Fresh slate, new year! What to do? We're doing nothing and loving it. We will not be making any big sector calls, rotating in and out of hot industry or companies and most importantly we will not be changing our strategy one iota. 2006 was not a great year for us but that does not mean we need to change our strategy. Many managers who lagged in 06 are rejiggering the portfolio - selling losers and probably adding to winners. Fine for traders - dumb for investors. A strategy not followed is worse than no strategy at all. After years of observing "smart money" I realize two things: there isn't much of it and what exists of it is not widely publicized. The people that are truly the "smart money" do not appear on CNBC, rarely speak at conferences, usually don't write books and generally are not widely known. They aren't "consummate marketers".
Real investment professionals treat their vocation as a profession instead of as a business.
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