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It makes more sense to GUESS what future earnings may be on your wonderful business?
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I was about to edit my post and add that, but I thought it got the point across. You are right though.
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Remember, all that really matters is price. Price, pattern and time. Where do you find that?
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Why pattern?
I wouldn't care about pattern if I could have bought Wal Mart or Washington Pos in the 70's, or Microsoft in the 80's. A pattern doesn't matter because a business is a business, and if a business makes good money over time, the stock price will reflect that.
And you'll find price
in relation to the company's fundamentals, not just out of the ticker price. A company having a share value of 5-10 dollars (think Ford) may be a bad investment, and buying a share costing 3,000 may be a good buy (think Berkshire), or vica versa. The stock price alone tells us very little.
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Trade what you can see, not what you think is going to happen!
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If you are into trading, that's well and fine. But I thought this was an investment community? There are plenty of trading forums, I imagine..