Trading is like a game, except the score is kept in dollars instead of points—officially, at least¹. When an asset is purchased by one player who believes it will rise in value, it is being sold by another who has an opposite view. Both the buyer and the seller are speculating on the future, and one of them is going to be wrong. In sports, players tend to play against competitors of similar age or … read more Newsletter #114—The Long and Short of It