Are we being shorted?, page-15

"obviously these wise "patient sellers" are selling at a loss."

Are they? Have a look back through the chart to when PAN moved off the lows and look at all the accumulation from there and up through the teens. Some of that will have been sold higher but some will still be getting distributed.

"why would such intelligent people sell at a loss?"

Intelligent people sell at a loss all the time, everyone, even Buffett gets things wrong, you choose whether you take small losses or big losses. The key to successful trading/investing is to make more on your winners than you lose on your losers, some of the most successful traders throughout history have a win rate of around 50% and they made fortunes because they kept their losses small

"you offer a platitude and illogical logic young feller."

I've just been around long enough to know how the games is played. It'll be interesting to compare the top 20 in the coming annual report to the last one