Wisdom

If I hadn't made money some of the time I might have acquired market wisdom quicker.

Line of Least Resistance

But if after a long steady rise a stock turns and gradually begins to go down, with only occasionally small rallies, it is obvious that the line of least resistance has changed from upward to downward. Such being the case why should anyone ask for explanations? There are probably very good reasons why it should go down…

Trail

The public ought always to keep in mind the elementals of stock trading. When a stock is going up no elaborate explanation is needed as to why it is going up. It takes continuous buying to make a stock keep going up. As long as it does so, with only small and natural reactions from time to time, it is a pretty safe proposition to trail with it.

Unexpected

Among the hazards of speculation the happening of the unexpected – I might even say of the unexpectable – ranks high.

True

The game does not change and neither does human nature.