|  SEP 1987

War Stories from Commodex by Philip Gotthelf

War Stories from Commodex by Philip Gotthelf Unforgiving is a word frequently used to describe both markets and subscribers to stock or commodity advisory services. When we in the advisory business make profits, it is never enough. When we experience losses, we are never forgiven. While most experienced investors suggest it is imprudent to attempt picking absolute tops and bottoms, such as ""crystal ball"" performance is expected from ""experts"" who publish newsletters that cost hundreds or even thousands of dollars a year. Hence, we try to develop market models and fundamental analysis that come as close to perfection as possible. In addition, we must establish sufficient discipline to effectively abandon our pursuit of the top or bottom when an approach fails or exposes us to excessive risk.

by Philip Gotthelf