《股票作手回忆录·第五章·赚大钱靠坐得住·老火鸡》第6节
Studying my winning plays in Fullerton’s office I discovered that although I often was 100 per cent right on the market--that is, in my diagnosis of conditions and general trend--I was not making as much money as my market “rightness” entitled me to. Why wasn’t I? There was as much to learn from partial victory as from defeat. For instance, I had been bullish from the very start of a bull market, and I had backed my opinion by buying stocks. An advance followed, as I had clearly foreseen. So far, all very well. But what else did I do? Why, I listened to the elder statesmen and curbed my youthful impetuousness. I made up my mind to be wise and play carefully, conservatively. Everybody knew that the way to do that was to take profits and buy back your stocks on reactions. And that is precisely what I did, or rather what I tried to do; for I often took profits and waited for a reaction that never came. And I saw my stock go kiting up ten points more and I sitting there with my four-point profit safe in my conservative pocket. They say you never grow poor taking profits. No, you don’t. But neither do you grow rich taking a four-point profit in a bull market.
注释摘要
这段文字是全书的思想转折点之一，利弗莫尔在这里开始痛苦地意识到，他旧有的、在对赌行里磨炼出来的那套技巧，正在成为他在正规交易所里赚大钱的致命障碍。要理解这个场景的深刻之处，首先要回到二十世纪初华尔街券商办公室的真实氛围。在富勒顿公司这样的交易大厅里，空气里弥漫着的不仅是雪茄烟味，还有连绵不绝的窃窃私语。大厅里坐满了所谓的老前辈，他们头发花白，经历过多轮牛熊…