It's because unlike you he is aware that REAL profits come to...

It's because unlike you he is aware that REAL profits come to those who are patient and stick it out for the long run. He knows that there will be ups and downs, but as long as he stays true to his call the ups will be far higher than the downs. On the other hand there is you, a gambler who lacks the skills to be patient. You would rather be in and out constantly because waiting it too difficult for you. You are here incurring tax at the highest rate (long termers get a discounted tax rate) and you will never (or perhaps rarely) luck out and be holding when an announcement comes and causes a significant re rate. Most of the time you end up being the baggie who we sell to on the "uptrends" when we are done with out multi year holds. Your constant trading/gambling provides liquidity, so thank you for sacrificing your own portfolio so that we can eventually lock in REAL profits at prices far higher than our original entry points