classic
I love the statement, "You should always sell when you have a better place to put your money".
I give that a capital DUH. The problem is identifying when one place is better than another. Presumably the losing positions you are holding were "better places to put your money" at the time you bought them.
The buy and hold investors basically say, hey, we have no chance of identifying which investments will do better than the other, so we will get our returns by trading infrequently.
The value investors say, We only buy quality cheap, and we think we can differentiate between cheap quality and cheap crap.
The growth investors say, We can't tell what it's worth, but if it is moving in the right direction, then by a fallible application of Newton's law, a stock price in motion tends to stay in motion.
The financial planners say, everything is a gamble so you have to a million small bets instead of a few large bets. And by the way, here is your bill.
The traders and talking heads say, Buy my computer trading system, its models have been tested in all market conditions, and it generates returns of 23% (your results may vary).
The hedgers say, I don't know which way its going to move, but if it moves a lot I win.
The average investor says, "Damn, screwed again. I paid that CEO 10 million to LEAVE the company after I got a 90% loss. Great job Board of Directors, you are really on top of things!". I am taking what's left of my money and buying a beer. At least I can enjoy that.
Dear Wall Street,
I am sorry, but you can't take my money.
