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Chapter 9. Holy Grails > Losers Average Losers

Losers Average Losers

There’s a famous picture of Paul Tudor Jones, the great macro trader first profiled in Jack Schwager’s Market Wizards, relaxing in his office. Tacked up on the wall behind him on loose-leaf sheet of paper is the simple phrase in black magic marker, “Losers Average Losers.” Jones’ wisdom was obviously lost on James K. Glassman, judging from the following excerpt from Glassman’s Washington Post stock picking column of December 9, 2001:

“If you had Enron in your portfolio and didn’t sell it at $90 or even at $10, don’t feel embarrassed. As Alfred Harrison, a money manager at Alliance Capital Management Holding LP, which owned a ton of Enron, put it, ’On the surface it had always seemed to be a fairly good growth stock. We bought it all the way down.’”[13]


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