| "Here's what I don't like about trailing stops," an attendee told me at an investment conference last year. "You get knocked out of a stock and a week later it's higher than where you sold it." That's a common refrain during bull markets. And virtually never heard during a serious correction - or in a savage bear market like the one we've had this year. There are plenty of knowledgeable, uber-confident talking heads on cable TV telling viewers how long the bull market will continue or when the bear market will end. But here's a not-very-well-kept secret... They have no idea. | 
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Keep a civil tongue.