RE: Bought at 2042 and still falling like a stone17 Jun 2022 19:45
An old and very seasoned cocoa trader at the firm I first worked with in the City was known for his pithy pearls of wisdom. He came into my department one day and asked me why I was, ahem, 'ranting and raving'. I said I was miffed because I'd missed the bottom of the market by quite some margin. He counseled - 'Son, if you're constantly trying to pick bottoms, all you'll finish up with is **** under your fingernails. It's mainly about averages'. Of course, equities work differently to soft commodities, but there are some universal metrics worth keeping in mind, most of the time.