Subject: Re: Expected value
Jim's tax position is relatively rare, so the challenge is wrestling with selling at a profit (and helping finance the government with your enforced "charity") or standing pat with the hope that your profits will be sustained. The problem comes with that 25% (or whatever) drawdown from time to time and whether your psyche allows you to hold until the next hill on the roller coaster. It may be far more desirable to bite the tax bullet and buy back at the trough - with the understanding that 1) it may take an extended period of time until that event take place and (again that psyche thing) it may seem insane to take your hard-earned profits and throw them into the apparent maw of the vortex of a market crash.

Jeff