John,
Re: your comment <<"questionable ethics" by trading in and out of a stock, >>
Most good traders maintain an inventory consisting of a 'core' position and a 'trading' position. The trading position is meant to be (surprise, surprise), ... traded! The skill of the trader is used to generate profits & cash flow to pay for the core investment inventory and for new stocks.
Get off the applecart, ... when you go to sell your IPM, at a profit,
is your behaviour suddenly ethical because you held the stock longer?
Is someone who sold the stock prior to you, for a smaller but safer profit, suddenly unethical? What about the guy who holds past the peak, ... is he ethical or unethical?
So what if someone has been in & out of the stock a dozen times, ...
To quote perhaps the most famous speculator in history, Jesse Livermore;
"From my viewpoint, the investors are the big gamblers. They make a bet, stay with it, and if it goes wrong they lose it all."
Regards,
Bob
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