After several years of helter-skelter buying and selling, I learned that successful speculating is more a matter of character than mathematics, analysis, or luck. Obviously the latter are required, but the great gains and losses seem to occur in consequence to individual psychology. This has been my experience; perhaps you recognize it also.—-Al Frank
The late Al Frank ran an investment newletter, The Prudent Speculator. Besides being a good investor, Al was a nice guy. His work is now ably carried on by John Buckingham.
Al was a deep value investor who was not afraid to buy all kinds of cats and dogs. If it was cheap enough, he was willing to roll the dice. Quite a few of his cats and dogs went belly-up, but he held onto the big winners patiently. As a result, his performance was top-notch! The Prudent Speculator was always one of Hulbert’s highly ranked services. This quote comes from his very first issue on March 12, 1977, more than 35 years ago.
Relative strength investing is no different—the big gains and losses are due to individual psychology.
