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Chapter 5 Uncovering exceptional winners. Have you ever dreamt of buying a stock today, then going to sleep and walking up tomorrow to the exhilarating news that the company is being taken over at a substantially higher price | CHAPTER 5 UNCOVERING EXCEPTIONAL WINNERS Have you ever dreamt of buying a stock today then going to sleep and waking up tomorrow to the exhilarating news that the company is being taken over at a substantially higher price In this chapter I m going to show you how to make this dream come true at least occasionally. In addition you ll learn about a little-known technical method I ve developed that can produce profits as startling as takeovers. First let s examine the takeover dream which for most investors leads to financial nightmares. I ve seen investors buy on rumor after rumor and have not one deal pan out. Some terrible losses can pile up while they wait for the announcement that never comes. Why do so many investors chase these rainbows It s a simple study in psychology. First there s greed. We all want to hit that big gusher in a hurry so we dream that maybe this time our ship will come in. Second there s a theory in psychology called intermittent reinforcement. It says that if an animal gets what it wants even in a small percentage of the cases it will keep coming back for more. It s been demonstrated time and again that if a mouse gets cheese just once when going through a maze it will try to navigate that maze over and over again even when the cheese is no longer there. People aren t that different from animals. Why else would we play the slot machines in Las Vegas or try to win a lottery All it takes is one jackpot going off in the casino or one lottery winner in the headlines and we start dreaming again. As long as you keep this longshot syndrome in control and do no more than put a few coins in a slot machine or buy an occasional lottery ticket this all-too-human trait is no big deal. But if it drives you to continually buy rumor stocks then it s a very serious prob 139 140 Chapter 5 lem. It will cost you dearly because for every one rumor that turns out to be true hundreds end in Stage 4 downtrends. Those aren t winning odds. And yet more and more .
