I feel upset when I see my holding declines at price constantly while the index or other stocks are soaring though I believe my holding will have its spring sooner or later. I have been imagining how high the price will be in the future but the price doesn’t go up. The manipulator seems to buy more or wait for something. Anyhow it doesn’t want to move. I am sure that many individual investors have been driven away by such situation. Nobody likes to accompany the manipulator to crawl. I suddenly feel better when I think of it. That’s right. I must be the opposite of most individual investors. That is to say, I must buy when they sell and I must stay there when they run away. I must be delighted when they are sad. I must be greedy when they are scared. I must praise the manipulator when they curse it. I must be confident when they lose heart. I must escape when they rush in. In a word, I must keep the opposite position against the most.

The stock market is a strange place where we won’t play games according to the usual regulations. In the market the truth is not in the majority’s hand but in the minority’s. When everyone believes that the index will be up, it is the day when the bull market ends. Remember this when everyone celebrates his gain.