Buying patiently

I haven't done much trading in the last few months. I haven't sold anything despite the market falling and showing no signs of stopping. It's a liberating feeling to not be tied to the whims of the market.

I bought some shares of Washington Mutual while it was down (it's still down). I suspect that it will survive, or be bought by a larger bank, and in a 5 years the credit crunch will be a distant memory.

I also bought some more shares of AAV while it was down (it's also still down). It's mysterious in the way it moves, but I think the future for natural gas is strong. In 5 years we'll see if I'm right!

It's interesting to look back and think about the profits you could have had, while also trying to remember what you thought at the time, your hopes for the future. I could have (and desperately wanted to) sell AAV when it was up 40%, but at the same time I thought, well I don't need the money, and 40% is peanuts compared to what it can do over the long term. I still think that's right, although wouldn't it be nice to get both!