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<Orange County, LTCM and others died in the short run, but their positions
would have in
fact been profitable if held longer.>
Doc:
I know what you are saying, but I would respectfully refute that argument by
saying that holders of 1:10 margin accounts in 1929 would have been
profitable if they had held long enough too. But that's the catch, isn't
it? How do you hold onto something that is burning you up in the process?
("If I could hold this fire long enough, it would go out, and I would be
ok"). Hope or arrogance that keeps one from dumping a losing position is
the masochistic pill of the trader. And it can be deadly.
Best regards,
Don
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