14. Harvest Your Gains and Losses
“A, B, C. A. Always. B. Be. C. Closing. Always Be Closing. Always Be Closing.”
—From the 15-minute motivational speech delivered by Blake (played by Alec Baldwin) in Glengarry Glen Ross (1992)
Alec Baldwin delivers what is most likely the best fifteen minutes of acting in his career. His speech is legendary in sales offices everywhere. Although his speech was about sales, we want you to apply it to harvesting your investment gains and losses. To take gains and losses, you must be closing positions. So, always be closing.
Rule #5 is harvest your gains and losses.
Harvesting sounds agricultural—and indeed it should. Harvesting means to cut and gather a crop after it has matured. Farmers need to harvest crops before ...