There are two kinds of losses. Obviously, one kind of loss is an actual loss from selling something for less than it was purchased. Keys to avoiding an actual loss are to not buy too high, when the outlook is too rosy or there is a fear of missing out, and not sell too low, when the outlook is too glum or people are panicking. The second kind of loss is less obvious and occurs when investments are sold or not made. In this case, better days lay ahead and the opportunity to experience would be gains is lost. Managing portfolios is an exercise in balancing the risks of these two types of losses. There is a way of evaluating the overall valuation and mood of the market which has quietly been us
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