My Disclaimer is Part of my Philosophy

Disclaimer: David Merkel is an investment professional, and like every investment professional, he makes mistakes. David encourages you to do your own independent “due diligence” on any idea that he talks about, because he could be wrong. Nothing written here, or in my writings at RealMoney is an invitation to buy or sell any particular security; at most, David is handing out educated guesses as to what the markets may do. David is fond of saying, “The markets always find a new way to make a fool out of you,” and so he encourages caution in investing. Risk control wins the game in the long run, not bold moves.

Additionally, David may occasionally write about accounting, actuarial, insurance, and tax topics, but nothing written here or on RealMoney is meant to be formal “advice” in those areas. Consult a reputable professional in those areas to get personal, tailored advice that meets the specialized needs that David can have no knowledge of.

My disclaimer dates back five years.  It’s at the bottom of my blog, and is there for a reason: I get things wrong.  Now, I like to think that I get things right more often, but let’s just look at the gritty downside for a moment.  I wrote a series of articles at RealMoney on using investment advice.

Using Investment Advice, Part 1
Using Investment Advice, Part 2
Using Investment Advice, Part 3
Tread Warily on Media Stock Tips

I wrote these with Jim Cramer in mind.  Now, I like Jim Cramer; he says a lot of bright things.  But when you talk about so many things, and put out so much content, particularly on TV, you have to be careful.

I don’t have 0.1% of the exposure that Mr. Cramer has, but I care what happens to my readers.  (I think Jim does too, but the shell has to get hard when one is that exposed, or, you’ll give up speaking and writing.)  So, when I make notable errors, it hurts me double.  I usually have my cash on the line when I write, or at least, my reputation, which is more valuable (you only get one of those).

Today was my worst relative performance day in a long time.  Deerfield Capital, National Atlantic, and Gehl, all did badly.  I bought more Deerfield today, and I’ll put out a post on my thoughts soon.  That said, March is off to a bad start with me, after a tremendous first two months of the year.

So, I am eating my crow, lightly seasoned, and with humility.   Always do your own due diligence when you read me, because I get it wrong now and then, at least in the short run.

Full disclosure: long DFR NAHC GEHL