i learn my lesson, page-8

Hi Cal

I am not a trader. One lesson I learned a very long time ago is that nothing is truly long term. Even the best of stocks is subject to the usual management hubris that "human nature" (your reference) always succumbs to.

Yes, there are some stocks that you should be invested in, even when there are bumps in the road. That might be a valid "long term" principle.

But "long term" can never apply to a start up. It can only ever apply to a company that has a good long term record. Buying a start up is speculation, nothing more. A minuscule number of those will hit a home run like you have never seen. But no fund or broker will touch up a start up because the losses will outnumber the one home run, even if they DO happen to buy the winner.

The sole/direct investor can certainly take a punt and hope he picks a winner. But then you have to be realistic. If it hasn't happened in 4 years, then it never will. By that time, remaining "long term" is just refusing to face the painful truth.