davelj wrote to me “That you “buy stocks only after studying the financial statements and making a list of 3 reasons for buying the stock,” while perhaps more effective than prayer, is not what I personally would consider proper due diligence for an investment. Although I’m sure that Barnes & Noble sells plenty of books that suggest your approach is more than adequate. So, to each his/her own.”

The 3-reasons approach was recommended by Peter Lynch in one of his books.

Another question for davelj: in your post on WaMu you suggest that at least 100 traders would not short WaMu, but then you go on to say that some very smart people have done so. So what is your take on shorting WaMu? Please, instead of writing about me, which is very boring to everyone, could you add something tangible to the discussion?