Bonfire of Your Vanities - Yahoo! Finance

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Bonfire of Your Vanities

By Malcolm Stacey

Hello Bonfire Lovers,

Remember the fifth of November (Frankfurt: A0Z24E - news) . Also remember that, however grim things get in Crazyland for you, theres always somebody who was worse off than yourself. To wit: Gut Fawkes. He was hung drawn and quartered.

Sometimes, I feel something similar has happened to me. Like when I lost all that bank money or the terrible fall of British Energy (LSE: BGY.L - news) . These were big calamities that set me back a year or two.

And yet there have been fireworks along the way. Some of my shares have rocketed. Ten baggers I have had. And once a 100 bagger. I have friends also whove invested a few thousand in a share and have found themselves sitting on a £100,000. That certainly happens.

My point, gang, is that we tend to forget the huge successes and remember, all too painfully, the damp squibs. The more dough we lose on a share the more we remember it.

We kick ourselves. We stay awake at night. We kick the hamster. Yes, self-recrimination is a terrible thing. Its also a senseless thing, chums. What is the good of regretting anything? You cant undo the past. Learn from our mistakes, yes. And in that way, we turn a loss into a profit.

My experience is that we only make the same mistake once. After that, the lesson is well and truly learnt. Never to be forgotten. And we never learn anything in Crazyland without a bit of pain.

You may do shares for decades probably will. Imagine (Paris: FR0004150647 - news) how many recessions youll come across in that time. As many as ten or eleven. Are you going to feel miserable every time theres a slump? Not if youve any sense, youre not. Forget the regrets, remember the successes and have a jolly good life. And when the share wins come along- as they surely will – then let off a few fireworks to celebrate. By rocking on.

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