Nobody wants to leave a good party, least of all, me. But the good news is the stock market isn’t a party. You don’t have to leave all at once. You can step out a bit, if the party gets too hot, and then come back when you think it’s more appropriate. Sure, you have to give back some stock, preferably the most overheated kind, but that should never be an issue.
Let me give you a perfect example of what I mean. On Saturday, my wife, Lisa, and I, signed bottles of her mezcal, at a terrific location on Long Island. We got a sold-out crowd and among the mezcal lovers were many CNBC Investing Club members. It’s always a spectacular thing to meet so many of you and something pretty amazing happened. I learned how many of you had made hundreds of thousands if not millions of dollars on Nvidia. It was a rather incredible time.
With each person who had bought Nvidia, many after I had re-named my late rescue mutt Nvidia, I reminded them that we haven’t made money until we take something off the table. I’m certainly aware of the “own it, don’t trade it” doctrine that got us here. But it’s a cross-discipline to remember that and so you have to take something off as a compromise that few want to make.
But it must be made.
|
