Monday, February 14, 2011


"I don't mean to be understood as advising persistent pyramiding.
A man can pyramid and make big money that he couldn't
make if he didn't pyramid; of course. But what I meant to say
was this: Suppose a man's line is five hundred shares of stock.
I say that he ought not to buy it all at once; not if he is
speculating. If he is merely gambling the only advice I have to
give him is, don't!

Suppose he buys his first hundred, and that promptly shows
him a loss. Why should he go to work and get more stock? He
ought to see at once that he is in wrong; at least temporarily."


I went out to dinner not too long ago with a group of friends.  There was a large table of us, probably about 14 in total.  A couple seats away from me I could not help to overhear someone say in an awkward voice, 'trying to get in the market...just waiting for a pullback.'  That was 15% ago, and still no pullback.

All he had to do was buy a little, and if it worked then buy some more.

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