"In the depths of a depressed or bear market, the average person can see no ray of light ahead and can think only in terms of worse to come. So too , when an individual company or industry begins to lose ground in the economy, Wall Street is quick to assume that its future is entirely hopeless and it should be avoided at any price. The two types of reasoning are similar and equally fallacious."
"Timing is one great psychological importance to the speculator because he wants to make his profit in a hurry. The idea of waiting a year before his stock moves up is repugnant to him. But a waiting period, as such, is no consequence to the investor. He enjoys an advantage only if by waiting he succeeds in buying later at a sufficiently lower price to offset his loss of dividend income.Timing is of no real value to the investor unless it coincides with pricing that is, unless it enables him to repurchase his shares at substantially under his previous selling price."
"Timing is one great psychological importance to the speculator because he wants to make his profit in a hurry. The idea of waiting a year before his stock moves up is repugnant to him. But a waiting period, as such, is no consequence to the investor. He enjoys an advantage only if by waiting he succeeds in buying later at a sufficiently lower price to offset his loss of dividend income.Timing is of no real value to the investor unless it coincides with pricing that is, unless it enables him to repurchase his shares at substantially under his previous selling price."
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