May Pre Open, page-30

Every trade has a seller and a buyer. Both believe they are making the correct decision and might assume the other is making the wrong decision on the trade. This is wrong.

By way of example the buyer might have a longer term investment in mind, doesnt need their capital for some time, and the trade might represent the majority of their portfolio. At the same time the seller might have always had a shorter term investment in mind, might need the their capital for a new- possibly more lucrative investment and the sale of the share parcel might represent just a small part of their overall investment portfolio. In this case both are absoliutely correct in their decision.

The fact is that unless you know why someone is buying or selling you can never know whether their decision is good or right- even if they are doing the opposite of what you are doing. The quicker people get their head around this the less angst there will be on hotcopper threads...Cheers