I really have a thing about buy limits. I think they convey no useful information and an unrealistic degree of certainty. I also suspect they’re a holdover from the days when research took days to be printed and days more to be be distributed by U.S. mail, risking the possibility that someone might buy something that’s run up in the meantime. So, say I were setting a buy limit today for Microsoft, now trading for a bit less than $70 per share. What should the limit be? If anyone can claim today to know with useful precision at what price in the future Microsoft might not be a buy, without reference to all manner of future events and feedback loops, they’re lying. How do these limits get set at other services and sellside brokerages? Well, if you like something you set it 15-25% higher to denote the likelihood of a capital gain, but nothing too extreme, you understand. Then, if the stock rallies, you raise the limit, And if it drops, you lower it not to look dumb. Here, if Microsoft ever stops looking like it’s worth buying, I will not only alert you immediately by email but explain my reasons for the downgrade as soon as possible. And I will do that regardless of what the buy limit might have been five minutes earlier. I’m open to your thoughts on the question as to what the real utility of this device is beyond a false pretense at confidence, but I just don’t see it right now and never have.

I agree. We didn’t have that until now because I needed to set the initial prices. That’s done now; all trades are as of the May 24 market open.

I think you will find that I’m happy to be accountable for all my recommendations, successful and less so.