2. How Major Market Tops Form: Part I, The Preliminaries

As any investor knows, most investment advice is focused on how to make money. We’ve all seen the advertisements promising to guide you on your path to financial wealth and freedom. Less acknowledged is the concept that not losing money can be just as important, if not more so, than making money in achieving a long-term goal of financial freedom. This is especially true during uncertain periods in the stock market.

As pointed out in this book’s Introduction, between 1966 and 1982, the Dow Jones Industrial Average (DJIA) failed to achieve any meaningful gains above its level in early 1966. Despite the lack of overall gain, the DJIA still enjoyed several significant bull markets over this ...

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