“New industry psychology” is something to be watched for and taken advantage of in every big up-swing.
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We may forgive ourselves for owning a market dullard when the rest of the market is also in the doldrums, but it is disheartening to see one’s favorite resting as quietly as a castor-oil bottle while the rest of the market goes gaily upward.
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It is foolhardy to shut our eyes and buy just any stock because of prospects for a substantial rise in the general averages. Though in a bear market nearly every stock goes down, in a bull market not all stocks advance.
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It is probable that more money was lost after the panic of ’29 than during the panic, because prices then seemed so low that people didn’t pause to consider whether prices were low on the way up or on the way down.
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Crowd enthusiasm, always greatest at the peak of a market, more often leads sensible men to behave foolishly. Nevertheless, the aim should be to have one’s self well enough in hand to be immune to outbursts of mass emotion.
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It is dangerous for any speculator to set up preconceived ideas as to how low or how high a stock or a group of stocks should go. His judgment should be formed from a series of observations, continuous from the time of his original purchase.
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Vanity makes men sell good stocks and keep poor ones in times of distress. They don’t mind disposing of gilt-edged stocks which show a profit — the very ones which might finally make up the losses on others.
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