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Microcap & Penny Stocks : Tonto and Janice Teach Investing
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To: Sam who wrote (158)3/29/1999 11:40:00 AM
From: Henry Volquardsen  Read Replies (3) of 302
 
Sam,

I cannot take full credit for The market can stay irrational longer than you can stay solvent. I first heard it from A Gary Schilling and he may have heard it elsewhere as well. The quote is on my profile.

It has been my experience that people who fall victim to an Awful Mistake after a long period of success are victims of hubris. Success can be heady stuff. People start to think they are infallible and forget the discipline that got them there. The Awful Mistake can be avoided if one exercises proper diversification, controls leverage and uses the discipline to maintain stringent stops. The Awful Mistake becomes fatal when these rules are violated. Plays start getting to big, to concentrated and stops get ignored. Hubris is the biggest enemy of successful traders.
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