How about some reader mail? Is the DR contradictory? Are we hustlers?
This in reference to yesterday's DR e-mail about Kris Sayce's top 5 small-cap rebound stocks for 2009.
"More hustling by the DR. What a shame. No more independence."
Is that so? How is it 'hustling' to have ideas about which shares would rebound the most if we get a rebound? This DR is an investment newsletter of ideas, for the most part. Kris edits a newsletter looking for great small cap share tips.
That means we try to find ideas to help you survive and prosper in the markets. If that's hustling, then bring it on! We can't guarantee all our ideas will work. But we can guarantee you were looking high and low and you'll know exactly how we think and why we're tipping what we're tipping. If you want fence-sitting neutrality, go read the newspaper.
More mail.
In your report today you write;
"But here at The Daily Reckoning, we are always walk on the sunny side of the street. Our optimistic guess is that that the Dow will fall to 5,000. Perhaps sooner, rather than later."
This paragraph follows some inane argument that: "if fair value" is 8,000 on the Dow, you should expect the Dow to hit 4,000 before the bottom is in.
I really do not understand how you come up with these numbers. It seems to me that some of the writers of daily reports, including your own people, are far too negative, trying to bring the market down whilst they are busy buying cheap shares.
Regards
Robert
The reader misunderstands our purpose for publishing the Daily Reckoning in Australia. It's not to be dogmatically positive or negative. It's to sift through what's reported about markets to find out what's actually going on. The attitude required for that is cheerful scepticism.
Of course, we all have our own ideas about what's happening, and whether it's good, bad, profitable, or dangerous. We are modest enough to admit we have no idea what will happen or which stocks will go up...or if the Dow will go to 4,000...or 36,000. No one knows.
That's why you find yourself reading different perspectives here in the DR. What we value-and thus what we try to provide you with-are independent thinkers with their own ideas and research. That's the kind of publishing outfit we're trying to build here at the Old Hat Factory. They don't always agree with each other. But so what? That's not the point.
The point is that no one is going to take your money as seriously as you are. So you should ask lots of questions. Solicit lots of viewpoints. Weigh them up. And then decide for yourself. But it all begins with an open, transparent, and no BS discussion of what's going on.
Dan Denning
for The Daily Reckoning Australia
P.S. to get The Daily Reckoning direct to your inbox sign up to our free e-mail newsletter or if you prefer to use RSS, subscribe to the Daily Reckoning RSS feed.
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About the Author
Dan Denning is the author of 2005's best-selling The Bull Hunter (John Wiley & Sons). He began his financial publishing career in 1997 and has covered financial markets form Baltimore, Paris, London and, beginning in 2005 Melbourne. He’s the editor of The Daily Reckoning Australia and the Publisher of Port Phillip Publishing.
Comment by ralph hill on 31 October 2008:
"or if the Dow will go to 4,000...or 36,000. No one knows."
it's going to bush-hell !
anyway, boys keep up the good work. i only agree with your views about 25% of the time, but that's immaterial. keep on hustling.
Comment by Philip Coggan on 31 October 2008:
A word to those who criticise the Daily: DR offers free advice, and free advice is always worth what you pay for it.
Comment by JJ on 31 October 2008:
Wingers and whiners should opt-out. DR is FREE and almost always thought-provoking. Of course, I don't always agree with what's being said but I do appreciate the diversity to the intellishit(TM) in mainstream media... If you don't like what's being said here, switch, opt-out!
Comment by Pete on 31 October 2008:
Wow, some people being a bit harsh to good ole DR. If it wasn't for sites like DR warning of these impending issues YEARS ago, I might have a crappy mortgage right now. So all I have to say is thank you, you've been great, and please keep it up.
Comment by christina on 1 November 2008:
You're the best daily reckoning. Don't worry, they laughed at Noah too
Comment by Stephen on 5 November 2008:
Everybody has an opinion about where the market is going and what are the best stocks to buy. DR is one of my sources for opinions and a lot of what they publish I can't find any where else. I started reading DR at the beginning of 2007 and by December had moved everything to cash. DR had a strong influence on my decision. I am an avid reader of both DR and Money Morning (as well as anything else I can get my hands on). I wish someone could tell if this downturn will be like 1987 or 1929-32. Seems most punters are undecided on that one.
Stephen