《股票作手回忆录·第十四章·游戏永不变·人性永不变》第15节
I went along with the rise in 1916. I was as bullish as the next man, but of course I kept my eyes open. I knew, as everybody did, that there must be an end, and I was on the watch for warning signals. I wasn’t particularly interested in guessing from which quarter the tip would come and so I didn’t stare at just one spot. I was not, and I never have felt that I was, wedded indissolubly to one or the other side of the market. That a bull market has added to my bank account or a bear market has been particularly generous I do not consider sufficient reason for sticking to the bull or the bear side after I receive the get-out warning. A man does not swear eternal allegiance to either the bull or the bear side. His concern lies with being right. And there is another thing to remember, and that is that a market does not culminate in one grand blaze of glory. Neither does it end with a sudden reversal of form. A market can and does often cease to be a bull market long before prices generally begin to break. My long expected warning came to me when I noticed that, one after another, those stocks which had been the leaders of the market reacted several points from the top and--for the first time in many months--did not come back. Their race evidently was run, and that clearly necessitated a change in my trading tactics.
注释摘要
1916年对于杰西·利弗莫尔，或者说书中化名为拉里·利文斯顿的这位作手，是一个重要的转折年份。这一段文字，表面上看是在叙述他从坚定不移的牛市多头，转变为灵活多空双吃的操盘过程，但其内核，却是一场关于人性中“立场”与“自我”的深刻解剖。利弗莫尔在这里用他的行动，给所有试图在金融市场上生存的人上了一堂心理课：你的观点一文不值，市场的观点才重若千钧。 要理解这段…