But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago.
Merton MillerEverybody has some information. The function of the markets is to aggregate that information, evaluate it and get it incorporated into prices.
Merton MillerIf there's 10,000 people looking at the stocks and trying to pick winners, one in 10,000 is going to score, by chance alone, a great coup, and that's all that's going on. It's a game, it's a chance operation, and people think they are doing something purposeful... but they're really not.
Merton Miller