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Everyone always talks about how the crowd (retail investors is how I
would define that) is always wrong. Somehow, I always balk at that
notion since I am definitely a retail investor. But to show you how
right the concept is, as least here in Tokyo, consider this:
As of last Friday, retail investors' margin positions on the three
stock exchanges in Tokyo, Osaka and Nagoya were 7.82% below the
break-even point, an improvement of some 4 percentage points from a
week earlier. (!)
Now, consider that on Friday the Nikkei closed at 9863, and that the
low for the year on April 28 was 7607. So, how come these folks are
almost 8 percent underwater right now? ^^_^^
Hint: If you are underwater in the past 3 or 4 months, you are doing
something very, very, very wrong. Consider changing your hobby. ^_-
Yuki
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