If you are not willing to own a stock for 10 years, do not even think about owning it for 10 minutes.
Warren Buffett

Buffett is dead wrong.

If you followed Buffett's wisdom, you never traded:

• Microsoft
• Oracle
• Sun
• Cisco
• AOL
• Any telco stock.
• Any bio-tech stock.

These stocks have been some of the biggest up and down trends in history. Huge profits have been made. Is Buffet's quote a rationalization of why he sat on the sidelines?

His comment speaks directly to the inability to use fundamentals effectively to trade in the unchartered territory of new companies. So while Microsoft soars to the moon, Buffett declares it's too new and he doesn't understand it. Trading Microsoft effectively did NOT require an understanding of their balance sheet or business model.

Buffett may have had tremendous successes, but don?t let him delude you. More.