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Wilbur Ross defies Dennis "never, ever, ever add to a losing position" Gartman, adding 700K to...

Wilbur Ross defies Dennis "never, ever, ever add to a losing position" Gartman, adding 700K to his roughly 29M share stake in Exco Resources (XCO) last month. The purchases were made at an average price of $6.78, while his initial stake was taken at as much as $14. Has Ross even heard of Gartman?
Comments (15)
  • DeepValueLover
    , contributor
    Comments (9547) | Send Message
     
    Ross has the track record to prove he knows what he's doing.
    13 Jul 2012, 08:04 AM Reply Like
  • SA Editor Stephen Alpher
    , contributor
    Comments (550) | Send Message
     
    Yes, please don't read this post as questioning Ross' ability (and do read it as questioning Gartman's!)
    13 Jul 2012, 08:13 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (9547) | Send Message
     
    Gotcha! I see your point now...
    13 Jul 2012, 03:48 PM Reply Like
  • Joe Dirnfeld
    , contributor
    Comments (1128) | Send Message
     
    Gartman is a fool, why is he even quoted?
    13 Jul 2012, 08:32 AM Reply Like
  • Douglas E. Johnston
    , contributor
    Comments (1778) | Send Message
     
    The one time you add to a losing position is when you can (ultimately) control the outcome. With his position (in shares and on the board) WR and the other majority investors can pull the purse strings with a private placement or take it private on the cheap....
    13 Jul 2012, 08:45 AM Reply Like
  • Ducaticorse
    , contributor
    Comments (1412) | Send Message
     
    Sometimes it works, sometimes it doesn't. A certain Miller tried that with Fredy or Fannie.
    13 Jul 2012, 09:12 AM Reply Like
  • asclepius8
    , contributor
    Comments (884) | Send Message
     
    The thumb rule is, if the other guy's wallet is fatter than yours, defer to their position.
    13 Jul 2012, 09:29 AM Reply Like
  • Ted Bear
    , contributor
    Comments (627) | Send Message
     
    Dennis gives good talking points. Outside of commodities, perhaps, he is not a good investor...that's why he writes a letter.

     

    I also think he might be a jesus freak....no place in investing for praying.
    13 Jul 2012, 10:03 AM Reply Like
  • asclepius8
    , contributor
    Comments (884) | Send Message
     
    "Jesus freak"? He happens to acknowledge Jesus as the ultimate authority in his life. Humanists do the same thing, putting MAN as the ultimate authority. We each have our own ultimate authority we bow to. Stop the Christian bashing.
    13 Jul 2012, 11:23 AM Reply Like
  • auto44
    , contributor
    Comments (3260) | Send Message
     
    If he liked it at $14, why wouldn't he love it at $6.78 Nothing has really changed in the gas business since then. The price was low then and it is low now. For Long term investors gas wells are a steal. It makes no sense to dis Wilbur, a wise, patient man
    13 Jul 2012, 12:14 PM Reply Like
  • Christopher Wallace
    , contributor
    Comments (1146) | Send Message
     
    I hate to come down the middle on this one, but they are both right. Gartman espouses a good trading (the key word) philosophy. Wilbur is a great long term investor. I happen to be with Wilbur on this one.
    13 Jul 2012, 09:05 PM Reply Like
  • Hodaddy
    , contributor
    Comments (31) | Send Message
     
    Very well said, Christopher17. All of this bashing does not enlighten our knowledge of trading skills. We can only judge these high profile advisors by their own portfolios when they put them up in black and white for comparison. Less venting and more theory! I need to make some money!
    14 Jul 2012, 02:13 PM Reply Like
  • auto44
    , contributor
    Comments (3260) | Send Message
     
    The points made by christopher and hodaddy are good. Unfortunately most of the folks on the financial news shows and sights are traders and not investors. Most of us common folks have personalities that make us more suited to be investors than traders. Of course that requires a great deal of composure when markets are in turmoil and high volatility rules the times.
    15 Jul 2012, 12:17 PM Reply Like
  • SA Editor Stephen Alpher
    , contributor
    Comments (550) | Send Message
     
    Since inception ...

     

    http://bit.ly/O7mY0D;
    17 Jul 2012, 09:42 AM Reply Like
  • Christopher Wallace
    , contributor
    Comments (1146) | Send Message
     
    Yikes! Hard to argue with that!
    17 Jul 2012, 10:31 AM Reply Like
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