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Non-Tech : The Critical Investing Workshop
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To: unclewest who wrote (16931)4/29/2000 2:39:00 AM
From: djia101362  Read Replies (1) of 35685
 
I think it's interesting that bring up how much money has been lost in this market. The examples you gave are indicative of many many investors/gamblers. I say gamblers because the only way people lose that kind of money is by being on margin.

Gamblers are a strange breed, they always seem to think the next game, the next roll, the next race, is going to be the one that brings them back. Likewise, investors on margin feel the next trading day or the next stock is the one that will bring them back.

I think the most destructive thought for any investor is to think about how much money you had just xxx days ago. The more you think about what you had, the more likely you are to do something really dumb to try and get it back.

The sad thing is that people have short memories and once you've used margin to achieve exponential gains, it's hard to go back to having 100% cash positions. Fortunes are made and lost in the market everyday, this will not change.
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