I knew I had learned an enormous amount about commodity market reports
and that my training had gone well over the last five years. My Canadian period taught me not to gamble; my fundamentalist period taught me about industry groups and their earning trends; my technical period taught me how to commodity market reports and the technical position of stocks - and now I reinforced myself by piecing them all together.
It was like the solution of an intriguing jigsaw puzzle where finally all the pieces fall beautifully into place. I was certain this method would prove successful in the commodity. I felt calm and confidant waiting for the commodity market reports to come in.
After a few months, what I was waiting for began to happen. Reading the commodity market reports, I noticed that, while the averages were still showing a decline as they had for several months, a few stocks were beginning to peep up, almost as unnoticeable as primrose buds on a winter's day. It was still a question whether these tender shoots would survive or be killed by frost. But when I noticed this slow awakening, I began to sense the end of this baby-bear market in the commodity market reports - at least for certain stocks.
I did deduce one thing from the commodity market reports, however - and that was that the leaders in the previous market would probably not lead again.
I felt sure they had fulfilled their place in history and they would not - for the time being - reach the same dizzy heights that had brought so much money to the investors who had followed their commodity market reports.
I had to find new commodity market reports. Later this was proved right because hidden away in the commodity market reports during this period were some stocks which were apparently of not much interest to anybody. At that time - November 1957 - they were certainly of no interest to me. I had hardly heard of them. They were:
UNIVERSAL PRODUCTS quoted at 20
THIOKOL CHEMICAL quoted at 64
TEXAS INSTRUMENTS quoted at 23
ZENITH RADIO quoted at 116
FAIRCHILD CAMERA quoted at 19
These stocks were not dead. They were only sleeping the promising sleep of the unborn. One day soon they were destined to wake up. They were going to leap into a new leadership of the market. My commodity market reports were to show that they were going to make me $2,000,000.