I think that it's very important to recognize that you are allowed to sell a stock when you want, anytime you want, even if I suggested it. You can sell a stock down 3 or 4 points or even 10 points from the high and not feel like you have somehow you have been slaughtered if you bought it lower.
Finally, I am reading that not only did I lead lambs to slaughter, I also left people out of Apple (AAPL) during this magnificent run. Now wait a second. I did suggest that Apple can't be as good without Steve Jobs as it was with him. I said it would be a stock now, trading on the fundamentals like all other stocks -- and the fundamentals are good -- and no longer a stock that anticipates more wondrous inventions from Steve Jobs out five or 10 years.
Last night I was looking at Twitter with my daughter, who first turned me on to Apple when she asked for a second iPod because she needed a pink one to augment her steel blue device. She read the criticism and she said, "Is that guy an idiot? Does he really think that Apple can be as good without the genius behind Apple?"
You know what?
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