《股票作手回忆录·第十四章·游戏永不变·人性永不变》第19节
On the news the market broke badly and I naturally covered. It was the only play possible. When something happens on which you did not count when you made your plans it behooves you to utilise the opportunity that a kindly fate offers you. For one thing, on a bad break like that you have a big market, one that you can turn around in, and that is the time to turn your paper profits into real money. Even in a bear market a man cannot always cover one hundred and twenty thousand shares of stock without putting up the price on himself. He must wait for the market that will allow him to buy that much at no damage to his profit as it stands him on paper. I should like to point out that I was not counting on that particular break at that particular time for that particular reason. But, as I have told you before, my experience of thirty years as a trader is that such accidents are usually along the line of least resistance on which I base my position in the market. Another thing to bear in mind is this: Never try to sell at the top. It isn’t wise. Sell after a reaction if there is no rally.
注释摘要
我们先把时间拨回到1916年。当时第一次世界大战正打得不可开交，美国是中立国，靠着向协约国卖军火和各种物资大发战争财，黄金像潮水一样涌进来。这就是利文斯顿在前文描述的“战争新娘”繁荣（war-bride boom），一场空前的大牛市。在这个背景下，人人都知道物价会涨，股票会涨，连街边擦鞋的都可能告诉你该买什么。但我们这位主角，他在市场里摸爬滚打了几十年，太…