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The lesson has nothing to do with asset allocation. It has everything to do with knowing when to sell. And also to using independent analysis, as opposed to following some financial advisor.

Before you buy anything, you should understand the conditions under which you should sell. Follow a decent sell discipline and you should not have any problem.

The fact is that anybody who did not sell the Nasdaq and related things in mid-March of 2000 was an idiot. I certainly got out then - the sell was obvious.

The lack of an understanding of when to sell is the major flaw that most people have.
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