He said that some people are born optimists and others are pessimists. The optimists enjoy life from the very beginning at mother's soft breast, and go through a charmed existence, so it seems, always expecting the best of circumstances. They buy solid stocks, for example, and hold on to them until finally their patience and optimism pays off. And generally receive it. Not trusting people, they buy lousy stocks, and then lose their money rapidly.
Some people tend to lose on stocks even in a bull market.
Take the example of our mutual friend Ben, a born loser if there ever was one. No, explained the Sage, the loser really wants to lose. Unlike the rational, clever investor who plays the market to win, Ben held on to his stock until he saw it fall back down to one dollar, and then down to half a dollar, and even down lower. Freud himself was, of course, much favoured by his mother, and thus he had this enormous confidence in himself and his own ideas. And my friend Harry also was a much-loved son who has always beamed confidence, which in turn brings him success.