The Psychology of Trading, page-327

@yelrom, thanks for your kind words and your very apt metaphor of traveling. I liked your metaphor especially, because in my younger years I spent ten years in Tibet, China, Pakistan, Afghanistan, Nepal and India (the majority of that time in the Hindu Kush, the Pamir Mountains and the Himalayas). Investing, just like most other things in life, is a journey. So why do we find the journey often so difficult?

One reason is, that we focus on the destiny (FDA approval, sales, profitability etc.) and don't value the journey (I am talking strictly about investors now - for the long suffering patients this is of course doesn't hold true). Every step which takes us closer to the destiny should be celebrated. I for my part learn with every step something new, which allows me to deepen the understanding of the company and how bio-techs work in general, their approval processes, my tolerance levels for delays etc. When Mesoblast takes off, I am not only benefiting financially but also have acquired a solid understanding of investing into bio-techs, thanks to incredible generous sharing of other posters on HC.

When we travel it is normal, that we will experience stress and discomfort along our journey to the destiny. Our bodies and minds are designed to experience and cope with stress. We all have different tolerance levels to stress and generally operate in a very individual stress tolerance window. The American Institute of Stress identifies four types of stress: acute stress (the stress situation is over in approx. 90 Minutes), chronic stress which is constant and accumulates, eustress which has positive connotation like have a child, winning money, promotion etc. and distress when one losses money, divorce, punishment etc. My concern would be, that some investors have experience chronic stress over the last year and the ones which sold their shares at a loss, have maybe experience distress.

Each person reduces their adrenaline and cortisol levels (main stress hormones) in different ways. In my first post Post #: 47664114 I name just a few strategies to reduce and manage our magnificent bio chemical reactions in our bodies and minds. It is our responsibility to manage our expectations, emotions and stress levels. I believe, that we still will experience eustress, when we will receive positive feedback from the OTAT meeting or, when the first product will be approved etc. That is part of any journey. In my experience the journey is never ending, even when I arrive at my chosen destination.

A picture from the 1990's in front of Cho Ouy (8188) in Tibet. Whilst looking serene and majestic, there was always a lot of stress involved when traveling in these parts. Where was the next meal coming from, how cold would the night be, how far till the next camp etc.