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K ?;0B8B5 45=L38 70 8A?>;=5=85 8;8 A;8??546 ?@8 2E>45 8 2KE>45 ?>78F88, :><8AA8O B0:65 1C45B 2KGB5=0 87 20H53> 2K83@KH0 8;8 4>102;5=0 : 20H8< C1KB:0<. K=>: ?@>2>48B <=>3> 2@5<5=8 2 =5?@54A:07C5<>< @568<5. @0B:>A@>G=K5 8 4>;3>A@>G=K5 B@5=4K ACI5AB2CNB, => =5 AB> ?@>F5=B>2 2@5<5=8. 5@=K9 A?>A>1 C?@02;OBL ?>78F8O<8, MB> 45@60BL 8E, ?>:0 >=8 ?>4B25@640NB A2>N ?@028;L=>ABL. >72>;LB5 @K=:C 3>2>@8BL 0<, GB> 20H0 ?>78F8O 25@=0, => =8:>340 =5 40209B5 @K=:C 4>:07K20BL >H81>G=>ABL 20H59 ?>78F88O. K, :0: E>@>H89 B@5945@, 4>;6=K 2A5340 1KBL 2 :><0=45 7=0NI8E 8 A0<8 @5H0BL, :>340 20H0 ?>78F8O ?;>E0. K=>: A:065B 0<, :>340 20H0 ?>78F8O E>@>H0, GB>1K 45@60BL 55. >;LH8=AB2> B@5945@>2 ?>ABC?05B =0>1>@>B, C40;OO ?>78F88, B>;L:> :>340 4>:070=0 8E >H81>G=>ABL. >4C<09B5 >1 MB><. K ?>425@305B5AL =0<=>3> 1>;LH5<C @8A:C, 5A;8 ?>72>;O5B5 @K=:C 2<5AB> A51O 4>:07K20BL, GB> K =5?@02K. >72>;LB5 <=5 ?@5645, G5< <K >1>7=0G8< ?5@2>5 ?@028;>, ?@825AB8 ?@8<5@. !:065<, A53>4=O K ?@>40;8 1>1K B>G=> 2 A>>B25BAB288 A> A2>8< ?;0=><, ?> 630 =0 >B:@KB88. A;8 ?>78F8O =5 4>:070;0, GB> K ?@02K, K 4>;6=K C1@0BL 55, GB>1K C<5=LH8BL @8A:. K >?@545;O5B5 ?@028;L=>ABL A>3;0A=> 20H5<C ?;0=C. >?CAB8<, K >6840;8, GB> E5468@>20=85 2>945B @0=>, 8 F5=0 ?>=878BAO 70 ?5@2K9 G0A >B 5 4> 8 F5=B>2. =0 =5 C?0;0 4065 =0 3 F5=B0, B0: GB> K C40;O5B5 ?>78F8N. >?CAB8<, K C1@0;8 55 ?> 629. ">, GB> C 0A ?>;CG8;0AL ?@81K;L 2 1 F5=B =0 2KE>45, =5 45;05B MB> E>@>H59 ?>78F859. 4=0:>, ;CGH5 2K9B8 B0:, G5< 5A;8 1K K 4>640;8AL, ?>:0 @K=>: A:065B 0<, GB> ?>78F8O 1K;0 >H81>G=>9. >340 K C18@05B5 ?>78F8N, ?>B><C GB> @K=>: 4>:070; 55 =5?@02>BC, MB> 2A5340 1>;LH85 C1KB:8, 0 =0 AB>?0E >1KG=> 1>;LH55 ?@>A:0;L7K20=85. !>2A5< =5 B>, :>340 K C40;O5B5 ?>78F8N, ?>B><C GB> @K=>: 4>:070;, GB> K =5?@02K, A:065<, 2K:C?0O ?> 645 =0 AB>?5 642. You never want to be in a position, which is never proven correct. If you only get out when the market proves you wrong it is possible to have higher risk due to the longer time period required to prove your position wrong. We will further clarify these thought for you further into the book. K 254L =5 E>B8B5 1KBL 2 ?>78F88, :>B>@0O =8:>340 =5 4>:065B ?@028;L=>ABL. A;8 K 2KE>48B5 B>;L:>, :>340 @K=>: 4>:07K205B, GB> K =5?@02K, @8A: <>65B >:070BLAO 2KH5 5I5 8 87-70 1>;LH53> ?5@8>40 2@5<5=8, B@51C5<>3>, GB>1K 4>:070BL =5?@02>BC 20H59 ?>78F88. 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A?>;L7CO ?@028;> 4>;6=K< >1@07><, K AB0=5B5 3>@074> ?@>4C:B82=55 8 =5 AB>;:=5B5AL A 45<>@0;87CNI8< 0A?5:B>< @K=:0, :>340 >= 4>:07K205B =5?@028;L=>ABL ?>78F88. -B> ?>72>;8B 0< ?@>4>;68BL B>@3>2;N A 4>;6=K< =0AB@>5=85<. 4O ?> MB><C ?CB8, K AB0=5B5 1>;55 >1J5:B82=K 2 A2>5< B@5948=35, G5< ?>72>;82 >B@8F0B5;L=K< M<>F8O< 2;8OBL =0 ?