managers are brilliant, page-12

Writer

You are correct in the number of shares traded but forget that almost all of those are being churned. I know of many with holdings of only 50k who have bought and sold repeatedly. Their net holdings over time have slowly increased. On the other hand some traders can churn the same parcel 20 times in a day when there is a sudden flurry of activity. I think they need help from Gamblers Anonymous. Most, like me simply accumulate. I still have shares bought at over $5 and even over $6. They all go into the bin for the big picture and believe me it will be big.