HMX - Charts, page-387

I know what you mean DD. You should never throw good money after a bad investment. On the other hand, everyone can do what he or she wants.

I also realize that some trade and others invest.

Let me put it this way: I am looking back over a period of about 40 years of securities portfolio developments. I would say that 70-80% of the investors who have accumulated really large fortunes have been very patient. They had - let's say - a vision and anticipated long-term trends. Then they invested and pursued that investment until it bore fruit - mostly they continued to hold it. That's how a thousand dollars became 20 or 30 or 50 thousand. Usually not in months but in many years.

On the other side are the traders. I used to be one too. Quite an active one, in fact. We were all young once. Here it's the other way round. 70-80% of traders do not increase their assets over a longer period of time. A lot of back and forth empties the pockets. Often a zero-sum game and a chase after missed opportunities.

By the way, this is also something you see with actively managed funds. Who beats the benchmark? Who is generating alpha? 90% are not. Why not? Because they pro-cyclically chase trends and always buy too late or sell too early.

With instos (especially funds), it is then the case that they have to adhere to certain rules. For example, they may only buy from a market capitalization. In the case of HMX, it could be that such instos only enter when the market capitalization is above 100, 200 or 500m - in other words, when some of us are probably totally exhausted with joy and somersaulting.

The hunt for better opportunities is not always the best one. I also think that high conviction is more likely to lead to success.

This is all very philosophical - I know and no one should follow my advice, because even I am not all-knowing.

So - I continue to grit my teeth and follow my plan - maybe I will regret it or maybe not. Perhaps the moment will come when I lose faith in the story. But for now I'll wait - at least until the end of 2023. Then we'll see. DYOR