@8=OB85 @5H5=89. ALS - @87@0:, =5 :064K9 254L A>3;0A8BAO A 20H8< ?5@2K< ?@028;><. 094CBAO B@5945@K, :B> =5 ?>AG8B05B MB> E>@>H8< ?@028;>< 4;O A51O. POP - -B> ?>E>65 =0 ?>:C?:C =>2>3> 02B><>18;O. 8;5@ 3>2>@8B, GB> K <>65B5 27OBL 02B><>18;L, :>B>@K9 E>B8B5, =0 <5AOF, 0 ?>B>< 25@=CBL 53>. :, G5@57 =545;N K @5H05B5, GB> 0< =5 =C6=0 MB0 <0H8=0, ?>B><C GB> >=0 20< =5 ?>4E>48B. K 2>72@0I05B5 55, 8 48;5@ 3>2>@8B, GB> K 4>;6=K ;8HL 2>A5<L45AOB 4>;;0@>2 70 0@5=4C. K =5 ?>:C?05B5 02B><>18;L, :0: >1KG=> 8 =5 45@68B5 53>, ?>:0, >= >:065BAO =5?>4E>4OI8< 4;O 0A, 4;O MB>3> <>3CB ?@>9B8 <5AOFK. K <>65B5 ?>B5@OBL 1>;LH5 B>3>. GB> K 70?;0B8;8 70 =53>. >;LH8=AB2> B@5945@>2 45@68B A2>8 ?>78F88, ?>:0 >=8 =5 >:06CBAO =5?>4E>4OI8<8 4;O =8E. / 65 ?@54;030N =5 45@60BL =8:0:CN ?>78F8N, 5A;8 >=0 20A =5 C4>2;5B2>@O5B. ALS - 0, => 254L ?>78F8O, :>B>@0O =5 1K;0 4>:070=0 ?@028;L=>9, <>65B ?@52@0B8BLAO 87 ?;>E>9 ?>78F88 2 ?@028;L=CN? POP - "0: 4C<05B 1>;LH8=AB2> B@5945@>2. =8 1>OBAO >H818BLAO ?@8 2KE>45 8 =045NBAO, GB> @K=>: 2A5 B0:8 ?>945B 2 8E AB>@>=C. A;8 >=8 =5 2>7L<CB @0==85 C1KB:8, ?>B>< MB> 1C45B B@C4=55, ?>A:>;L:C ?>B5@8 AB0=CB 1>;LH5. 4=0:>, @K=>G=>5 ?@54?>;>65=85, :>B>@>5 K 4>;6=K 45;0BL, B0:>2>, GB> 1>;LH85 ?>B5@8 2 :>=5G=>< AG5B5 2K254CB 0A 87 A45;:8. >5 ?5@2>5 ?@028;> B@51C5B >B :064>3> 45@60BL ?>B5@8 :0: <>6=> 1>;55 <0;5=L:8<8 8 1KAB@K<8. -B>, =5 2A5340 >:065BAO 25@=K<, => B0:8< >1@07>< K >AB0=5B5AL 2 83@5. 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"@5948=3 - =5 070@B=0O 83@0! 1@0I09B5AL A =8<, :0: A 187=5A><, 345 K E>B8B5 B>;L:> ;CGH85 B>20@K 2 B5G5=85 :@0BG09H53> 2@5<5=8, GB>1K ?>;CG8BL <0:A8<0;L=CN ?@81K;L A =08<5=LH8<8 H0=A0<8 =0 =5C40GC. >B GB> ?5@2>5 ?@028;> ?@8=5A5B 0<. ALS - / 286C =5>1E>48<>ABL 2 1>;LH>< >1AC645=88 20H53> ?5@2>3> ?@028;0. @87@0: - 87=5==> =5>1E>48<> 8<5BL ?@028;> >48= 2 459AB288 : A;54CNI5<C 4=N AN@?@87>2. ">;L:> >4=> <>65B =0CG8BL 1>;LH8=AB2> B@5945@>2 ?@8=8<0BL <0;5=L:85 C1KB:8 - 27OB85 1>;LH8E ?>B5@L. ALS - 0, => MB> 4>@>3>AB>OI0O <>48D8:0F8O ?>2545=8O. >O 65=0, 0@5=, ?@825;0 5I5 >48= ?@8<5@ 20H53> ?5@2>3> ?@028;0. =0 3>2>@8B, GB>, ?>:C?0O >4564C, K 254L =5 7018@05B5 55 4><>9 8 =5 =>A8B5, ?>:0 =5 C1548B5AL, GB> >=0 20< =5 ?>4E>48B. <5AB> MB>3> K ?@8<5@O5B5 55 8 C156405B5AL, GB> >=0 8<55B ?>4E>4OI89 20< 284 8 @07<5@ ?@5645, G5< :C?8BL. =5 =@028BAO E>4 55 <KA;59 =0 MBC B5<C. POP - K <>65B5 2845BL MB> 25745 2 >1KG=>9 687=8, K 15@5B5 GB>-B> =0 ?@>1C, 70B@0B82 =08<5=LH55 :>;8G5AB2> 45=53, A8; 8 2@5<5=8. >G5<C 2 B@5948=35 K 4>;6=K ?>ABC?0BL ?>-4@C3><C? ALS - B25B, :>=5G=>, 2 B><, GB> 2 B@5948=35 ?@8ACBAB2CNB G5;>25G5A:85 D0:B>@K. 064K9 7=05B 8E 8, A:>@55 2A53>, 2AB@5G0;AO A =8<8 ;8F>< : ;8FC. -B> AB@0E 8 604=>ABL. POP - K 4>;6=K C40;8BL M<>F8>=0;L=K9 D0:B>@ 87 B@5948=30 B0: 1KAB@>, =0A:>;L:> 2>7<>6=>. 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